Forex Today: Treasury yields soar, dollar runs alongside
|What you need to know on Wednesday, March 31:
The American currency surged against all of its major rivals, once again led by US Treasury yields. That on the 10-year note hit 1.77% its highest since January 2020. The dollar was also supported by upbeat local consumer confidence, retaining its strength throughout the American session despite yields retreated and US indexes traded with a sour tone.
Investors await US President Joe Biden’s speech this Wednesday. He is expected to announce an up to $3 trillion infrastructure investment program, which may also include taxes hikes. Hopes are that his announcement will boost an economic comeback in the country.
EUR/USD trades near a fresh 2021 low of 1.1710, while the GBP/USD pair settled at around 1.3720. The pound is partially resilient to the dollar’s strength, as the UK continues applying its reopening plan amid an improvement in the coronavirus situation in the country.
Gold prices tumbled, with the bright metal setting at $ 1,683 a troy ounce. Crude oil prices fell, weighed by equities, with WTI finishing the day at around $ 60.40 a troy ounce.
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