Forex Today: Dollar accelerates slump as optimism mounts
What you need to know on Tuesday, February 23:
The American dollar fell against all of its major rivals, amid renewed market’s optimism. The greenback seesawed between gains and losses moving alongside Treasury yields, which reached fresh YTD highs, falling sharply during US trading hours.
The British Pound got a boost from UK Prime Minister Boris Johnson, who unveiled the government’s plan out of lockdown. Johnson explained that restrictions will be eased in four steps, with a minimum of five weeks between each step. The final stage, which will lift all social restrictions and allow all sectors of the economy to reopen, will begin no earlier than June 21. GBP/USD soared to 1.4085.
The Australian dollar was among the best performers, with AUD/USD settling in the 0.7920 price zone, a fresh three-year high. The USD/CAD pair extended its annual decline by a few pips, ending the day around 1.2600. The shared currency was the worst performer, as EUR/USD was unable to surpass the 12170/80 price zone.
In the US, Dallas Fed’s President Robert Kaplan said that he expects the unemployment rate to return to pre-pandemic levels, below 4%, in 2022.
Gold recovered the 1,800 threshold, and settled at $1,807 a troy ounce. Crude oil prices also resumed their advances, with WTI ending the day at $61.50 a barrel.
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