Forex Today: Dollar bulls take a breath

FXStreet Team FXStreet

What you need to know on Tuesday, March 23:

Risk aversion took over financial markets after Turkish President Erdogan decided to fire the governor of the Central Bank of the Republic of Turkey, resulting in the local currency plummeting against the greenback, which in turn appreciated against most major rivals.

The dismal market mood eased as the day went by, with Wall Street managing to close the day with gains.

US Treasury yields retreated from their multi-month highs, adding pressure on the American currency. Nevertheless, major pairs held within familiar levels amid the absence of relevant news.

EUR/USD trades in the 1.1950 region, while GBP/USD is down to 1.3860. The pound got hit by mounting tensions between the UK and the EU, as the latter is reportedly set to stop exporting vaccines to the UK as delivery delays are still a huge problem for the Union. Tensions between the two economies were already high amid the UK's unilateral decision to postpone customs checks in Northern Ireland.

Commodity-linked currencies settled around Friday’s closing levels against the greenback. Gold trades around $1,740 a troy ounce, while WTI stands unchanged at $61.50 a barrel.

On Wednesday, the Federal Reserve’s head, Jerome Powell, will testify on the quarterly CARES Act report before the House Financial Services Committee. Treasury Secretary Janet Yellen will testify alongside.

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EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.