Forex Today: Dollar eases, but bulls persist

FXStreet Team FXStreet

What you need to know on Wednesday, March 10:

The greenback gave up some ground amid easing US government bond yields. The yield on the benchmark 10-year Treasury note settled around 1.54% after hitting 1.62%. A scarce macroeconomic calendar exacerbated yield-related trading.

Global stocks advanced, overshadowing demand for the American currency. The Nasdaq was the best performer, catching up after the tech route from these last few days. The index advanced over 4% and had its best day since last November.

USD rivals advanced unevenly. The EUR/USD pair hovers around the 1.1900 level, while GBP/USD approaches the 1.3900 figure. The USD/JPY pair retreated sharply after reaching a fresh 2021 high at 109.23.

The commodity-linked bloc advanced unevenly against their American rival. The AUD/USD pair retook the 0.7700 threshold as gold prices were firmly up. Spot settled at $1,717 a troy ounce. USD/CAD fell just marginally, as crude oil prices edged lower, with WTI ending the day at $63.90 a barrel. The US Energy Information Administration (EIA) said that it lowered its forecast for global oil demand growth by 60,000 barrels per day (bpd) to 5.32 million bpd in 2021.

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FXStreet Team

FXStreet

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.

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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.

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