Forex Today: Dollar set to extend gains


Share:

What you need to know on Monday, March 22:

 The American dollar finished the week with modest gains against most major rivals, up on Friday amid persistent yields’ strength. The yield on the benchmark 10-year Treasury note settled at 1.73%, near the multi-month peak of 1.75% achieved earlier in the week.

The EUR/USD pair hovers around 1.1900, while GBP/USD is around 1.3860, both suffering from coronavirus jitters. Several European countries have seen increases in the number of new contagions, and new restrictive measures have been announced as the EU struggles with vaccine shortage. The UK progresses in vaccine rollout, but Prime Minister Boris Johnson plans to extend the country’s lockdown law until next October. The Coronavirus Act emergency legislation will be discussed in the House of Commons on Thursday.

Commodity-related currencies were pressured by the poor performance of equities, although their declines against the greenback were limited. Gold surged ahead of the weekly close, settling at $1,744 a troy ounce, while crude oil prices also advanced marginally at the end of the week.

US Federal Reserve Chief Jerome Powell will testify before Congress on Tuesday and Wednesday, although after the latest Fed’s announcement, it seems unlikely that his words will have an impact on currencies.

Ethereum Price Prediction: ETH eyes a 40% bull rally

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content

Editors’ Picks

USD/JPY extends recovery toward 148.00, BoJ in spotlight

USD/JPY extends recovery toward 148.00, BoJ in spotlight

USD/JPY is extending recovery toward 148.00 early Friday as bulls stay motivated ahead of the key Bank of Japan (BoJ) interest rate decision. The BoJ is unlikely to adjust its policy settings. The policy guidance, however, will hold the key for the next direction of the pair. 

USD/JPY News

AUD/USD eases to 0.6400 amid mixed Australian PMIs, firmer USD

AUD/USD eases to 0.6400 amid mixed Australian PMIs, firmer USD

AUD/USD is trading close to 0.6400, on the defensive in the Asian trading on Friday. The Aussie remains weighed down by the Fed's hawkish stance-led sustained US Dollar strength and mixed Australian PMI readings. Focus on US PMIs. 

AUD/USD News

Gold recovers its losses above $1,910, eyes on US PMI data

Gold recovers its losses above $1,910, eyes on US PMI data

Gold price recovers some lost ground around $1,920 amid the USD demand. Hawkish comments from Federal Reserve (Fed) Chair Powell drags XAU/USD price lower. Investors will closely watch the preliminary US S&P Global/CIPS PMI data.

Gold News

Space ID price succumbs to selling pressure with $3.54 million worth of ID tokens unlocked in a cliff event

Space ID price succumbs to selling pressure with $3.54 million worth of ID tokens unlocked in a cliff event

Space ID price remains bullish based on the Parabolic SAR price-tracking indicator, which continues to track ID price from below. However, the token is trading at a value that is significantly lower than its rate 24 hours ago, an outcome attributed to its scheduled token unlocks event.

Read more

Takeaways into the end of the week

Takeaways into the end of the week

As we head into Friday, there are two important takeaways from developments this week. The first is that higher for longer Fed policy is something investors need to consider more seriously. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures