Forex Today: On hold ahead of Fed’s day

FXStreet Team FXStreet

What you need to know on Wednesday, March 17:

The dollar weakened against most of its major rivals but the EUR, as yields eased from their recent highs, while US data was much worse than anticipated.

The shared currency came under selling pressure after the European Medicines Agency continues investigating AstraZeneca’s vaccine possible side effects, making no decision on whether to resume its application. However, a conclusion will be released next Thursday, and authorities repeated that the benefits of the vaccine outweigh the risks. EUR/USD trades around 1.1900 after falling to 1.1881.

GBP/USD fell to 1.3808 following comments from BOE’s Governor Andrew Bailey. He said that the central bank is committed to buying bonds at an elevated pace, sounding cautious about the economic recovery. His words are relevant ahead of the BOE’s monetary policy meeting that will take place next Thursday. The pair bounced back and settled just below 1.3900.

The Canadian dollar ignored the fall in oil prices and surged against its American rival to fresh 2021 highs. The black gold slid amid the dismal market’s mood, bouncing just modestly during the American afternoon. WTI settled around $ 64.60 a barrel.

The USD/JPY pair edged marginally lower, holding around the 109.00 figure. US Treasury yields weakened at the beginning of the day but bounced back during US trading hours amid the sour tone of equities. Wall Street closed in the red.

Gold prices continue to consolidate, with spot finishing the day at $1,371 a troy ounce.

The focus shifts now to the US Federal Reserve, which will announce its latest decision on monetary policy this Wednesday.

S&P 500 Index notches new all-time high at 3,976

XRP price explodes by 20% but quickly fades after holders attempt to escape the SEC

Author

FXStreet Team

FXStreet

EUR/USD meets initial support around 1.1800

EUR/USD remains on the back foot, although it has managed to reverse the initial strong pullback toward the 1.1800 region and regain some balance, hovering around the 1.1850 zone as the NA session draws to a close on Tuesday. Moving forward, market participants will now shift their attention to the release of the FOMC Minutes and US hard data on Wednesday.

GBP/USD bounces off lows, retargets 1.3550

After bottoming out just below the 1.3500 yardstick, GBP/USD now gathers some fresh bids and advances to the 1.3530-1.3540 band in the latter part of Tuesday’s session. Cable’s recovery comes as the Greenback surrenders part of its advance, although it keeps the bullish bias well in place for the day.

Gold remains offered below $5,000

Gold stays on the defensive on Tuesday, receding to the sub-$5,000 region per troy ounce on the back of the persistent move higher in the Greenback. The precious metal’s decline is also underpinned by the modest uptick in US Treasury yields across the spectrum.

Ethereum Price Forecast: BitMine extends ETH buying streak, says long-term outlook remains positive

Ethereum (ETH) treasury firm BitMine Immersion continued its weekly purchase of the top altcoin last week after acquiring 45,759 ETH.

UK jobs market weakens, bolstering rate cut hopes

In the UK, the latest jobs report made for difficult reading. Nonetheless, this represents yet another reminder for the Bank of England that they need to act swiftly given the collapse in inflation expected over the coming months.

Ripple slides to $1.45 as downside risks surge

Ripple edges lower at the time of writing on Tuesday, from the daily open of $1.48, as headwinds persist across the crypto market. A short-term support is emerging at $1.45, but a buildup of bearish positions could further weaken the derivatives market and prolong the correction.