US dollar starts the week firm vs G-10 peers
The US dollar is trading higher even after paring gains from earlier trading. The greenback was supported by the downward trend for US equities which caused a shift towards risk-off trading. Later this week, President Biden is expected to announce a large infrastructure and jobs program, and a first look at the President’s budget for 2022.
Monday: JN Jobless Rate, UK Mortgage Approvals
Tuesday: JN Industrial Production
March 29, 2021
EUR/USD 1.1780 GBP/USD 1.3815 USD/CAD 1.2595 AUD/USD 0.7640 USD/JPY 109.72 USD/CNH 6.5760 USD/ILS 3.3300 USD/MXN 20.7300 USD/CHF 0.9393 USD/INR 72.6800 USD/BRL 5.7930 USD/SGD 1.3470 USD/DKK 6.3115 USD/SEK 8.6860 USD/NOK 8.5400
The greenback starts the week stronger than its peers with the markets focused on announcements later this week. On Wednesday, President Joe Biden is expected to announce his plans to expand and reorient the US government, including an infrastructure and jobs program.GBP
Sterling traded stronger as the UK took a step out of Covid lockdown. There are still plenty of risks to the currency’s recovery this year.EUR
The common currency trades lower following reports which showed that Italy will cut its growth forecasts and Covid case counts rising in Germany. Chancellor Angela Merkel threatened to assert federal control over measures related to the virus.CAD
The Canadian dollar was the worse G-10 performer following the decline in US equity futures. OPEC+ meets later this week when they will discuss global oil output.ASIA/PACIFICThe Japanese yen has been the worst performing G-10 currency this year, down 5.88% versus the US dollar. The rally for USD/JPY has approached a major technical level of 110, a gauge of momentum signals this move is largely overextended.
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