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.

Economic data and events:

Monday: JN Jobless Rate, UK Mortgage Approvals
Tuesday: JN Industrial Production
Wednesday: UK GDP QoQ, MBA Mortgage Applications, UK PMI, Eurozone Manufacturing
Thursday: US Jobless claims, ISM Manufacturing, Markit FR Manufacturing
  • FX Rates
    March 29, 2021

    Rates are not real time. Rates are today's indicative mid-market rates as of time of publishing, which may vary. Please contact SVB for a current quote.


  • USD

    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/PACIFIC
    The 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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Cate Camerota
WRITTEN BY
Cate Camerota

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