USD trading stronger, hitting 3-week highs

Currency markets are largely trading in reaction to the greenback's uptrend which has pushed the dollar index to 4-month highs. Markets are focused on an announcement expected today from President Biden, who will outline his plans for additional stimulus. US Treasury yields are also higher, supporting the overall market dynamics.

“Without an open mind, you can never be a great success.” 

Martha Stewart
  • FX Rates
    March 30, 2021

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  • USD

    The US dollar index traded to highest level in four months weeks as Treasury yields rose for a fourth day ahead of an announcement from President Biden, which is expected to reveal additional $3 trillion of stimulus. 5-year Treasuries touched 0.94%, the strongest since February 2020 while 10-year Treasuries rose as much as 7 basis points hitting 1.77%.


    Sterling is lower against the US dollar, but remains strong against the EUR. The EUR/GBP is testing fresh multi-month lows (weak EUR/strong GBP).


    EUR/USD plunged to four-month lows as broad US dollar demand put downward pressure on the common currency. German Chancellor Angela Merkel continues to suggest that she will assert federal authority to take control of the Covid-19 pandemic in an attempt to reverse the latest surge.


    The Canadian dollar followed the greenback's trend, weakening above the 1.26 level. Oil prices are trading lower along with other commodities ahead of the OPEC+ meeting later this week, when ministers are expected to negotiate output.


    Following broad USD strength, the yen fell to a one-year low against the currency. USD/JPY broke above the key technical level of 110. Both Australian and New Zealand dollars gained as the currencies were supported by risk appetite following the US vaccine rollout.

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Cate Camerota
Cate Camerota

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