fxs_header_sponsor_anchor

News

Forex Today: Fears remain the same, USD makes the most out of it

What you need to take care of on Wednesday, March 1:

 USD reverse early losses and finished the day unevenly across the FX board. Correlations were off amid month-end flows, although the risk-averse sentiment remained the same. Most European indexes finished the day in the red, while Wall Street ended mixed.

The focus was on higher-than-anticipated inflation in Spain and France, boosting speculation the ECB will continue on the tightening path for longer than expected. Also, US Consumer Confidence fell for a second consecutive month in February, taking its toll on the Greenback. On a positive note, the report also showed inflation expectations decreased from the previous month.

EUR/USD peaked at 1.0644, but turned south during the American afternoon and now hovers around 1.0590.

The GBP/USD pair surged to 1.2143 on news the EU and the UK reached a deal over trade rules in Northern Ireland, the so-called “Windsor Framework,” meant to fix the issues resulting from the Northern Ireland Protocol. The pair later gave up to USD demand and now trades at around 1.2050.

AUD/USD is little changed on a daily basis, trading at around 0.6730. Australia will publish Q4 GDP figures early on Wednesday.

USD/CAD surged and stands near an intraday high of 1.3632 as Canada's GDP unexpectedly shrank 0.1% MoM in December. The country reported null annual growth in the last quarter of 2022, much worse than the 1.5% advance expected.

Weak stocks and easing US government bond yields weighed on USD/JPY, down on Tuesday and currently at around 136.10.

Gold jumped on demand for safety, and is currently hovering around $1,828 a troy ounce. Crude oil prices advance, with WTI now changing hands at $76.80 per barrel.

Shiba Inu Price Prediction: Is there a chance for traders to short the “Dogecoin killer”?


Like this article? Help us with some feedback by answering this survey:

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.