Forex Today: Fiscal stimulus and yields provide support to the greenback
|What you need to know on Monday, March 15:
The American dollar eased heading into the weekly close against most major rivals, although retained its dominant strength. US Treasury yields provided support to the greenback, reaching fresh one-year highs. The bond market volatility is expected to continue leading the way this week.
Wall Street closed mixed on Friday, with the DJIA and the S&P reaching all-time highs, but the Nasdaq falling amid the persistent sell-off in the tech sector.
Vaccine rollout and fiscal stimulus lift hopes for a sooner economic comeback in the US.
The main event this week is the US Federal Reserve Monetary Policy meeting. The central bank is expected to announce its decision next Wednesday, although it’s widely anticipated to remain on hold.
The greenback finished the week with gains only against safe-haven CHF and JPY. High-yielding rivals posted modest gains, with commodity-linked currencies doing better than European ones.
Gold closed the week with gains at $1.726,50 a troy ounce, but crude oil prices were little changed, with WTI at $ 65.50 a barrel.
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