Forex Today: Starting the week on a positive mood
|What you need to know on Monday, March 29:
The American dollar eased on Friday but finished the week with gains against most major rivals. Stocks were up, weighing on demand for the greenback, also affected by profit-taking ahead of the close.
The EUR/USD pair finished the week sub-1.1800, and near its 2021 low at 1.1762, maintaining the bearish stance, although GBP/USD neared the 1.3800 level. Commodity-linked currencies benefited from the positive tone of Wall Street, but gains were modest.
Gold was unable to attract investors throughout the week, ending it marginally lower around $1,732.00 a troy ounce. Crude oil prices edged higher, as the Suez channel remains locked, with WTI settling at $60.70 a barrel.
The number of new coronavirus cases in the EU and the US is on the rise. Market players are paying little attention to the news and remain confident about an economic comeback before the year-end. The focus is also on possible inflationary pressures in the US, which may force the Federal Reserve into raising rates sooner than expected.
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