Forex Today: Dollar accelerates slump as optimism mounts

FXStreet Team FXStreet

What you need to know on Tuesday, February 23:

The American dollar fell against all of its major rivals, amid renewed market’s optimism. The greenback seesawed between gains and losses moving alongside Treasury yields, which reached fresh YTD highs, falling sharply during US trading hours.

The British Pound got a boost from UK Prime Minister Boris Johnson, who unveiled the government’s plan out of lockdown. Johnson explained that restrictions will be eased in four steps, with a minimum of five weeks between each step. The final stage, which will lift all social restrictions and allow all sectors of the economy to reopen, will begin no earlier than June 21. GBP/USD soared to 1.4085.

The Australian dollar was among the best performers, with AUD/USD settling in the 0.7920 price zone, a fresh three-year high. The USD/CAD pair extended its annual decline by a few pips, ending the day around 1.2600. The shared currency was the worst performer, as EUR/USD was unable to surpass the 12170/80 price zone.

In the US, Dallas Fed’s President Robert Kaplan said that he expects the unemployment rate to return to pre-pandemic levels, below 4%, in 2022.

Gold recovered the 1,800 threshold, and settled at $1,807 a troy ounce. Crude oil prices also resumed their advances, with WTI ending the day at $61.50 a barrel.

Churchill Capital (CCIV) Stock News and Forecast: Churchill Lucid Motors merger gets closer

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Levels to watch as Binance suspends withdrawals

Author

FXStreet Team

FXStreet

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold eyes acceptance above $5,000, kicking off a big week

Gold is consolidating the latest uptick at around the $5,000 mark, with buyers gathering pace for a sustained uptrend as a critical week kicks off. All eyes remain on the delayed Nonfarm Payrolls and Consumer Price Index data from the United States due on Wednesday and Friday, respectively.

Top Crypto Gainers: Aster, Decred, and Kaspa rise as selling pressure wanes

Altcoins such as Aster, Decred, and Kaspa are leading the broader cryptocurrency market recovery over the last 24 hours, as Bitcoin holds above $70,000 on Monday, up from the $60,000 dip on Thursday.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.