The Greenback managed to pick up fresh upside traction on the back of another set of firm inflation figures, while the US labour market showed further resilience, all propelling the USD Index to weekly tops. A glimpse at the risk complex saw EUR/USD breaking below 1.0900 and GBP/USD breaching the 1.2800 support.
Here is what you need to know on Friday, March 15:
The USD Index (DXY) advanced to fresh multi-session peaks past the 103.00 barrier in response to further evidence of sticky inflation. At the end of the week, Industrial Production figures and the preliminary print of the Michigan Consumer Sentiment will be in the spotlight.
EUR/USD broke below the 1.0900 support to print fresh weekly lows amidst the prevailing risk-off mood. ECB’s P. Lane will speak on March 15.
GBP/USD accelerated its decline and dropped to multi-day lows in the vicinity of 1.2740 against the backdrop of the robust bounce in the Greenback.
USD/JPY advanced further north of the 148.00 barrier, extending its weekly recovery for the third session in a row amidst the stronger dollar and higher US yields. On March 15, the Tertiary Industry Index is only due in the Japanese calendar.
The resumption of the selling pressure dragged AUD/USD just pips away from the key 200-day SMA (0.6560), printing fresh weekly lows at the same time. In Australia, Consumer Inflation Expectations take centre stage on March 15.
Prices of the barrel of WTI rose to a new 2024 top above the $81.00 mark, bolstered by the upbeat outlook from the IEA, as well as persevering geopolitical concerns and auspicious data from the latest EIA’s weekly report.
Prices of Gold left behind Wednesday’s advance and refocused on the area of recent lows near $2,150 per troy ounce amidst extra gains in the Dollar and rising yields. By the same token, Silver prices came under pressure and returned to negative territory following a new YTD high past the key $25.00 level per ounce.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: The hunt for the 0.7000 hurdle
AUD/USD quickly left behind Wednesday’s strong pullback and rose markedly past the 0.6900 barrier on Thursday, boosted by news of fresh stimulus in China as well as renewed weakness in the US Dollar.
EUR/USD refocuses its attention to 1.1200 and above
Rising appetite for the risk-associated assets, the offered stance in the Greenback and Chinese stimulus all contributed to the resurgence of the upside momentum in EUR/USD, which managed to retest the 1.1190 zone on Thursday.
Gold holding at higher ground at around $2,670
Gold breaks to new high of $2,673 on Thursday. Falling interest rates globally, intensifying geopolitical conflicts and heightened Fed easing bets are the main factors.
Bitcoin displays bullish signals amid supportive macroeconomic developments and growing institutional demand
Bitcoin (BTC) trades slightly up, around $64,000 on Thursday, following a rejection from the upper consolidation level of $64,700 the previous day. BTC’s price has been consolidating between $62,000 and $64,700 for the past week.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.