At the beginning of a fresh trading week, the US dollar is holding strong against its major peers, especially the Euro over increased investor confidence within the US posting a faster economic recovery than most other parts of the planet .
At the time of writing, the US dollar index is trading around 92.85.
The Euro has slipped to an over four-month low against the greenback and is ready to post the worst ever monthly performance in nearly two years as a results of the newest wave of the pandemic and resultant lockdowns. Meanwhile, the shelter currency Japanese yen is additionally holding on the brink of rock bottom levels seen in 10 months over concerns about widening gaps between US and Japanese government debt, which has surged to an over one-year high as US Treasury yields strengthen lately.
In early trading on Monday, the US dollar has also made gains against riskier currencies just like the AUD and therefore the NZD, which had strengthened within the previous session over an upbeat market sentiment. thus far in Q1 2021, GBP/USD has strengthened by 0.8% over hopes that the robust vaccine rollout across Britain would boost its economic recovery.
In addition to the rising optimism about economic recovery, the US dollar has also enjoyed support from recent data releases that have are available better than expected and aided its bullishness. During the previous week, jobless claims across the world’s most powerful economy fell to rock bottom level seen during a year whilst President Biden has offered assurances of strengthening the vaccine rollout further within the coming weeks.
No comments:
Post a Comment