Category: Forex News

The Dollar remains bid as FOMC event looms

By Published On: March 19, 20241.4 min readViews: 1900 Comments on The Dollar remains bid as FOMC event looms

The US Dollar started the week in a positive fashion on the back of further upside in US yields and shrinking bets on an interest rate cut at the June event. The move higher in the Greenback weighed on the risk complex and provoked a drop below 1.0900 in EUR/USD.

Here is what you need to know on Tuesday, March 19:

The USD Index (DXY) rose to new multi-session highs above 103.60 amidst rising US yields and the prevailing risk-off mood. On March 19, Building Permits, Housing Starts and Net Long-Term TIC Flows are due in the US docket.

EUR/USD retreated to multi-day lows in the 1.0870/65 band on the back of further Dollar gains. The Economic Sentiment tracked by the ZEW Institute in Germany and the euro area take centre stage on March 19.

GBP/USD traded in an inconclusive fashion in the low-1.2700s in response to the advance in the US Dollar.

USD/JPY rose for the fifth session in a row and broke above the 149.00 barrier ahead of the key BoJ event on March 19. Other than the BoJ meeting, the Japanese docket will include Industrial Production readings.

AUD/USD put the 200-day SMA around 0.6550 to the test amidst marginal losses. The RBA is expected to keep its OCR unchanged at its gathering on March 19. Further data will see the RBA’s Consumer Inflation Expectations.

WTI prices rose to multi-month tops north of the $82.00 mark on Monday on the back of Iraq headlines and auspicious results from the Chinese calendar.

Gold prices managed to leave behind two consecutive sessions of losses and regained the $2,160 region per troy ounce on Monday. Its cousin Silver retreated modestly although it maintained the trade above the key $25.00 mark per ounce.

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