Today's forex news: More upheaval to come
Today's forex news: More upheaval to come
EUR/USD ⬇️
GBP/USD ⬇️
AUD/USD ⬇️
USD/CAD ⬇️
USD/JPY ⬇️
USD/CHF ⬆️
XAU ⬆️
WTI ⬆️
The dollar closed in a range on Wednesday as investors struggled to differentiate between mostly worrying headlines. The market's mood was dampened by rising crude oil prices amid intensifying tensions between Russia and western nations.
West Texas Intermediate crude soared to $115.37 per barrel, while Brent traded as high as $118.41 per barrel. Gold, on the other hand, traded within its range, gaining intraday but remaining below the weekly high of $1,941.24 per troy ounce.
European equities dipped somewhat, putting pressure on their American counterparts. US indexes pared Tuesday's losses, but still ended the day with significant losses.
Government bond prices recovered from multi-year lows, resulting in yields retracting from multi-year highs. The yield on the ten-year US Treasury note peaked at 2.417 percent, before falling around ten basis points and eroding demand for the dollar.
Secretary of State Antony Blinken said that the US government has filed official charges against Russian forces for war crimes in Ukraine. On Thursday, US Vice President Joe Biden will meet with his NATO counterparts in Europe, and additional sanctions on Moscow are expected to be revealed. Additionally, leaders will address the Iran nuclear accord.
The pound was one of the worst performers, with GBP/USD sliding to 1.3147 following increased UK inflation and the release of the Budget report. According to official figures, the Consumer Price Index increased to 6.2 percent year on year in February, up from 5.5 percent in January. Additionally, Finance Minister Rishi Sunak proposed a fresh budget that includes changes to inflation and growth. Tax growth forecasts were reduced downward from 6% to 3.8 percent. GBP/USD is now hovering around 1.3200.
German Chancellor Olaf Scholz declared that the government would accelerate the construction of its own LNG terminals, citing concerns that sanctions against Moscow energy might plunge the area into recession. According to preliminary estimates, EU consumer confidence fell to -18.7 in March. EUR/USD is clinging to a narrow range over 1.1000.
Commodity currencies gained from rising oil and gas prices, and received a late lift from surging gold. The AUD/USD currency pair is flirting with the 0.7500 level, while the USD/CAD currency combination is trading near a new monthly low of 1.2541.
The USD/JPY pair extended advances and finished slightly above the 121.00 level, while the USD/CHF pair dipped below the 0.9300 level.
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EUR/USD ⬇️
GBP/USD ⬇️
AUD/USD ⬇️
USD/CAD ⬇️
USD/JPY ⬇️
USD/CHF ⬆️
XAU ⬆️
WTI ⬆️
The dollar closed in a range on Wednesday as investors struggled to differentiate between mostly worrying headlines. The market's mood was dampened by rising crude oil prices amid intensifying tensions between Russia and western nations.
West Texas Intermediate crude soared to $115.37 per barrel, while Brent traded as high as $118.41 per barrel. Gold, on the other hand, traded within its range, gaining intraday but remaining below the weekly high of $1,941.24 per troy ounce.
European equities dipped somewhat, putting pressure on their American counterparts. US indexes pared Tuesday's losses, but still ended the day with significant losses.
Government bond prices recovered from multi-year lows, resulting in yields retracting from multi-year highs. The yield on the ten-year US Treasury note peaked at 2.417 percent, before falling around ten basis points and eroding demand for the dollar.
Secretary of State Antony Blinken said that the US government has filed official charges against Russian forces for war crimes in Ukraine. On Thursday, US Vice President Joe Biden will meet with his NATO counterparts in Europe, and additional sanctions on Moscow are expected to be revealed. Additionally, leaders will address the Iran nuclear accord.
The pound was one of the worst performers, with GBP/USD sliding to 1.3147 following increased UK inflation and the release of the Budget report. According to official figures, the Consumer Price Index increased to 6.2 percent year on year in February, up from 5.5 percent in January. Additionally, Finance Minister Rishi Sunak proposed a fresh budget that includes changes to inflation and growth. Tax growth forecasts were reduced downward from 6% to 3.8 percent. GBP/USD is now hovering around 1.3200.
German Chancellor Olaf Scholz declared that the government would accelerate the construction of its own LNG terminals, citing concerns that sanctions against Moscow energy might plunge the area into recession. According to preliminary estimates, EU consumer confidence fell to -18.7 in March. EUR/USD is clinging to a narrow range over 1.1000.
Commodity currencies gained from rising oil and gas prices, and received a late lift from surging gold. The AUD/USD currency pair is flirting with the 0.7500 level, while the USD/CAD currency combination is trading near a new monthly low of 1.2541.
The USD/JPY pair extended advances and finished slightly above the 121.00 level, while the USD/CHF pair dipped below the 0.9300 level.
📱 Get instant market news delivered to you in real time on Mitrade