What you need to know on Tuesday, March 23:
Risk aversion took hold of financial markets after Turkish President Erdogan decided to fire the governor of the Central Bank of the Republic of Turkey, causing the local currency to plummet against the dollar, which in turn appreciated against to most of the main rivals.
The gloomy market mood waned as the day wore on, and Wall Street managed to close the day in profit.
Yields on US Treasuries fell from their multi-month highs, adding pressure on the US currency. However, the major pairs remained within familiar levels amid the absence of relevant news.
EUR / USD is trading in the 1.1950 region, while GBP / USD is down to 1.3860. The pound was hit by rising tensions between the UK and the EU as the latter will reportedly stop exporting vaccines to the UK as delivery delays remain a big problem for the Union. Tensions between the two economies were already high amid the UK’s unilateral decision to postpone customs checks in Northern Ireland.
Commodity-linked currencies settled around Friday’s closing levels against the dollar. Gold is trading around $ 1,740 a troy ounce, while WTI is unchanged at $ 61.50 a barrel.
On Wednesday, Federal Reserve Director Jerome Powell will testify on the CARES Act quarterly report to the House Financial Services Committee. Treasury Secretary Janet Yellen will testify alongside her.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
