What you need to know on Wednesday, March 10:
The dollar gave up some ground amid easing of US government bond yields. The yield on the benchmark 10-year Treasury closed around 1.54% after hitting 1.62%. A tight macroeconomic calendar exacerbated yield-related trading.
Global stocks advanced, overshadowing demand for the US currency. The Nasdaq was the best performer, catching up after the technology route of recent days. The index advanced more than 4% and had its best day since last November.
Rivals to the USD advanced unevenly. The EUR / USD pair is hovering around the 1.1900 level, while the GBP / USD is approaching 1.3900. The USD / JPY pair retreated sharply after hitting a new 2021 high at 109.23.
The commodities bloc advanced unevenly against its American rival. AUD / USD returned to the 0.7700 level as gold prices rose steadily. Gold closed at $ 1,717 a troy ounce. USD / CAD fell only modestly as crude oil prices fell, and WTI closed the day at $ 63.90 a barrel. The US Energy Information Administration (EIA) said it lowered its forecast for global oil demand growth by 60,000 barrels per day (bpd) to 5.32 million bpd in 2021.
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