What you need to know by Tuesday, March 30:
Risk aversion dominated Monday, leading to modest gains in the dollar. The dollar advanced within limited ranges against most major rivals. Investors are cautious at the start of the week amid news that a hedge fund that had significant positions in different firms was forced to liquidate on Friday night. Credit Suisse and Nomura reported significant losses as a result of the $ 20 billion block sale.
Another point of concern is US President Joe Biden’s spending plan, which may include $ 1 trillion in new tax increases. The major indices in Europe and the US were under pressure, which ended the day on a mixed basis. Meanwhile, US Treasury yields resumed their gains. The yield on the 10-year Treasury note reached 1.72%, its highest level in more than a week.
The EUR / USD pair set a new 2021 low of 1.1760, ending the day a handful of pips above the level. GBP / USD ended the day unchanged around 1.3770 after an initial advance. The pound remains resilient to dollar demand, partially supported by the UK reopening as the coronavirus situation continues to improve.
Gold prices fell, undermined by rising US Treasury yields that favored the dollar. Crude oil prices advanced modestly after the Suez Canal was finally released.
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