What you need to know on Wednesday, March 17:
The dollar weakened against most of its main rivals, except the euro, as yields fell from their recent highs, while US data was much worse than anticipated.
The shared currency came under selling pressure after the European Medicines Agency continues to investigate the possible side effects of the AstraZeneca vaccine, without making a decision on whether to resume its application. However, a conclusion will be released next Thursday and authorities reiterated that the benefits of the vaccine outweigh the risks. The EUR / USD is trading around 1.1900 after falling to 1.1881.
GBP / USD fell to 1.3808 following comments from BOE Governor Andrew Bailey. He said the central bank is committed to buying bonds at a high rate, sounding cautious about the economic recovery. His words are relevant for the BOE’s monetary policy meeting that will take place next Thursday. The pair rallied and settled just below 1.3900.
The loonie ignored falling oil prices and soared against its American rival to new 2021 highs. Black gold fell amid gloomy market mood, rebounding modestly through the American afternoon. The WTI closed around $ 64.60 a barrel.
The USD / JPY pair fell slightly, staying around 109.00. US Treasury yields weakened earlier in the day, but recovered during US trading hours amid the bitter tone of stocks. Wall Street closed in negative numbers.
Gold prices continue to consolidate, with the pair ending the day at $ 1,371 a troy ounce.
The focus now shifts to the US Federal Reserve, which will announce its latest monetary policy decision on Wednesday.
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