Forex Today – Asian Session: Yields Back In The Spotlight

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What you need to know on Thursday, March 4:

The dollar managed to regain some ground against most major rivals, advancing once again alongside government bond yields. In the mid-European morning, the headlines showed that the European Central Bank reportedly sees no need for drastic action to slow recent developments in the bond market, according to officials familiar with the discussions. Yields subsequently rebounded, with those on the 10-year US Treasury close to 1.50%. The pair EUR/USD ended the day around 1.2060

The GBP / USD pair closed around 1.3960. UK Chancellor Rishi Sunak presented the 2021 budget, which included more support for businesses and citizens and a plan to increase taxes in the near future to fund spending related to the pandemic. The licensing regime will run until the end of September. The government expects the economy to return to pre-coronavirus GDP levels in mid-2022.

Commodity-linked currencies ended the day little change against the dollar amid mixed signs. Crude oil prices rose and the WTI was above $ 61.00 a barrel, despite the EIA reporting a huge increase in stocks of 21.5 million in the week ending February 26.

Gold, on the other hand, tumbled to $ 1,701.85 a troy ounce, bouncing towards the $ 1,716 level at the end of the day Wall Street opened lower, but managed to bounce from intraday lows, ending the day on a loss. .

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