- The dollar continues to weaken and values rise on Wall Street.
- Crude Oil prices rise more than 2%, Gold breaks above $1,850.
- US bonds extend their rally ahead of NFP week.
The U.S. dollar continued to fall late on Friday, while the pair EUR/USD it hit yearly highs above 1.0630 and GBP/USD soared above 1.2000. Risk appetite and the rally in Treasuries weighed on the dollar.
The dollar adds weekly losses in the American session
The DXY broke below the European session lows late on Friday and fell below 104.50 as Wall Street stocks continued to rise. The Dow Jones was up more than 1% and the Nasdaq was up almost 2%.
In a low liquidity environment, risk appetite pushed the dollar further lower. Following a positive February, the dollar posted its first weekly loss in a month, despite US yields holding close to monthly highs and upbeat US economic data.
The pound gained momentum and the GBP/USD pair approached 1.2050. EUR/GBP pared weekly losses and fell below 0.8830. The EUR/USD pair rose above 1.0630, while the USD/JPY pair fell to two-day lows below 135.80. Emerging market currencies also appreciated during the American session on Friday. USD/MXN fell further below 18.00, to test 2018 lows.
Gold broke above $1,850, reaching its highest level in two weeks. Silver rose to $21.25, the strongest level since February 24. US yields fell further, with the 10-year at 3.96%.
DXY Technical Levels
Spot Dollar Index
|Last price today||104.5|
|Today Daily Variation||-0.48|
|today’s daily variation||-0.46|
|today’s daily opening||104.98|
|previous daily high||105.18|
|previous daily low||104.34|
|Previous Weekly High||105.32|
|previous weekly low||103.76|
|Previous Monthly High||105.36|
|Previous monthly minimum||100.81|
|Fibonacci daily 38.2||104.86|
|Fibonacci 61.8% daily||104.66|
|Daily Pivot Point S1||104.49|
|Daily Pivot Point S2||103.99|
|Daily Pivot Point S3||103.65|
|Daily Pivot Point R1||105.33|
|Daily Pivot Point R2||105.68|
|Daily Pivot Point R3||106.17|
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.