This is what you need to know to trade today Wednesday, March 10:
The dollar is gaining traction as US bond yields rise early Wednesday after falling on Tuesday. Tension mounts ahead of US inflation figures and a critical Treasury auction. Bitcoin is holding onto gains, oil is consolidating lower, and the BoC is in the spotlight.
Yields: Benchmark 10-year bond yields remain the key driver for the markets. Their slide on Tuesday fueled a rally on Wall Street and pushed the dollar lower, while on Wednesday they are rising, causing the opposite to happen. All eyes are now on a ten-year bond auction to be held in the US session.
Ahead of that offer, February US Consumer Price Index figures will show a minor increase in price pressures. Federal Reserve officials ruled out any inflation as a consequence of base and transitory effects. A sharp rise would force a rate hike and boost the dollar.
February US CPI Preview: A Perfect Storm Ahead?
Stimulus: One of the critical bullish drivers, or inflation expectations and yields, comes from President Joe Biden’s $ 1.9B coronavirus aid package. The amended version of the bill by the Senate will be put to a vote in the House, on the way to its enactment. Stimulus checks and aid to the states should be turned in immediately afterward.
The Bank of Canada will leave interest rates unchanged and can also comment on rising Canadian debt returns amid better growth prospects. WTI oil is trading around $ 63, below the highs seen earlier in the week and allowing USD / CAD to bounce above 1.2670.
Bank of Canada Preview: Three Reasons the BoC May Unleash the Canadian Dollar’s Strength
The EUR/USD has fallen below 1.19 amid the new strength of the dollar and EU regulators are set to approve Johnson & Johnson’s single-dose COVID-19 vaccine.
The oro is changing hands above $ 1,710, maintaining its rally despite the further rise in US Treasury yields.
The Bitcoin it is trading around $ 54,000, down from highs around $ 56,000, but still has a market capitalization of around $ 1 trillion. Ethereum is above $ 1,800 and XRP is below $ 0.47.
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