This is what you need to know to trade today monday march 28:
The dollar is gaining strength against its main rivals at the beginning of the week, supported by rising US Treasury yields. The observed negative shift in risk sentiment is also giving the dollar an additional boost. . Data from the February Trade Balance and the Texas Manufacturing Survey from the Federal Reserve Bank of Dallas will appear on the US economic calendar on Monday. Bank of England Governor Andrew Bailey is also scheduled to make a speech during European trading hours.
On Sunday, China announced a two-phase lockdown for Shanghai amid the rising number of coronavirus infections. Meanwhile, Ukrainian President Volodymyr Zelenskyy said that they will insist on sovereignty and territorial integrity in the next round of talks with Russia. US stock index futures fell between 0.4% and 0.5% early Monday, reflecting the market’s sour mood.
After the Bank of Japan announced in the Asian session that it will offer to buy an unlimited amount of 10-year Japanese government bonds at 0.25%, the USD/JPY rose to its highest level since December 2015. The pair was last seen rising nearly 1% on the day above 123.00.
The EUR/USD remains on the defensive after closing the previous three trading days in negative territory and is trading in the red below 1.1000. Earlier in the day, European Central Bank President Christine Lagarde noted that incoming data did not point to a material risk of stagflation. “In all scenarios, inflation is expected to decline and settle at levels close to the bank’s 2% target in 2024,” she added.
The GBP/USD fell to a fresh six-day low of 1.3131 early Monday before bouncing back towards 1.3150. The BOE Governor’s speech at 11:00 GMT is entitled “Macroeconomic and financial stability in times of change.”
The gold fell sharply at the start of the week amid surging US Treasury yields. The 10-year Treasury yield rose more than 1% to 2.5% early Monday and the XAU/USD was down 1.2% to $1,935.
The Bitcoin it gained more than 5% on Sunday and reached its highest level since late December at $47,694 before pulling back to $47,000 in early European morning. The ethereum It is trading at its highest level in more than two months at $3,300 after rising 15% last week.
Source: Fx Street
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