This is what you need to know to trade today Friday, March 12:
The dollar is rising as Treasury yields resume their gains and stocks are turning south after an upbeat Thursday. Gold and Bitcoin are also far from their highs for the week. American consumer confidence and Canadian employment figures are in the spotlight.
Stimulus: United States President Joe Biden signed the $ 1.9B covid bill and promised to use the funds to allow all Americans to receive a vaccine by May. US stocks advanced on Thursday, but are turning south on Friday. Checks are on their way to Americans, while yields are on the rise – ten-year bond yields are reaching 1.60%.
The oro It has been falling from highs amid rising US debt yields, changing hands above $ 1,700, but only narrowly.
US Data: Jobless claims fell to 712,000 slightly better than expected. The preliminary University of Michigan Consumer Sentiment Index for March has the final word for the week and is forecast to rise.
See University of Michigan Consumer Sentiment Preview for March: The Post Covid Blues
The EUR/USD it is under pressure around 1.1950 after the European Central Bank pledged to advance some of its bond buying schemes and significantly increased purchases in the second quarter. On the other hand, the ECB will not extend the plan beyond March 2022 or extend the scope beyond 1.85 trillion euros.
See ECB Quick Look: Why Lagarde’s Short-Term Solution Is A Sure Loss For The Euro
Vaccine: AstraZeneca doses are under fire amid cases of blood clots in people who received doses in Europe. While some countries are demanding more vaccines, others have temporarily suspended distribution. European countries lag behind the US and the UK in their vaccination campaigns. The silver lining is that the European regulator approved Johnson & Johnson’s single-dose vaccine.
The GBP/USD it is trading around 1.3950, partially supported by upbeat UK Gross Domestic Product figures. The economy contracted 2.9% in January, improving the expected 4.9. Britain was under strict lockdown at the beginning of the year. The Novavax vaccine trial in the UK has shown an efficacy rate of 96.4%.
It is expected that Canada post a job increase in February, after losing 212,800 jobs in January. USD / CAD is hovering above 1.2550 after the Bank of Canada left its policy unchanged earlier in the year.
The Bitcoin it is changing hands below $ 57,000, away from weekly highs, but not far from all-time highs. Ethereum is below $ 1,800 as the world looks at Non-Fungible Tokens (NFTs). A digital artwork sold for nearly $ 70 million at auction, using ETH.
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