Ready to trade in the NY session? Wait! Read this first - Kakiforex | Forex markets for the smart money. Ready to trade in the NY session? Wait! Read this first Ready to trade in the NY session? Wait! Read this first

March 11, 2021

Ready to trade in the NY session? Wait! Read this first

 The dollar index continued to show a lower decline in the European session after the latest published data eased market concerns over inflation, thus halting the rise in US bond yields.


US treasury yields remain a key driver to market sentiment. The 10 -year bond auction on Wednesday saw enough demand to drive yields lower and the greenback also declined with it.


The dollar index, which measures the strength of the greenback against six other major currencies, traded lower at 91.55.


The U.S. House of Representatives has approved a $ 1.9 trillion stimulus package bill that will next be signed by President Joe Biden on Friday. Meanwhile, the administration is reportedly already considering an even bigger infrastructure bill, which is about $ 2.5 trillion.



Following the release of the stimulus package, market sentiment rebounded and supported major currency trading to trade higher against the US dollar.


The Aussie, kiwi and Canadian dollars continued to rise for the third consecutive session, surging to one-week highs against the US dollar, also helped by rising commodity prices.


Meanwhile, the pound recorded a modest increase due to investors taking cautious measures ahead of the release of Gross Domestic Product (GDP) data for January on Friday.


Meanwhile, the euro traded stronger ahead of tonight's ECB policy meeting, with the price moving towards the 1.20,000 level against the US dollar.