The US dollar returned to a 2 -week low against several other major currencies in the market after a lower decline in US treasury yields.
The initial strengthening of the US dollar in the European session yesterday failed to be sustained before its depreciating value in the New York session.
The situation has allowed the Euro to soar to its latest 2 -week high, while the Pound Sterling failed to capitalize on the opportunity by exhibiting a relatively significant decline.
Still, analysts do not rule out the view that the US dollar’s decline is merely a price correction after last month’s uptrend pattern. Against the Yen, the US dollar has recorded the biggest monthly increase in March for more than 4 years, around 4%.
Commodity currencies such as the Australian dollar and the New Zealand dollar also recorded gains as trading resumed in the Asian session this morning.
Meanwhile, the Canadian dollar was weighed down by declining crude oil prices after the US Energy Information Administration (EIA) raised its 2021 forecast for global oil demand by 180,000 barrels a day to 5.5 million barrels a day. For 2022, the EIA lowered its demand projection of 180,000 to 3.65 million barrels a day.
Gold trading, on the other hand, showed a positive performance this week with the appreciation already reaching the price level of $ 1,745.00 as of yesterday's New York session.
Developments in Europe, the Head of Strategy at the European Medical Agency noted there was a link between the AstraZeneca vaccine and rare blood clots, but stressed that injections were necessary to reduce the risk of viral transmission.
