December 29, 2021

USD Tries To Strengthen, Succeeds To?

 The US dollar seemed to garner little support from investors in the previous session, indicating the giant currency posted gains against most major rivals.

While the Wall Street market, which initially opened strong by approaching all -time highs, re -displayed declines causing most major indices to close mixed.

The greenback’s recorded gains were seen continuing in today’s Asian session, seeing the dollar index traded higher at around 96.23.

The rise prompted the euro to struggle to defend its position above 1.1300.

Amid the absence of a clear catalyst, investors began to shift their focus to speculation about the US Federal Reserve (Fed) likely to raise interest rates as soon as March 2022.

The 10 -year US treasury yield continued to move flat around the same level at 1.47%.

Examining the movement of the pound, the currency is seen still maintaining its strengthening momentum at its latest high for the month after being supported by positive news about Brexit.

The European Union (EU) and the UK have reportedly reached an agreement to increase the quota of British workers from 50% to 70% on fishing vessels which will take effect in April 2022.