Forex Today: US Dollar rally fades ahead of key US data, Fed policy decisions – by eren_fxstreet Currencies Majors Macroeconomics Fed Commodities
reversed its direction and closed below 102.00, snapping a three-day winning streak. Heavy losses seen in the regional banking stocks amid resurfacing fears over a deepening financial crisis following the collapse of the First Republic Bank triggered a flight to safety. In turn, the benchmark 10-year US Treasury bond yield fell more than 4% and caused the USD to lose its strength.
Fueled by the sharp decline seen in the US Treasury bond yields, Gold price surged higher on Tuesday and reached its strongest level since mid-April near $2,020.fell nearly 100 pips on Tuesday and continued to push lower in the Asian session on Wednesday. The Japanese Yen benefits from the risk-averse market environment and the pair was last seen trading at around 136.00, where it was already down 0.4% on a daily basis.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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