Will the U.S. dollar remain strong?
30.03.2021
- A Strong U.S. Dollar, a Weak Yen, and Falling Gold Prices
- Cryptocurrencies Are on the Rise
Yesterday, stock prices moved in mixed directions, resulting in a market characterized by flat stock prices, a strong U.S. dollar, and high interest rates.Bitcoin, a cryptocurrency, rose to $62,000, with the rally seemingly driven by reports that major U.S. financial firm Fidelity had filed for a BTC ETF and that payment giant Visa would introduce payments using stablecoins.
In the foreign exchange market, Oceania currencies are once again on an upward trend, and the AUD/JPY pair has recovered to 84.2.The AUD/USD pair has also risen, making the Australian dollar—along with the New Zealand dollar—one of the strongest currencies. Additionally, cross-yen pairs, which were weak during yesterday’s Asian trading session, have rebounded, and the yen is trending lower. The USD/JPY pair is currently testing resistance near 109.96.
Today, the German Import Price Index will be released at 15:00, the French Consumer Confidence Index at 15:45, the Swiss KOF Leading Index at 16:00, the German Consumer Price Index (flash estimate) at 21:00,at 10:00 PM, the U.S. S&P Case-Shiller Home Price Index and remarks by U.S. Federal Reserve Vice Chair Quarles; at 11:00 PM, the U.S. Consumer Confidence Index; and at 3:30 AM, remarks by U.S. New York Fed President Williams.Amid month-end rebalancing, we will carefully monitor whether the U.S. dollar’s rise will continue.
