Dollar Bulls Continue to Dominate the European Morning Trade, Impacting Major Currency Pairs
Friday, 22 March 2024, 08:40
Dollar Resurgence in Global Markets
It was turnaround Thursday for the dollar yesterday and the bulls are building on that today. The greenback is proving more resilient in trading this week, bouncing back strongly now after its post-Fed slump.
Key Currency Pair Movements
- EUR/USD is down to a three-week low of 1.0810, eyeing a break of its 200-day moving average.
- GBP/USD is also down 0.5% to 1.2588 and threatening a break of its own key daily moving averages here.
- Meanwhile, USD/CHF is up above 0.9000 for the first time in three months.
Antipodean currencies are also affected, with AUD/USD and NZD/USD experiencing notable declines, partly due to the breakdown in the Chinese yuan. USD/CNY has surpassed crucial resistance at 7.20, trading at 7.227 currently, fueling further dollar strength.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.