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The dash to cash continued benefitting the USD and prompted some aggressive selling. A modest recovery in the global risk sentiment helped ease the bearish pressure, Haresh Menghani from FXStreet reports.

Key quotes

“The dash for cash continued boosting the US dollar’s status as the global reserve currency and turned out to be one of the key factors that prompted some fresh selling around the major.”

“The intraday bearish pressure aggravated after the preliminary estimate of the German IFO Business Climate fell to 87.7 in March from 96.” 

“The pair gained some positive traction during the Asian session on Friday and moved back above the 1.0750 region.”

“Developments surrounding the coronavirus saga might continue to influence the broader market risk sentiment, leaving the pair at the mercy of the USD price dynamics.”