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What you need to know on Tuesday, March 23:

Risk aversion took over financial markets after Turkish President Erdogan decided to fire the governor of the Central Bank of the Republic of Turkey, resulting in the local currency plummeting against the greenback, which in turn appreciated against most major rivals.

The dismal market mood eased as the day went by, with Wall Street managing to close the day with gains.

US Treasury yields retreated from their multi-month highs, adding pressure on the American currency. Nevertheless, major pairs held within familiar levels amid the absence of relevant news.

EUR/USD trades in the 1.1950 region, while GBP/USD is down to 1.3860. The pound got hit by mounting tensions between the UK and the EU, as the latter is reportedly set to stop exporting vaccines to the UK as delivery delays are still a huge problem for the Union. Tensions between the two economies were already high amid the UK’s unilateral decision to postpone customs checks in Northern Ireland.

Commodity-linked currencies settled around Friday’s closing levels against the greenback. Gold trades around $1,740 a troy ounce, while WTI stands unchanged at $61.50 a barrel.

On Wednesday, the ¬†Federal Reserve’s head, Jerome Powell, will testify on the quarterly CARES Act report before the House Financial Services Committee. Treasury Secretary Janet Yellen will testify alongside.

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