What you need to know on Tuesday, March 9:
The greenback appreciated against most of its major rivals, as US Treasury yields resumed their advances and flirted with their recent highs ahead of Wall Street’s opening. Investors were optimistic following weekend news related to the approval of US President Joe Biden’s bill on stimulus aid. The Senate passed it with some changes, and the House is expected to vote on it this Tuesday.
The EUR/USD pair fell to a fresh 2021 low of 1.1845, trading nearby ahead of the Asian opening. The AUD/USD pair eased within range, while USD/JPY flirted with 109.00.
GBP/USD spent the day inside a 60 pips range, meeting buyers around the 1.3800 threshold. Bank of England Governor Andrew Bailey participated in a webinar about the economic outlook, but his words had no impact on the pound’s price. Bailey said that “the outlook is positive but with large doses of cautionary realism,” adding that uncertainty is expected to continue, but the Bank of England will provide support. About inflation, Bailey said that he expects it to rise “in the short-term.” The UK reopened schools this Monday, the first step on easing restrictions.
The US Federal Reserve announced it will extend its Paycheck Protection Program Liquidity Facility, or PPPLF, by three months to June 30, 2021.
Gold extended its slump ending the day in the red near a fresh multi-month low of $1,676.73 a troy ounce. Crude oil prices also eased, with WTI settling at $ 64.90 a barrel.
The Dow Jones Industrial Average reached fresh record highs, the S&P also advanced, but the Nasdaq closed in the red.
The US Centers for Disease Control and Prevention said that fully vaccinated people do not need masks or social distancing when meeting indoors with those at low risk for COVID-19. The US has vaccinated roughly 18% of its population. Israel leads, with 54.6% followed by the UK which hit 33% of its people vaccinated. The rest of the world, the EU included, keeps struggling with vaccines shortage. According to Bloomberg, more than 306 million shots have been given globally.
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