Forex Today: Dollar set to continue falling

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What you need to know on Monday, February 22:

 The greenback weakened against most of its major rivals, with AUD and GBP soaring to fresh multi-year highs. The American currency edged lower despite US Treasury yields resumed their advances and finished the week at their highest in a year. Wall Street closed mixed on Friday, with the DJIA near record highs but the S&P falling for a fourth consecutive day.

The Federal Reserve published its semi-annual monetary policy report, which showed that policymakers believe that the risks of coming business failures “remain considerable” in the country. Chief Jerome Powell is due to testify before Congress this week, for the first time in the Biden’s era.

The United Kingdom will outline its way out of lockdown this Monday. The government said that social contact will be an “absolute priority” and so far confirmed that care home residents will be allowed one regular visitor staring March 8. The country has vaccinated roughly 17 million people so far.

Gold posted a modest advance on the broad dollar’s weakness, closing at $1,784 a troy ounce. Crude oil prices edged lower weighed by equities. WTI closed at $ 59.00 a barrel.

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