The risk-off trade returned to the markets on Thursday and lent extra oxygen to the Greenback, as investors continued to adjust to the latest FOMC event and the idea of three rate cuts by the Fed this year.
Other than that, the BoE kept rates unchanged and signaled that rate cuts could be down the road. Here is what you need to know on Friday, March 22: The USD Index traded with robust gains and resumed its uptrend following Wednesday’s post-FOMC decline. There will be no scheduled events on the US docket at the end of the week other than the speeches by FOMC M. Barr and R. Bostic. EUR/USD succumbed to the Dollar’s advance and retreated to the 1.
USD/JPY extended its rally and flirted once again with the YTD tops near 151.80 as market participants continued to sell the yen following the BoJ meeting. On March 22, the domestic calendar includes the Inflation Rate and the weekly readings from Foreign Bond Investment. A firm labour market report did not prevent AUD/USD from giving away its initial gains, eventually ending the session with modest losses. The RBA’s Consumer Inflation Expectations will be in the limelight on March 21.
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