EURUSD begins its dealings heading down to the worst level in 2021
Last Updated on March 16, 2021
EURUSD Outlook – 17th March 2021
EURUSD continued its decline with the beginning of this week’s trading in the European market, registering the second daily decline as online brokers continued to buy the US currency against high-risk currencies, in addition to the high yields of US Treasury bonds to their highest level in 13 months.
EURUSD pair traded at $ 1.1917, down by 0.25%, from today’s opening session at $ 1.1947.
The single currency recorded its first weekly rise last week, achieving gains of more than 0.3%, due to the rebound from its lowest level in four months at $ 1.835 recorded in earlier trading.
EURUSD is falling after the European Bank’s decision
The cautious tone of the European Central Bank made it difficult for the euro exchange rate to achieve any noticeable recovery at the end of the week, and the single currency failed to find a strong foothold as the outlook in the eurozone remains mixed. The recent data from the eurozone and the European Central Bank’s decision on Monday did not lead Thursday to boost the euro’s little appeal.
The European Central Bank took a somewhat pessimistic tone in the policy decision, announcing the PEPP that would lead to an increase in Eurozone bond purchases of € 1.85 trillion per month. The bank also said that there is still no opportunity. A real spike in inflation is out of control in the Eurozone, which means that monetary policy is likely to remain very stimulative for an extended period of time.
Recent ECB news had little effect on the euro outlook, but it did limit the likelihood of the common currency recovering against the dollar.
US dollar rallies supported by bond yield gains
The US dollar gained against many major currencies, recording the second consecutive daily rise, and the dollar index traded at 91.748 points, high by 0.08%, and the US dollar supported the gains in US bond yields, which rose to their highest levels in more than a year, in light of continuing inflation concerns. .
US Treasury yields continued to rise, as the yield on the ten-year government bonds rose sharply by more than 1.1% for the third day in a row, registering a 13-month high of 1.646%, after Joe Biden signed a stimulus package worth $ 1.9 trillion.
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