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Dollar Up, but likely to decline weekly as investors buy the Fed’s Dovish view according to Investor.com

© Reuters.

By Gina Lee

Investment.com – The dollar rose Friday morning in Asia but was set for the weekend with the worst consecutive weekly drop in 2021. Treasury yields continue to retreat from levels. highest in more than a year as growing investors have bought into the US Federal Reserve’s continued monetary support pledge.

Tracking the greenback against a basket of other currencies inched 0.10% to 91,713 at 12:59 am ET (4:59 am GMT).

This pair edged up 0.06% to 108.81.

The pair is down 0.16% to 0.7738 and down 0.10% to 0.7162.

This pair rose 0.12% to 6,5296. China’s announcement earlier in the day said GDP in the first quarter rose by 18.3% and 0.6%, respectively, in March. Although both numbers were lower than forecast, economic growth still skyrocketed while slowing down quarterly.

This pair is down 0.14% to 1.3767.

Benchmarks fell to a one-month low of 1,528% in the previous session, from a high of 1,776% at the end of March 2020, even after stronger data and data than expected for the US on Thursday. .

San Francisco Fed President Mary Daly also said on Thursday that the US economy is still far from making “significant progress” against the central bank’s targets of 2% inflation and full employment. action when it will begin to consider reducing support for the economy.

Investors bet that large financial spending coupled with continued monetary easing will drive faster US economic growth and soaring inflation that has boosted the dollar index, along with bond yields. silver hit a five-month high on the last day of March. However, investors now appear more willing to accept the Fed’s reassurance that inflationary pressure will be temporary and stimulus. Currency preferences will remain maintained for many years to come.

Westpac strategists said “are still struggling to find a footing in April, even though the US macro performance report could not be better”.

“DXY is trading as if it’s topping out right now, earlier than (we) expected,” the note adds.

The Russian ruble fell in the previous session, losing 2% against the dollar and hitting a five-month low against the euro in volatile trading. The US imposed sanctions on Russia on Thursday after US President Joe Biden allowed a move to punish Moscow allegedly interfering in the 2020 US presidential election. However, Russia has denied it. allegations.

In crypto, bitcoin was trading at $ 63,478, close to the record high of $ 64,895 reached on Wednesday as the crypto platform Coinbase Global Inc. (NASDAQ 🙂 launches Nasdaq.

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