A dovish Fed boosts the risk appetite – Crypto News – Crypto News
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A dovish Fed boosts the risk appetite – Crypto News

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The Greenback halted its ongoing recovery and retreated markedly after the Fed left its interest rates unchanged and Powell delivered a dovish message, all morphing into extra oxygen for the risk-linked galaxy.

Here is what you need to know on Thursday, March 21:

The USD Index (DXY) plummeted to the low-103.00s after advancing well north of the 104.00 barrier earlier in the session. A busy US calendar on March 21 shows the usual weekly Initial Jobless Claims along with the Philly Fed Manufacturing Index and advanced S&P Global Manufacturing and Services PMIs. In addition, the CB Leading Index is also due followed by Existing Home Sales and the speech by FOMC M. Barr.

EUR/USD managed to advance to multi-day peaks past 1.0900 the figure in response to the Dollar’s pullback. On March 21, flash HCOB Manufacturing and Services PMIs are due.

GBP/USD advanced further and traded at shouting distance from the key 1.2800 milestone, underpinned by the weaker Greenback. In the UK, the BoE meets along with the release of preliminary S&P Global Manufacturing and Services PMIs.

USD/JPY rose to levels last seen in mid-November around 151.80 as investors continued to assess the latest BoJ gathering. Data-wise, In Japan, the Reuters Tankan Index and Balance of Trade results are due on March 21.

AUD/USD picked up renewed traction and reversed four consecutive daily declines ahead of key releases on Thursday. In the Australian calendar, the advanced Judo Bank Manufacturing and Services PMIs are scheduled for March 21 along with the labour market report and the RBA’s Consumer Inflation Expectations.

WTI prices retreated from recent tops and broke below the $81.00 mark per barrel despite persevering supply concerns and the sell-off in the greenback.

Gold prices rose sharply and revisited the $2,180 region per troy ounce following lower US yields and the collapse in the Dollar. Silver advanced strongly and tested an area last seen in early December around $25.60 per ounce.

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