Category: Featured

The single currency sustained its downside presence Wednesday, weighed on by a swelling dollar and ECB’s Draghi’s dovish remarks, hinting a rate hike could be further delayed if necessary.

A firm greenback across the board weighed on the single currency Tuesday, despite US consumer confidence reporting lower-than-expected numbers. The Conference Board Consumer Confidence Index declined in March, after increasing in February.

Sentiment among German business leaders improved as the IFO Business Climate Index rose in March from 98.7 (seasonally adjusted) to 99.6 points.

Sterling drew some comfort from the fact the EU granted an extension to the Article 50 negotiating period until April 12. In spite of an advancing dollar, the British pound retested 1.31 Friday as support and reclaimed 1.32+ status into the week’s end.

US dollar rebounded Thursday, reclaiming a large portion of Wednesday’s lost ground after the Federal Reserve jolted markets by abandoning all plans to raise interest rates this year.