Forex Market Report, 28th of March 2019

The U.S. Dollar closed Wednesday’s session higher as investors switched from risky assets to less risky assets in the wake of global economic slowdown fears.

Moreover, Dovish comments from Mario Draghi, the European Central Bank President, along with fears from the bond market sent worrying signals on the health of the economy.

The U.S. Dollar Index which measures the strength of Greenback against a basket of six major currencies rose by 0.22 percent to finish the session at 96.47.

Over in Europe, the single currency fell on Wednesday against the U.S. Dollar in the wake of the speech of the European Central Bank President (ECB), Mario Draghi indicating the central bank stands is set to adopt a policy to growing risks and uncertainties. EURUSD closed the session at 1.12428.

Meanwhile, the Sterling fell on Wednesday’s session after an offer by the U.K. Prime Minister Theresa May to leave to get her EU divorce deal through parliament failed to win over critical opponents of the agreement. GBPUSD closed the session at 1.31890.

Regarding Safe-havens, the Swiss Franc fell slightly against the U.S. Dollar to close Wednesday’s session at 0.99472 USDCHF. On the other hand, the Japanese Yen rose against the Greenback to settle at 110.501 USDJPY.

Gold prices fell on Wednesday’s against a stronger U.S. dollar which encouraged investors to reduce long positions in the precious metal despite global growth concerns to settle at 1309.3.

Meanwhile, the Canadian Dollar fell against the U.S. Dollar on Wednesday, as bond yields hit new lows and oil prices fell. Meanwhile, data showed less-than-expected improvement in Canada’s trade deficit. The USDCAD closed the session at 1.34083.

Over in Asia, the Aussie Dollar fell against the U.S. Dollar after the Reserve Bank of New Zealand on Wednesday surprisingly warned that its next move in interest rates might be a rate cut. The AUDUSD closed the session at 0.70828.

Cryptocurrencies finished Wednesday’s session in the green territories. Bitcoin, Ethereum and Litecoin rose against the U.S. Dollar to close at 3991.5 BTCUSD, 138.17 ETHUSD, and 58.42 LTCUSD respectively.

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