Forex Market Report, 29th of March 2019

The U.S. Dollar closed Thursday’s session higher after the decrease in the number of people applying for unemployment helped lift sentiment despite concerns over the outlook of the U.S. economy.

Moreover, the increase continued even after the Commerce Department announced decreasing its measure of the U.S. gross domestic product growth in the fourth quarter.

The U.S. Dollar Index which measures the strength of Greenback against a basket of six major currencies rose by 0.33 percent to finish the session at 96.8.

Over in Europe, the single currency fell on Thursday against the U.S. Dollar as speculation grows that the European Central Bank will introduce a tiered deposit rate – which is a sign that policymakers plan to keep interest rates low for longer. EURUSD closed the session at 1.12229.

Meanwhile, the Sterling fell on Thursday’s session as the prospects for a swift agreement on Brexit weakened with the British parliament failing to agree on a way forward. GBPUSD closed the session at 1.30381.

Regarding Safe-havens, the Swiss Franc fell slightly against the U.S. Dollar to close Thursday’s session at 0.99550 USDCHF. Also, the Japanese Yen fell against the Greenback to settle at 110.628 USDJPY.

Gold prices fell on Thursday against a stronger U.S. dollar which pressured the precious metal to settle at 1290.1.

Meanwhile, the Canadian Dollar fell against the U.S. Dollar on Thursday, as oil prices fell after the U.S. President Donald Trump called for OPEC to increase crude output to lower the prices that were headed for their best quarterly gains in a decade. The USDCAD closed the session at 1.34360.

Over in Asia, the Aussie Dollar fell against the U.S. Dollar to end Thursday’s session at 0.70749.

Cryptocurrencies finished Thursday’s session in mixed territories as Bitcoin rose against the U.S. Dollar to settle at 3992.6 BTCUSD, while Ethereum and Litecoin fell to close at 137.63 ETHUSD, and 57.77 LTCUSD respectively.

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