Forex Market Report, 22nd of March 2019

The U.S. Dollar closed Thursday’s session higher recovering from the unexpected announcement from the Federal Reserve policymakers that a slowdown in the economy is expected and growth rates are unlikely to increase.

Meanwhile, there was a decline in the number of people who filed new applications for unemployment assistance, indicating that conditions in the labor market remain strong given the fact that the number of new jobs in February fell.

The U.S. Dollar Index which measures the strength of Greenback against a basket of six major currencies rose by 0.45 percent to finish the session at 95.84.

Over in Europe, the single currency fell on Thursday against the U.S. Dollar plagued by a political disturbance with the European People’s Party (EEP) withdrawing the voting rights from Fidesz, the Hungarian President Viktor Orban’s political party. EURUSD closed the session at 1.13729.

Meanwhile, the Sterling fell against the Greenback on growing concerns of a no-deal Brexit should British lawmakers hold their rejection of Prime Minister Theresa May’s EU exit deal. GBPUSD closed the session at 1.31056.

Regarding Safe-havens, the Swiss Franc rose against the U.S. Dollar to close Thursday’s session at 0.99193 USDCHF. On the other hand, the Japanese Yen fell against the Greenback on Thursday to settle at 110.807 USDJPY.

Gold prices fell on Thursday to settle at 1309.15 after hitting three-week highs in yesterday’s session as a set of better than predicted U.S economic data lifted the dollar against the precious metal.

Meanwhile, the Canadian Dollar fell against the U.S. Dollar on Thursday, as lower oil prices and broad-based gains for the U.S Dollar offset domestic data showing increased employment and wholesale trade. The USDCAD closed the session at 1.33614.

Over in Asia, the Aussie Dollar fell against stronger U.S. Dollar after adding some gains earlier in the session. AUDUSD closed Thursday’s session at 0.71092.

Cryptocurrencies finished Thursday’s session in red territories. Bitcoin, Litecoin, and Ethereum fell against the U.S. Dollar to close at 3955.41 BTCUSD, 56.79 LTCUSD, and 135.53 ETHUSD respectively.

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