The U.S dollar rose on Tuesday as Japanese investors scrambled for greenbacks on the last day of their fiscal year. The U.S. dollar index, which tracks the greenback against a basket of other currencies, rose 0.12% to 99.4.
The EUR/USD pair was little changed at $1.1031. Traders are bracing for data expected to show a rise in German unemployment as the global economy reels from the coronavirus pandemic.
The USD/JPY pair gained 0.61% as Japanese companies cover dollar shortages to close their books on the last day of their fiscal year.
The GBP/USD pair slid 0.66% to 1.2334 as reverberations from the Fitch downgrading of Britain’s sovereign debt rating on Friday continue to impact the Sterling.
Oil prices ended March by clawing back some losses after prices fell to 18-year lows in the last session. WTI slumped almost 7% to $20.09 a barrel on Monday, its lowest level since February 2002 as oil markets continued to search for a solution to its’ dilemma of oversupply. Saudi Arabia and Russia will be able to pump-at-will from tomorrow as the OPEC+ alliance failed to mediate a truce in the price war between the two producers.
Gold prices in Asia were down on Tuesday morning as stock markets gained. Prices of the yellow metal reached $1,645.3 overnight as investors reacted to the United States’ extension of COVID-19 restrictions to April 30 by seeking safe havens.
In the European session the German Unemployment Rate and Change data drop in at 07:55 GMT, while the Eurozone Preliminary Consumer Price Index (CPI) drops at 09:00 GMT.
In NA session, the US Consumer Confidence tracked by the Conference Board is due seconded by the S&P/Case-Shiller index. Moving on, the American Petroleum Institute’s (API) the weekly private inventory data, up for publishing around 20:30 GMT, will be important. Also, on the oil traders’ radars will be the supply side news and virus updates.
U.S. Dollar gains on Japanese demand – EMU CPI coming up next
Published on 2020-03-31 08:09
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