USD 
EUR 
GBP 
JPY
It's been a wild day, with the US Dollar rallying against most major currencies, and you'd have noticed it was mostly due to the rising tensions with Iran. The news that Iran's Revolutionary Guard is targeting 18 US companies, including tech giants like Apple and Google, sent shockwaves through the markets, which was pretty wild. And if you were watching the USD/JPY, you'd have seen it fell to near the 159.00 level, extending its slide below the 160.00 barrier.
But what's really interesting is that despite the Fed staying dovish, the Greenback is still finding support, and according to FXStreet, the USD/CAD has been resilient despite stronger Canadian GDP data. The pair has broken above its mid-January highs, which is honestly surprising, given the expectations. You'd think the Canadian Dollar would be stronger, but month-end and quarter-end Dollar demand is offsetting other forces. And if you look at the closing rates, the US Dollar / Swiss Franc is at 0.8037, up 0.%, while the US Dollar / Yuan Renminbi is at 6.8973, also up 0%.
The EUR/USD, on the other hand, is seeing a sharp bounce higher, helped by a more supportive macro backdrop, with stocks moving higher and yields lower on the day. ForexLive pointed out that oil has come off its highs, which is also weighing on the Dollar. But overall, the Greenback is still the strongest currency today, and it's going to be interesting to see how it plays out tomorrow. The British Pound / Australian Dollar is at 1.9254, unchanged, while the Australian Dollar / Yen is at 108.9623, also unchanged.
As we head into the next trading day, we've got a few things to watch out for, including the Fed Goolsbee Speech and the Dallas Fed Services Index, both of which could impact the markets. And with the tensions between the US and Iran still simmering, it's likely we'll see more volatility in the coming days. What's coming next is anyone's guess, but one thing's for sure - it's going to be a wild ride.
Dollar Strength Dominates
But what's really interesting is that despite the Fed staying dovish, the Greenback is still finding support, and according to FXStreet, the USD/CAD has been resilient despite stronger Canadian GDP data. The pair has broken above its mid-January highs, which is honestly surprising, given the expectations. You'd think the Canadian Dollar would be stronger, but month-end and quarter-end Dollar demand is offsetting other forces. And if you look at the closing rates, the US Dollar / Swiss Franc is at 0.8037, up 0.%, while the US Dollar / Yuan Renminbi is at 6.8973, also up 0%.
The EUR/USD, on the other hand, is seeing a sharp bounce higher, helped by a more supportive macro backdrop, with stocks moving higher and yields lower on the day. ForexLive pointed out that oil has come off its highs, which is also weighing on the Dollar. But overall, the Greenback is still the strongest currency today, and it's going to be interesting to see how it plays out tomorrow. The British Pound / Australian Dollar is at 1.9254, unchanged, while the Australian Dollar / Yen is at 108.9623, also unchanged.
As we head into the next trading day, we've got a few things to watch out for, including the Fed Goolsbee Speech and the Dallas Fed Services Index, both of which could impact the markets. And with the tensions between the US and Iran still simmering, it's likely we'll see more volatility in the coming days. What's coming next is anyone's guess, but one thing's for sure - it's going to be a wild ride.