The US dollar traded at a high level since last November against major currencies on Friday as it was driven by market confidence in the Covid-19 pandemic vaccine and economic developments. The US dollar was at its highest level against the yen since the month.
The US dollar index, which measures the greenback against other currencies, slipped slightly by 0.10% to an exchange rate of 92.733 as of 11.15 p.m. Analysts believe this level remains high.
This slight fall was driven by consumer spending which recorded the biggest fall in 10 months in February.
According to analysts, Minh Trang of Silicon Valley Bank argues that the market so far has basically expected that the success of vaccine distribution will lead to higher inflation, and force the Fed to consider setting interest rates by raising them more quickly.
Bond yields have shown drastic increases but recently they have fallen below record highs. U.S. unemployment claims. has fallen to a one -year low last week and President Joe Biden stated that he wants to double the vaccination process after reaching 100 million injections.
On the other hand, the Euro managed to rebound strongly from a four -month low driven by rising business sentiment in Germany. Meanwhile, the price of bitcoin has rebounded after profit -taking and futures contracts expired.
