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March 3, 2021

The US Dollar fell versus a basket of major currencies on Tuesday after reaching a 16-month high.

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The US Dollar fell versus a basket of major currencies on Tuesday after reaching a 16-month high, the index was pressured by the political uncertainties in Europe and concerns of a global economic slowdown.

The U.S Dollar index lost 0.44 percent versus a basket of six major currencies on Tuesday to end the session at 97.00.

Over in Europe, EURUSD rose by 0.63 percent after bearing losses throughout this week to close the session at 1.12885. The currency was supported by a British official signaling that Britain and the European Union are close to clinching an agreement.

Over in the United Kingdom, the Sterling rose on Tuesday’s session after the United Kingdom and the EU agreed on the text for a Brexit divorce deal. The GBPUSD surged by 0.97 percent versus the U.S. Dollar to trade at 1.29717 at the close.

In terms of Safe-havens, both the Swiss Franc and the Japanese Yen advanced against the U.S. Dollar. The USDCHF and USDJPY ended Friday’s trading session lower at 1.00678 and 113.803 respectively.

Precious metal Gold rose yesterday’s session recovering losses from past sessions, as the U.S. Dollar faced some losses. The Gold rose against Greenback by around 0.15 percent to settle down at 1202.05 on Tuesday.

In terms of commodity-currencies, the Loonie Dollar edged higher against its U.S. counterpart as hopes increased that the trade war between the United States and China are easing. The USDCAD fell to end the session on Tuesday at 1.32357.

Meanwhile, in Asia, the AUDUSD rose by 0.64 percent to trade at 0.72177 and the NZDUSD gained around 0.80 percent to trade at 0.67624 at the close.

In Cryptocurrencies, Bitcoin, Litecoin and Ethereum were trading lower versus the Greenback on Tuesday to settle at 6254.81 BTCUSD, 47.16 LTCUSD, and 201.02 ETHUSD.

Ali Hwary

Ali Hwary

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