The pair is moving in a sideways direction today at around 0.7480 and it is smooth during today’s Asian session. Though USD was strong, the pair managed to overcome the effect by midway into the New York session, picking up and correcting from new daily dips.
How It All Happened
The US stock index recovered late today and most of its rising happened yesterday because investors bought falling shares. The rallying of Pifzer Inc by 43 percent helped boost the S&P 500.
At the same time, the USD rose to its highest height, in about 2 years while the US Treasury yield tested a 3 years height after a signal of a hawkish interest rate hike by the Feds. The dollar expanded those highs in Asia. The dollar index attained a new height of 99.903 cycles, which is the highest in about 2 years.
Supporting the dollar, the 2-10 year spread expanded as a result of the Feds intending to decrease its balance sheet.
At home, Australia’s trade excess contracted to about 7.5 billion Australian dollars two months ago (February), the contraction was due to an increase in oil price and increase in demand. The effect of this was reduced by a 2-month straight exports record.
Today, the RBA’s Financial Stability Review was rolled out, and it was stated that borrowers should be ready for an increase in interest rates.
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