Euro falling as dollar recovers.
Euro continues to fall as the dollar is supported by a spike in benchmark Treasury yields to more-than-one-year highs as inflation fears continued to rise. Market participants are starting to fear that massive fiscal stimulus could lead to a jump in inflation in USA and globally as accelerating vaccination campaigns bring an end to lockdowns. As the result – Benchmark 10-year Treasury yields were at 1.6320% on Monday, close to Friday’s top of 1.6420% – adding to the dollar’s appeal against all the other major currencies. The greenback has also been supported by speculators cutting net short positions to the lowest since mid-November in the week ended March 9. The earlier reversal from the key resistance level 1.1985 also added to the bearish pressure on the EURUSD.
Expect sellers on upward corrections.
Next support to watch – 1.1850
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