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1️⃣ Many factors drive the strength of the dollar
- USD continued to hold its strength, rising to the highest level in 3 and a half months, benefiting from the increase in US bond yields and the decrease in risk demand in the stock market.
- “The increase in US bond yields increased volatility in the stock market, and supported USD. As for the Fed, it still maintains a soft attitude while pushing back expectations of actions against higher yields ”. UBS strategists said in a note.
- Analyst Bofa - Athanasios Vamvakidis, said that strong fiscal stimulus, economic reopening process is accelerating and greater consumer spending are factors driving USD.
- The US Senate approved a $ 1.9 trillion bailout plan, after a day when the NFP report showed strong labor market growth, which pushed the USD to its highest level since November 2020. The dollar index stands at 92,186 against a basket of six major currencies, up 0.3%.
2️⃣ Investment sentiment in the common currency area increased sharply
- The euro zone investment sentiment index jumped to a more than a year high in March, driven by an improved look at the current situation, a survey found earlier in the week. .
- Global immunization campaigns are being achieved, accelerating, raising expectations about the ability of communities to be protected against pandemics. This allows economies to reopen faster and investors are betting on these.
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