DAILY HEADS-UP: Dollar Retreats, FOMC in Focus

Dollar Retreats, FOMC in Focus

The market mood remains upbeat amid better growth expectations. The US dollar is on the back foot as US Treasury yields dropped as investors buy bonds after the previous sell-off related to upbeat US data. US President Joe Biden is scheduled to deliver remarks on his proposed infrastructure and tax program.

GBPUSD consolidates its falls despite Britain’s upbeat vaccination campaign. EURUSD took advantage of the upbeat mood and topped after the EU brought forward vaccine projections. WTI Oil edged up amid better expectations for global growth, while cryptocurrencies have been consolidating their gains after surging earlier in the week.

The Federal Reserve’s meeting minutes from its March meeting may shed some light on how many members see interest rate hikes coming sooner rather than later. The Fed is more optimistic than beforehand but urged caution.

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