U.S. dollar remains under pressure after the release of the weaker-than-expected Consumer Sentiment report. The report indicated that Consumer Sentiment decreased from 67 in February to 63.4 in March, compared to analyst consensus of 67.
Traders expect that Fed will raise the rate by 25 bps at the next meeting despite recent problems in the regional banks sector. It remains to be seen whether traders are ready for big moves ahead of the Fed Interest Rate Decision, which will be released on March 22.
EUR/USD is currently trying to settle above the 50 EMA at 1.0650. ECB’s decision to raise the rate by 50 bps despite Credit Suisse’s problems provided some support to the euro. In case EUR/USD settles above the 50 EMA, it will head towards the next material resistance at 1.0695.
GBP/USD
GBP/USD moved above the 1.2150 level as the rebound continued. If GBP/USD settles above 1.2150, it will head towards the next resistance level, which is located at the recent highs at 1.2200.
NZD/USD
NZD/USD tested the 50 EMA at 0.6250 despite the pullback in several commodity markets. AUD/USD has also managed to gain upside momentum and made an attempt to settle above the 0.6700 level.
Meanwhile, Canadian dollar found itself under pressure amid a strong sell-off in the oil markets. USD/CAD settled above the 1.3750 level.
USD/JPY
USD/JPY continues its attempts to settle below the support at the 132 level. The recent changes in Fed policy outlook were bearish for USD/JPY. Today, the yield of 10-year Treasuries moved towards multi-week lows near the 3.40% level. If it settles below 3.40%, the yield of 10-year Treasuries will move towards the support at 3.32%, which will put more pressure on USD/JPY.
For a look at all of today’s economic events, check out our economic calendar.
