31 March 2021
World Markets at a glance for Currency, Equity, Commodity, Bonds, Crypto Currency, Financial News & Major Economic Events.
Dollar hits new one-year high to yen on U.S. pandemic recovery optimism
Asian stocks poised for first monthly loss since Oct on bond rout
Oil falls as Suez Canal reopens; eyes on OPEC+ meeting
The dollar rose to a fresh one-year high versus the yen and traded near multi-month peaks with other rivals on Wednesday as investors bet that massive fiscal stimulus and aggressive vaccinations will help the U.S. lead a global pandemic recovery.
President Joe Biden is set to outline later on Wednesday how he intends to pay for a $3-$4 trillion infrastructure plan, after earlier this week saying 90% of adult Americans would be eligible for vaccination by April 19.
The dollar index held above 93 after surging as high as 93.357 on Tuesday. It has climbed from close to 90 at the start of March, on course for its best month since 2016.
The greenback set a fresh one-year top of 110.48 yen early in Wednesday’s Asian session, and hovered near Tuesday’s almost five-month high of $1.1711 per euro.
Asian stocks were on track for their first monthly loss since last October though markets were up on Wednesday and the U.S. dollar stood tall as investors focused on growing signs of a sure-footed global economic recovery.
MSCI’s broadest index of Asia-Pacific shares outside of Japan climbed for a fourth consecutive day to a one-week high of 682.36 points. The index, last up 0.4%, was still a fair distance away from an all-time peak of 745.89 touched just last month.
For the month so far, the index is down 1.6% to be on track for its first loss in five months. It is also poised for its smallest quarterly gain since a 21% fall in March 2020 when the coronavirus pandemic brought the world to a standstill.
Oil prices slid more than 1% on Tuesday as the Suez Canal reopened to traffic and the U.S. dollar rallied.
Investors shifted focus to the upcoming OPEC+ ministerial meeting on Thursday, where analysts expect the group to extend supply curbs given dim demand prospects.
Brent crude fell 84 cents, or 1.3%, to settle at $64.14 a barrel while West Texas Intermediate U.S. oil ended the session down $1.01, or 1.6%, at $60.55 barrel.
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