Pound extended losses and dropped to fresh multi-day lows, around 1.3535 amid the cautious mood benefitting Dollar’s safe-haven status.
Investors are worried about the economic recovery amid the surging number in coronavirus cases. The worries were further fuelled by Friday's disappointing US monthly Retail Sales figures for December which offset the better-than-anticipated Chinese GDP growth figures for the fourth quarter of 2020.
The pair was further pressured by the imposition of fresh restrictions in the UK and failed to gain any relief from the optimism over the rollout of coronavirus vaccines.
It is an uneventful for the UK and US hence, coronavirus updated will play a key role in influencing the broader market risk sentiment and the USD price dynamics.
05 Mar 2021 06:06 PM
Key factors to keep in mind before the US markets open
05 Mar 2021 05:08 PM
India's foreign exchange reserves rose to $584.55 billion as of Feb 26, compared with $583.87 billion a week earlier, the Reserve Bank of India.
05 Mar 2021 04:36 PM
Have a look at how Indian rupee ended the day
05 Mar 2021 03:51 PM
Indian equities fell for a second straight session today and snapped their three-day gaining streak as investors remained spooked by a sharp rise in US yields. Sensex managed to hold 50,000 and closed below 441 points, but Nifty gave up 15,000.
05 Mar 2021 03:00 PM
Pound fell and traded around 1.3830 as Dollar extended gains following Powell’s dovish comments leading to an upward rally in US yields.
05 Mar 2021 02:56 PM
Find out how European markets are reacting today