What you want to know on Monday, March 1:
The buck appreciated sharply on the finish of the week, ending it with features in opposition to all of its main rivals. International indexes closed with sharp losses, aside from the Nasdaq that managed to put up an intraday advance.
US Treasury yields continued to retreat forward of the weekly shut, however that didn’t stop the greenback from appreciating. The yield on the benchmark 10-year Treasury be aware settled at 1.40% after peaking at a one-year excessive of 1.61% mid-week.
The EUR/USD pair settled simply above the 1.2060 assist, whereas GBP/USD ended at 1.3930. Commodity-linked currencies had been probably the most hit by the buck’s energy, and are prone to extending their slumps.
Gold plunged to a recent 2021 low of $1,717.14 a troy ounce, whereas oil costs additionally retreated, though WTI settled at $61.50 a barrel.
On Saturday, the US Home of Representatives handed President Joe Biden’s $1.9 trillion coronavirus aid package deal by 219-212 votes. Republican assist was lacking, however the invoice moved to the Senate, the place is predicted to move earlier than March 14, when the earlier spherical of stimulus expires. Additionally on Saturday, President Biden known as on the Senate to move the stimulus invoice.
Over the weekend, information identified that UK finance minister Rishi Sunak would announce this week 5 billion kilos of extra grants to assist companies hit by the pandemic, in his price range assertion subsequent Wednesday.