News – AU – US. Dollar advances in rising government bond yields

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The US. The dollar was higher against its key counterparts at Wednesday’s European session as government bond yields rose in hopes U.S. Tax incentives and the introduction of vaccines will stimulate global economic recovery and boost inflation

US. President Joe Biden said Tuesday that the US. expects to have enough coronavirus vaccines for all adults by the end of May, two months earlier than expected, after Merck & Co agreed to produce rival Johnson & Johnson’s newly approved shot
Biden also announced that he would use the powers of the federal government to instruct all states to give priority to vaccination teachers and said the federal government will provide the doses directly through its pharmacy program

Investors welcomed the progress made on the $ 19 trillion bailout package that will be drawn down by the Senate later that day

Data from payroll clerk ADP showed that US. Private sector employment rose much less than expected in February

ADP said private sector employment was at 117 as of February000 after rising by 195000 had been corrected upwards

Economists expected employment to drop by 177000 jobs would increase compared to 174000 jobs that were originally reported for the previous month

The Department of Labor is expected to release its more detailed monthly employment report on Friday, which will include both public and private sector posts

The dollar won at the Asian session from the accelerated rollout of vaccines and the coronavirus aid package raised hopes for an economic recovery

The greenback was valued at 0.9189 against the franc and 12043 against the euro after falling to 0.9140 and a 5-day low of 12113 in early deals respectively.The greenback finds resistance at 094 against the franc and 118 against the euro

The greenback returned from an early 5-day low of 1.4007 against the pound with the pair trading at 1.3942 on the upside, 137 may be viewed as its next level of resistance

Survey results from IHS Markit and the Chartered Institute of Procurement & Supply showed that UK service sector production declined only moderately in February after a sharp decline in early 2021 as the third national lockdown did limited damage to the economy

The purchasing managers’ index for retail services rose to 495 in February from an eight-month low of 395 in January. The flash score was 497

The greenback has risen to 0-7245 versus the Kiwi, 07771 versus the Aussie and 12658 versus the Loonie, from its previous low of 07305, 5-day lows of 07838 and 12593 If the greenback continues to rise, 070, 075 and 120 may be seen as the next level of resistance against the Kiwi, Aussie, and Loonie

The greenback touched 10708 versus the yen, its highest since July 2020. The currency is poised to find resistance around the 109 level

The latest Jibun Bank survey found that Japan’s service sector continued to contract, albeit at a slower pace, in February, with a services PMI of 463

That’s from 461 in January, although it stays below the boom-or-bust line of 50 that separates expansion from contraction

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US dollars, yield, US Treasury Department

News – AU – US. Dollar advances in rising government bond yields
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US Dollar Advances on Rising Treasury Yields Returns
US Dollar Index (DXY) holds stable with ADP, PMI data

Source: https://forextv.com/forex-analysis/u-s-dollar-advances-on-rising-treasury-yields/