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FX.co ★ 05.03.2021: USD ends week on high note: outlook for USD, USD/JPY, AUD/USD

05.03.2021: USD ends week on high note: outlook for USD, USD/JPY, AUD/USD

The stock market ends this week on a pessimistic note. The US dollar, on the contrary, is gaining momentum across the board.

So, the US dollar index, which measures the strength of the greenback against a basket of six major currencies, continues its upward movement. During today's Asian session, it managed to break above the level of 91.70 for the first time in the last 3 months. The US currency is extending gains amid the growth of US Treasury yields.

Yesterday, Federal Reserve Chairman Jerome Powell once again downplayed concerns about higher interest rates and inflation, which in turn triggered a sharp rise in the 10-year Treasury yields to 13-month highs.

The Senate has also begun debating President Biden's $ 1.9 trillion relief package, which is likely to be approved this weekend. Today, investors are anticipating the Non-Farm Payrolls report and the US unemployment data.

The Japanese yen has already hit a 9-month low amid the greenback’s rally. The dollar/yen pair surged and broke through all the levels we had previously forecast. Now, it needs to consolidate above the target level of 108.16. If so, it will grow even higher to the level of 109.10. Nevertheless, the market seems overheated, which may lead to a short-term period of consolidation near the current positions.

In contrast to the US, Japanese government bonds are falling after Bank of Japan Governor Haruhiko Kuroda said that the central bank would not revise interest rates in the near future.

The Australian dollar also lost ground to the US dollar amid risk aversion. Today, even the fundamental data could not keep the AUD/USD pair from dropping. It fell below the support level of 0.7765. So, the pair is likely to decrease to the target levels of 0.7615, 0.7565, and 0.7500.

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