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[QUOTE="TraderSmith, post: 193203, member: 42912"] Forex Market News - Dollar Up Over COVID-19 Worries and Potential U.S. Tax Hikes The dollar was abreast of Wednesday morning in Asia near a four-month high, as COVID-19 concerns, potential U.S. tax hikes, and tensions over tit-for-tat sanctions between China and therefore the West turned investors towards the safe-haven asset. The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.04% to 92.382 by 12:18 AM ET (4:18 AM GMT). The USD/JPY pair inched down 0.05% to 108.50. The AUD/USD pair was down 0.21% to 0.7606 and therefore the NZD/USD pair was down 0.30% to 0.6983. The USD/CNY pair inched up 0.10% to 6.5227. The sanctions imposed on China by the U.S., Europe, and the U.K. over human rights issues, prompting the previous to retaliate with sanctions of its own, still increase investor market concerns. The GBP/USD pair edged down 0.17% to 1.3727. The dollar index rose to a two-week high because the Asian session opened and was near the four-month record of 92.506 set earlier within the month. The index “looks determined to check the highest end of a replacement, higher 91-93 range we expect will form in coming weeks,” Westpac analysts said during a note. “Extended European lockdowns have sapped confidence during a synchronized global rebound; meanwhile, the U.S. will have a powerful rebound in coming months amid a powerful vaccine roll-out, stimulus payments, and economic re-openings,” the note added. A third wave of COVID-19 cases in Europe prompted fresh lockdowns in several countries. Germany extended its lockdown until Apr. 18, with France and Italy also extending restrictive measures, and therefore the euro fell towards a four-low of $1.18360. Across the Atlantic, the U.S.’ data safety monitoring board warned that the info submitted by AstraZeneca (NASDAQ:AZN) PLC and therefore the University of Oxford in support of its COVID-19vaccine might be outdated. Also nudging investors towards safe-haven assets was U.S. Treasury Secretary Janet Yellen’s testimony before the House Financial Services Committee, where she said that future tax hikes are going to be needed to buy infrastructure projects and other public investments. Federal Reserve Chairman Jerome Powell, testifying alongside Yellen, added that an expected near-term spike in inflation is going to be transitory. His comments prompted the benchmark U.S. Treasury yield to drop to 1.6048% on Wednesday. Yellen and Powell will repeat their testimonies before the Senate Banking Panel later within the day. In cryptocurrencies, bitcoin fell below $54,000, but two weeks after hitting a record high of $61,781.83. [/QUOTE]
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