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[QUOTE="TraderSmith, post: 194173, member: 42912"] [B]Forex Market News- Dollar Up, But Set for Weekly Drop as Investors Buy Fed’s Dovish Stance[/B] The dollar was abreast of Friday morning in Asia but was set to finish the week with its worst back-to-back weekly drop by 2021. Treasury yields continued their retreat from more-than-one-year highs as investors increasingly bought into the U.S. Federal Reserve's pledge of continued monetary support. The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.10% to 91.713 by 12:59 AM ET (4:59 AM GMT). The USD/JPY pair inched up 0.06% to 108.81. The AUD/USD pair edged down 0.16% to 0.7738 and therefore the NZD/USD pair inched down 0.10% to 0.7162. The USD/CNY pair edged up 0.12% to 6.5296. Chinese economic data released earlier within the day said that the GDP for the primary quarter grew 18.3% and 0.6% year-on-year and quarter-on-quarter respectively in March. Although both figures were less than forecasted, economic process soared on a yearly basis while slowing down on a quarterly basis. The GBP/USD pair edged down 0.14% to 1.3767. The benchmark 10-year Treasury yield fell to a one-month low of 1.528% during the previous session, from as high as 1.776% at the top of March 2020, even after Thursday’s stronger-than-expected U.S. retail sales and initial jobless claims data. San Francisco Fed President Mary Daly also said on Thursday that the U.S. economy remains far away from making "substantial progress" toward the central bank's goals of twenty-two inflation and financial condition when it'll begin to think about reducing its support for the economy. Investor bets that massive fiscal spending additionally to continued monetary easing will spur faster U.S. economic process and runaway inflation drove the dollar index, alongside Treasury yields, to an almost five-month high on the ultimate day of March. However, investors now seem more willing to simply accept the Fed’s assurance that inflation pressure are going to be transitory and monetary stimulus will remain in situ for years to return. The dollar is "still struggling to seek out its feet in April, albeit the U.S. macro outperformance narrative couldn't be more propitious," Westpac strategists said during a note. "The DXY is trading like it's topping out now, before (we) expected,” the note added. The Russian ruble tumbled during the previous session, losing 2% to the dollar and hitting a quite five-month low versus the euro in volatile trade. The U.S. slapped sanctions against Russia on Thursday after U.S. President Joe Biden authorized the move to punish Moscow’s alleged interference within the 2020 U.S. presidential election. Russia has denied the allegations, however. In cryptocurrencies, bitcoin traded at $63,478, near the record high of $64,895 reached on Wednesday when cryptocurrency platform Coinbase Global Inc. (NASDAQ:COIN) made its Nasdaq debut. [/QUOTE]
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