The US Dollar Index (DXY), is extending the weekly recovery for yet another session and probes tops in the 98.30 area.
The increased and renewed selling bias around the Japanese yen has been sustaining the inflows into the greenback and therefore pushing the index back above the 98.00 mark along with the rebound in yields of the US 10-year note to the vicinity of the 1.0% level.
Furthermore, the dollar has managed to advance nearly 4% from Monday’s new 2020 lows in the 94.60 zone to peaks near 98.30 recorded earlier in the session.
On Thursday, the Federal Reserve injected fresh cash into the system amidst rising speculations of a 100 bps interest rate cut at the March 17-18 meeting, all aimed to mitigate the impact of the COVID-19 on the US economy.
In the US calendar, Export Prices contracted 1.1% MoM during February and Import Prices went down by 0.5% inter-month. Additional data saw the advanced Consumer Sentiment coming in at 95.9 for the month of March, a tad above consensus and down from January’s 101.0.