Dollar eases, EU stocks advance on Wednesday

31/03/2021

The greenback was correcting some of this week's gains, while EU equities continued to be bid. 

On Tuesday, France's health ministry said that the number of people in intensive care units with COVID-19 had reached the highest level this year, while the number of new cases saw a week-on-week increase of 6.3%, the highest such increase since the end of November.

Later in the day, the US ADP employment report for March is due, and it is expected to jump massively to 550,000 from 117,000 in February.

Moreover, pending home sales will be released, along with the Chicago purchasing managers' index.

Finally, Joe Biden will have two speeches today, where he might give more info about the new proposed 3 trillion fiscal stimuli. 

Volatility continues to be elevated in the markets as US yields are rising higher again, sending US stock markets lower. However, EU bourses jumped yesterday, with the German DAX rising above the 15,000 EUR level for the first time ever. 

Precious metals were massacred yesterday, again, as US yields are rising and the greenback pushed to multi-level highs. It looks like the bull market in precious metals could be over soon. The last support for gold is in the 1,670-1,680 USD, and if bulls don't defend it, we might see a leg lower toward 1,500 USD.
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