The USD/SGD pair rebounded this week, reaching its highest level since January 23. It continued its uptrend as geopolitical risks continued rising, pushing investors to the safety of the US dollar.
The USD/BRL pair rebounded sharply, reaching its highest point since January 21. It soared to a high of 5.3423, much higher than this week’s low of 5.1155, as the US dollar rallied amid the ongoing war in the Middle East.
The EUR/USD exchange rate continued its strong downward trend this week, reaching its lowest since November last year as the crisis in the Middle East accelerated. It also dropped as President Donald Trump ordered an end of trade between the US and Spain.
Bitcoin price was stuck in a tight range today, March 4, continuing a consolidation phase that started last month. The BTC/USD pair was trading at 68,155, down substantially from the all-time high of 126,300.
Gold is replicating the recovery moves seen in Tuesday’s Asian trading on Wednesday, drawing support from persistent demand for safe-haven assets due to the escalation of the conflict in the Middle East.
The short-term outlook for EUR/USD has been consistently deteriorating since the rejection from yearly peaks near the 1.2100 hurdle recorded in late January.