This week, the US Dollar (USD) decisively moved higher, leaving behind the previous week’s inconclusive price action. The US Dollar Index (DXY) reached new four-month highs around 99.70, potentially leading to a visit to the psychological 100.00 barrier sooner than expected.
The EUR/USD pair ends the week just below the 1.1600 mark, posting its largest weekly decline in over a year. Financial markets shifted to panic mode in March after United States (US) President Donald Trump joined forces with Israel and launched a massive attack on Iran on the last day of February.
The Pound Sterling (GBP) hit the lowest level in three months against the US Dollar (USD) near 1.3250 and staged a modest rebound, but ended the week deep in the red.
USD/CHF is slowly turning higher as the US dollar benefits from yield support, with dip-buying favored unless the pair breaks back below 0.76.
Gold (XAU/USD) came under heavy bearish pressure and registered weekly losses even after opening with a bullish gap on news of the United States (US) and Israel carrying out a joint attack against Iran on February 28.
NZD/USD is under pressure in a risk-off market, with the 200-day EMA and 0.58 as key downside levels while 0.60 caps any recovery attempts.