Forex Today: Dollar eases, but bulls persist

What you need to know on Wednesday, March 10:

The greenback gave up some ground amid easing US government bond yields. The yield on the benchmark 10-year Treasury note settled around 1.54% after hitting 1.62%. A scarce macroeconomic calendar exacerbated yield-related trading.

Global stocks advanced, overshadowing demand for the American currency. The Nasdaq was the best performer, catching up after the tech route from these last few days. The index advanced over 4% and had its best day since last November.

USD rivals advanced unevenly. The EUR/USD pair hovers around the 1.1900 level, while GBP/USD approaches the 1.3900 figure. The USD/JPY pair retreated sharply after reaching a fresh 2021 high at 109.23.

The commodity-linked bloc advanced unevenly against their American rival. The AUD/USD pair retook the 0.7700 threshold as gold prices were firmly up. Spot settled at $1,717 a troy ounce. USD/CAD fell just marginally, as crude oil prices edged lower, with WTI ending the day at $63.90 a barrel. The US Energy Information Administration (EIA) said that it lowered its forecast for global oil demand growth by 60,000 barrels per day (bpd) to 5.32 million bpd in 2021.

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