The Dollar Declined Amid ECB Policy Decision

The Dollar Declined Amid ECB Policy Decision

The Dollar Declined on Thursday Morning in Asia, remaining near multi-week lows as declining gains in U.S. Treasury yields shrunk the U.S. Currency’s interest-rate benefits.
The U.S Dollar Index traces the greenback against a basket of other currencies slightly down by 0.03% to 91.105.
The USD/JPY pair edged down by 0.10% to 107.94, near a seven-week low.
The AUD/USD pair slightly down by 0.105 to 0.7743 with NZD/USD pair was down 0.30% to 0.7190.

The USD/CNY pair edged down by 0.04% to 6.4874.
The GBP/USD pair inched down 0.01% to 1.3928.

Investors are keen to watch the European Central Bank (ECB) policy decision, which will be official later in the day. Any positive verdicts from the central bank about the economic outlook are mostly expected to boost the euro. The single currency was trading at $1.2043, not far from a record level set on March 3.

The Bank of Canada shows the sign of start increasing interest rates in late 2022 after trimming the speed of bond purchases, apparently will become the first group of the central bank to move towards withdrawing unparalleled stimulus. The CAD jumped to a six-week high on Wednesday.

The AUD and NZD dollar also traded near one-month highs against the dollar, countries make their central banks more likely to follow the Reserve Bank of Canada’s footsteps.