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USD ready to resume advance

Mohamed Abdelhamid 22 October, 2021 12:33 am Forex Market, Market Update

Risk turned off on Thursday leading the USD to reap the most out of it. The dollar weaker yesterday, but it managed to appreciate against most major rivals, except safe-haven CHF and JPY.

There was no certain catalyst behind the retreating risk appetite although inflation-related concerns constitute one part of the whole economic scene.

The closely watched 10-year US Treasury yield hit the high of 1.683%, finishing the day around 1.67%.

The EUR/USD pair pulled lower and trades near a critical Fibonacci support level at 1.1615. GBP/USD failed once again around 1.3830, and settled in the 1.3780 price zone.

The AUD/USD retreated from a fresh 3-monht high and settled around 0.7460, while USD/CAD bounced to the 1.2370 price zone.

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