Here is an update you need to know on Wednesday, March 6:
 
Forex analysis today - In the face of turmoil in financial markets, volatility is predicted to increase with the publication of important data and macroeconomic events today. The UK will announce its Spring Budget, while Eurostat releases January Retail Sales data.
 
In the same session, data on ADP Employment Change for February and JOLTS Job Openings for January will be featured in the US economic calendar. The Bank of Canada (BoC) will announce its monetary policy, while Federal Reserve Chairman Jerome Powell will testify before the House Financial Services Committee.
 
The US Dollar Index (USD) dropped to 103.50 as the yield on the US 10-year government bonds fell below 4.2% at the beginning of the South American session on Tuesday. Negative risk sentiment, reflected in the decline in Wall Street, helped the USD gain support from safe-haven flows and remained stable around 104.00 on Wednesday morning, with the 10-year yield at around 4.15%. Futures trading on US stock indices showed variation.
 
EUR/USD stagnated around 1.0850 on Wednesday after closing nearly unchanged on Tuesday.
 
GBP/USD reached its highest level since early February at 1.2735 on Tuesday and continued positively on Wednesday, but is still in a consolidation phase.
 
The Board of Governors is expected to keep its policy interest rate at 5% following the March meeting. USD/CAD recorded its highest closing level of 2024 around 1.3600 after a slight increase on Tuesday.
 
Australian data showed a year-on-year Gross Domestic Product growth of 1.5% in the fourth quarter, surpassing market expectations. AUD/USD rose above 0.6500.
 
USD/JPY halted its two-day gains on Tuesday and continued to weaken below 150.00 on Wednesday.
 
Gold prices underwent a correction from record highs above $2,040 on Tuesday, stabilizing below $2,030 in European morning trading on Wednesday.


Warning!
 
That is the news regarding "Forex Analysis Today: UK Budgeting, BoC Decides, Powell Testifies!" Today's forex analysis is based on insights from fundamental and technical perspectives from trusted sources and is not intended as advice or an invitation. Always remember that this content aims to enrich readers' information. Always conduct independent research regarding other forex information to serve as a reference in your trading.
 
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