The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
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The positive sentiment towards the USD is supported by the improved outlook for the American economy. They are supported by solid macroeconomic data and accelerated mass vaccination against COVID-19. On Friday morning, April 2, the greenback remains stable ahead of the release of statistics on the US labor market. Experts do not hide their optimism about potential employment growth and a reduction in the unemployment rate in March 2020. Most forecasts provide for an increase in the number of jobs by 647,000. Recall that in February this figure did not exceed 379,000. Experts also expect a decrease in the unemployment rate to 6.0% from the current 6.2%.
Several factors cited by analysts are indicative of US economic growth. In case of the release of positive data, the position of the dollar will strengthen. At the moment, the greenback is actively paving the way for an upward trend. Sentiment on the USD has improved over the past few days. This was facilitated by factors such as the adoption of another stimulus package worth more than $2 trillion and the rapid roll-out of the COVID-19 vaccination program. In the wake of economic optimism, the greenback began to spread its wings, rising in tandem with the euro. On Friday morning, the EUR/USD pair was trading at 1.1780, trying to hold on to its gains.
In the first three months of 2021, the US dollar gained 3.6% against a basket of six key currencies, and this is not the limit. Experts consider this to be one of the strongest quarterly indicators recorded since June 2018. An additional factor supporting the USD was the March report on the US manufacturing sector. It has shown an increase in this indicator for more than 37 years, which added points in favor of the greenback.
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