Greenback heads south

Greenback heads south

On Monday, the evergreen buck declined versus other currencies, while the Mexican peso managed to grow after Mexico and America agreed to a trade pact.

The both countries came up with a fresh pact in the re-negotiation of the North American Trade Agreement.

US leader Donald Trump labeled it the United States-Mexico Trade Agreement. As for discussions with Canada, they haven’t started yet, but they’re expected to start in the nearer future.

 All three governments were trying to come to a compromise before the end of August this year.

Estimating the US currency’s purchasing power versus a pack of its main counterparts, the USD index was still pressured following the news. It went down by about 0.38% coming up with an outcome of 94.72.

In addition to this, the Mexican peso tacked on versus the major American currency. As a matter of fact, the currency pair USD/MXN went down by 1.45% trading at 18.6523.

The evergreen buck went down versus the safe-haven Japanese yen. The currency pair USD/JPY inched down by about 0.19% trading at 111.05. When facing times of uncertainty, market participants are prone to investing in Japan’s currency, traditionally considered to be a safe asset during periods of financial downtime.

A weakening greenback pushed the common currency up. The currency pair EUR/USD ascended by 0.45% being worth 1.1675. The UK pound managed to gain ground. The currency pair GBP/USD jumped by 0.29% reaching 1.2885.

The Turkish lira went down versus the evergreen buck. The currency pair USD/TRY added 2.07% ending up with 6.1013. The lira has been pressured for the last few weeks because Turkey and America disagree over a detained American pastor.

Additionally, the Australian dollar tacked on. The currency pair AUD/USD gained 0.26% showing 0.7344. The currency pair NZD/USD soared by 0.07% demonstrating 0.6693. As for the Canadian dollar, it jumped versus the US currency. USD/CAD dipped by 0.35% showing 1.2982.





Monday started with volatility
Monday started with volatility

Have a look at the key financial instruments on Monday, February 28. Geopolitics is currently on all news frontlines. Western nations escalated sanctions on Russia for the invasion of Ukraine.

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