Today's markets are relatively quiet with the celebration of Good Friday and the closure of most of the global financial markets, and the economic agenda is free of any important economic data during the day. Today, trading started in tight ranges with weak liquidity in the markets.
The dollar index now stands at 89.71 against a basket of currencies, the dollar index fell by 2% in the first quarter of 2018, the fifth straight quarter of the decline. While the EURUSD rose slightly to reach 1.2329 levels, up 2.6% so far in the first quarter of 2018.
The USDJPY extended its third consecutive month to its lowest level in 16 months amid trading tensions between the US and China, despite rising US bond yields, the yield spread between 10-year Japan and the US bond yields reached its widest in a decade.
Positive developments in Brexit negotiations, as well as increasing expectations that the Bank of England will raise interest rates soon, have helped the GBP rally by 3.9% in the first quarter of 2018 and its best performance since mid-2015. On the other hand, Australian dollar has declined by 1.7% in the first quarter of 2018.
