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The first day of spring did not turn out well for the US dollar: it continued to decline against most global currencies. In this regard, the Euro currency took advantage of the situation by strengthening its positions in the EUR/USD pair.
According to experts, one of the reasons for the dollar's decline is the approval of Biden's proposed $ 1.9 trillion stimulus package. The document provides for an increase and extension of the validity of federal allowances for unemployment benefits, direct payments to the population in the amount of $1,400 per person, the provision of $350 billion to local governments, as well as funding for vaccination against COVID-19.
The recovery of the US stock market and increased interest in risky currencies also contributed to the fall. It should be noted that the US dollar is fading from investors' sight and is significantly cheaper amid the growth of risk appetites. Thus, experts note a significant decline in demand for the US currency.
On March 1, the dollar index shows a downward trend, while the USD is correcting against other currencies. The euro benefited from this weakness, which is gaining impulse. We can assume that the single currency is ready to take the dollar into circulation and significantly surpassed it. However, such conclusions are still early.
This morning, the euro rose by 0.2%, that is, to the level of 1.2091 after a record collapse in April 2020. It then later moved to 1.2086, but could not keep the gained positions. Therefore, the EUR/USD pair declined to the 1.2052-1.2053 range, trying to overcome this failure.
Experts recorded an increase in bullish mood for the euro among long-term market players during the previous week. At the same time, hedgers for the EUR/USD pair have been rising their net positions for the euro's growth over the past three weeks. Analysts believe that the continuation of this trend contributes to the rise of the EUR/USD pair. In the event of sales growth, the euro will also receive an additional boost for growth.
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