DXY: Dollar Rises as Banking Concerns Ease

The greenback pressed forward in Wednesday's session and stayed elevated on Thursday.

• The US dollar is trading higher against major peers on Thursday, after currency speculators bet on it amid fading banking fears. The broad-based move to the upside lifted the greenback against the euro, and the sterling, but mostly against the Japanese yen.
• The USD/JPY advanced 1.6% on Wednesday, or more than 200 pips, on volatility around the approaching end of the Japanese fiscal year this week. Starting April 1, Japan enters the 2023 fiscal year with a record budget of ¥114tn, or just under $870bn.
• Back to market-wide moves, the dollar could see increased momentum on either side today as traders will be digesting the US GDP report for the fourth quarter. Analysts predict an expansion of 2.7% for the quarter, in line with the growth rate from the previous trimester.