Forex Today: Dismal mood persists as no end to the crisis at sight
|Here is what you need to know on Thursday, April 2nd:
- Major pairs held within familiar levels, with the greenback taking some modest advantage, amid risk-off mood. However, volatility across the FX board was limited, and way below the one seen in the previous weeks.
- The coronavirus pandemic continues to dominate the headlines. While no new measures were announced by central bankers, concerns remained focus on how the global economy will get out of this crisis, something investors can’t yet foresee. The number of total cases is quickly approaching 1 million, while the death toll stands at 46,250. In the US, over 200,000 people have contracted the virus, while Italy and Spain together account for over 210,000.
- The EUR/USD pair recovered some ground ahead of the close, settling near 1.0960 after flirting with the 1.0900 level. The GBP/USD pair held ground, hovering around 1.2400 and ending the day little changed around 1.2400.
- The USD/JPY fell toward 107.00 as the Japanese currency got some market’s favor on a risk-averse environment. The Australian dollar, on the other hand, lost ground against the greenback but held above the critical 0.6000 threshold.
- Crude oil prices bounced ahead of the close but remained near record lows. US stockpiles in the US increased by a whopping 13.834M amid the coronavirus pandemic taking its toll on demand.
- Gold prices were marginally higher for the day, although still under selling pressure.
- Crypto Today: Bitcoin prone to bear attack underneath $6500
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