Forex Today: Dollar depressed amid dull Good Friday, G20 Energy Summit, US CPI in focus
|Here is what you need to know on Friday, April 10:
The US dollar remained broadly depressed amid holiday-thinned Good Friday Asian trading. Dismal US Initial Jobless Claims and the Fed’s additional stimulus announcements kept the USD bulls at bay. Most major world markets will remain closed this Friday on account of the Easter Holiday.
Asian markets were a mixed bag in light trading following gains on Wall Street overnight. The US equity futures rallied while Treasury yields traded on the back foot.
Across the fx board, tight trading ranges remained in play, with USD/JPY stay bid around 108.50. Both the Antipodeans consolidated the recent surge, as AUD/USD flirted with 0.6350 while the kiwi tested the 0.6100 level. USD/CAD slipped below 1.4000 despite the oil-price weakness.
The EUR and the GBP held on to recent gains amid a broadly weaker US dollar. The cable traded better bid above 1.2450 as the bulls cheered that news that UK PM Johnson is out of the intensive care.
Eurogroup agreed half a trillion euros worth of coronavirus rescue package. EUR/USD ranged between 1.0920-50.
Gold prices traded modestly flat below $1690, awaiting the US CPI report for a move above 1700 mark.
Crude oil prices slump in early trades and since then are in a consolidation phase. Despite the OPEC+ agreeing on a 10 million bpd output cuts, effective from May, Mexico’s rejection of the deal swept the floors off the bulls. WTI fell briefly below $23 level, losing nearly 8%.
Coronavirus-related statistics worldwide will be watched closely along with the G20 energy ministers meeting and day 2 of the OPEC+ meeting.
Cryptocurrencies traded in the red, with Bitcoin back below $7k mark.
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