Forex Today: Dollar remains pressured despite deteriorated market mood
|Here is what you need to know on Wednesday, April 8th:
- The greenback was the weakest this Tuesday, entering the Asian session near daily lows against most major rivals, despite Wall Street trimmed most of its intraday gains ahead of the close. Equities were up worldwide, as the pandemic curves kept giving signs of flattening. Nevertheless, correlated headlines remained mixed, with no end to the current crisis in the foreseeable future.
- The EUR/USD pair settled around 1.0900, again backed by decreased dollar’s demand. The ECB announced a package of temporary collateral easing measures to facilitate the availability of eligible collateral for Eurosystem counter-parties to participate in liquidity providing operations.
- The GBP/USD pair flirted with 1.24, despite an ongoing leadership crisis in the UK. PM Johnson spent another day in intensive care, although reports indicate that he didn’t need a ventilator and that he is doing well. Another member of the Cabinet, Michael Gove, announced he was self-isolating, due to a member of his family presenting coronavirus symptoms.
- The AUD and the CAD rallied against the greenback, underpinned by equities. Gold remained the strongest commodity, up to $1,675.24 a troy ounce, while crude oil prices fell back, with WTI losing the 25.00 threshold.
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