Forex Today: Dollar tumbles ahead of a long weekend
|Here is what you need to know on Friday, April 10th:
- The American Dollar fell on the back of dismal US data and the Fed’s announcement of additional easing. US Initial Jobless Claims soared to 6606K in the week ended March 3, while the preliminary estimate of the Michigan Consumer Sentiment Index came in at 71 for April. The US Federal Reserve announced it had taken additional easing measures through a plan to provide $2.3 trillion in loans to support the economy.
- Most markets will remain closed this Friday, amid the Easter Holiday.
- Wall Street edged higher, easing just modestly ahead of the close. US Treasury yields edged marginally lower.
- The EUR and the GBP advanced amid a weaker dollar. The Pound held on to gains close to 1.25 against the greenback, helped by news that UK PM Johnson has left ICU.
- Gold prices soared, with spot reaching $1,690 a troy ounce.
- Crude oil prices were on a wild ride amid back and forth regarding an output cut deal. The OPEC+ have had a meeting, and market talks initially reported that Russia and Saudi Arabia were agreeing on a new oil cut deal as big as 20 mbpd. Throughout the US session, the number variate and so adhesion from other producer countries. The commodity edged sharply lower and settled near fresh weekly lows.
- Coronavirus-related figures are still quite discouraging. An end to global lock-downs remains out of the picture.
- Crypto Today: Bitcoin bulls sitting just below breakthrough level of $7500
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