Forex Today: Dollar’s sell-off intensifies
|What you need to know on Thursday, April 15:
The greenback kept falling with commodity-linked currencies outperforming their European rivals against the American dollar. EUR/USD neared the 1.2000 threshold, while GBP/USD was unable to recover beyond the 1.3800 threshold.
The AUD/USD pair surged to 0.7737 while the USD/CAD fell to 1.2536, giving up some pips before the end of the day but retaining most gains.
US Federal Reserve chief Jerome Powell repeated his well-known conservative stance. He repeated that it is highly unlikely that the Fed would raise rates before the end of 2022, adding that the US economy is at an inflexion point and heading “a period of faster growth, more job creation.”
Christine Lagarde, President of the European Central Bank, said that the United States' fiscal response is expected to lift the European growth by 0.3% over the medium term, adding that "US spillover on Europe's inflation to be 0.15%."
Crude oil prices were the start of the day, as WTI surged above $63.00 a barrel after the EIA reported a thirds straight weekly draw in crude oil inventories. The news came after an optimistic IEA report and following OPEC upward review to future demand.
Gold prices retreated from weekly highs, with spot ending the day in the red at $ 1,736 a troy ounce.
US indexes rallied at the daily opening, reaching fresh all-time highs, although the three major indexes retreated ahead of the close, ending the day mixed near their opening levels.
US Treasury yields fell to fresh weekly lows before bouncing some during US trading hours, ending the day little changed.
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