Forex Today: Market players keep getting rid of the greenback
|What you need to know on Wednesday, May 3rd:
The market continued to sell the greenback amid escalating civil unrest in the US. Riots and looting have spread despite curfews, and US President Trump has threatened to use the military to put an end to them. High-yielding currencies edged higher, also supported by economic reopenings and a sharp decline in coronavirus-related numbers throughout Europe lifting investors’ hope.
The EUR/USD pair flirted with 1.1200, helped by news coming from Germany as the country is planning lifting travel restrictions. Several European countries that depend on tourism are working on the matter.
The GBP/USD pair reached 1.2575, despite mounting concerns around Brexit talks. The EU and the UK have resumed talks but a breakthrough is not expected. This is the last round of stocks ahead of a scheduled meeting in July, where both economies will stock progress.
The USD/JPY pair has finally broken its range, soaring to the 108.80 region, despite broad dollar’s weakness. The breakout seems mostly technical, with stops triggered above 108.10.
Gold prices edged lower amid the ruling risk-on mood. Spot settled at around $1,728.00 a troy ounce. Crude oil prices, on the other hand, extended gains on speculation the OPEC+ will extend its output cut deal.
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