Forex Today: Nothing to cheer, dollar strong
|What you need to take care of on Friday, April 8:
The market’s mood remained sour as the focus remained on central banks’ hawkishness and tensions between Russia and the western world. The US has widened its actions against Moscow, hitting Russian Sberbank and Alfa Bank and prohibiting investment in the country by American companies. The EU, in the meantime, backed a Russian coal embargo, although without officially confirming it. The dollar remained strong.
On Thursday, Ukraine has presented a new agreement proposal, although it includes discussing the situation of Crimea and Donbass, something that Russia considers unacceptable.
The European Central Bank released the Accounts of its latest meeting. The document showed that policymakers believe the bond-buying program has now fulfilled its objective, and by ending it in the summer, it would clear the way for a 3Q rate hike.
Asian and European equities closed in the red, but Wall Street managed to recover some ground after two days of sharp losses. At the same time, government bond yields held at the upper end of the range, with the 10-year US Treasury note yielding 2.65% by the end of the day.
The EUR/USD pair trades around 1.0870, while GBP/USD stands at 1.3070. The dollar appreciated against its safe-haven rivals, with USD/CHF trading at 0.8340 and USD/JPY near 124.00.
Commodity-linked shed some ground, with AUD/USD down to 0.7470 and USD/CAD up to 1.2585.
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