Forex Today: Oil keeps dragging sentiment
|What you need to know on Wednesday, April 22nd:
- The market’s mood remained sour, giving the dollar advantage against most of its major rivals. Crude oil prices remained under pressure, leading to negative closes in global indexes. The numbers related to the coronavirus pandemic continued to indicate flattening curves in most Europe and New York. Still, reigniting economies seems far away, as baby steps are being taken to reopen economies to prevent a second peak of COVID-19.
- The Pound was the worst performer, as GBP/USD fell to the 1.2250 region. Dismal UK February employment data hurt the Pound, overshadowing an encouraging figure for March. The market rushed to price in much worse figures for the upcoming release.
- The EUR/USD pair settled around 1.0850, as buyers surged on an approach to the 1.0800 level. The European Central Bank plans to hold a cal on Wednesday, and may discuss loosening collateral rules, and allow junk bonds as collateral.
- Commodity-linked currencies recovered ahead of the close, helped by gold prices trimming most of their daily losses.
- Crypto Today: Bitcoin subject to a huge test of $6500 support
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