Forex Today: Risk-off knocking the door
|Here is what you need to know on Thursday, April 9th:
- US Senator Bernie Sanders announced that he would be pulling out of the 2020 presidential race, clearing Joe Biden's path to the Democratic nomination. Wall Street got a boost from the news, ending the day in the green despite Asian and European equities were down.
- UK PM Johnson remains in ICU amid suffering coronavirus. The latest update indicated that he is stable and receiving "standard oxygen treatment" while breathing without assistance.
- The coronavirus pandemic continued to take its toll. Numbers were mixed, as the numbers of contagions increased in Italy, although the death toll continued to decrease. In the US, the number of cases is roughly 420K, with the country reporting the largest daily death toll on record. Chances the economies could return to normal in the near future are pretty much null.
- EUR/USD remained capped below 1.0900, hurt by EU finance ministers being unable to agree on a joint economic response to the pandemic.
- GBP/USD advanced to 1.24 while AUD/USD extended beyond 0.62, both underpinned by the broad dollar’s weakness.
- Gold prices lost some ground at the end of the day amid investors moving into high-yielding assets. Spot gold settled at $1,645.00 a troy ounce.
- Crude oil prices soared on hopes OPEC+ will resume production cut. The EIA reported earlier in the day the largest ever weekly increase in US oil stockpiles, up by 15.2 million barrels in the week ended April 3.
- Crypto Today: Bitcoin bulls must break $7500 for greater buying pressure
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