Forex Today: Tension mounts ahead of critical events
|What you need to know on Tuesday, April 28th:
- The market’s mood was up at the beginning of the week, but only benefited commodity-linked currencies, which were up against the greenback, despite easing oil and gold prices.
- The EUR/USD pair advanced just modestly to close the day little changed around 1.0830, while the Pound recovered the 1.2400 level against its American rival.
- The trigger for the better market mood was hope, amid gradual economic re-openings. The coronavirus-related curves continued to flatten in most European countries, although countries are not out of the woods yet.
- Overall, investors are in wait-and-see mode ahead of central banks and GDP figures to be out later this week.
- UK PM Johnson returned to Downing Street and offered a speech, acknowledging the risk that the lockdown poises to the economy, but also warned about the risks of lifting restrictions two early. Chancellor of the Exchequer Sunak announced a loan program to support small businesses.
- Crude oil prices came under selling pressure, with Brent below $20.00 a barrel and WTI losing the 13.00 level amid storage concerns. Drillers keep working throughout the pandemic, but demand is pretty much null in a paused world.
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