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Forex Today: Caution kept majors ranging

FXStreet Team FXStreet

Here is what you need to know on Tuesday, March 31st:

The American dollar posted a modest intraday advance against major rivals, although ended the day with uneven strength, and far from recovering its bullish tone. The EUR/USD pair neared the 1.1000 figure but finished the day close to 1.1050.
GBP/USD spent the day consolidating around 1.2400 with the Pound refusing to give up.
The Japanese yen appreciated although it lost some ground ahead of the close, as Wall Street closed in the green. US Treasury yields remained depressed, near record lows.
Gold prices consolidated,
Crude oil prices remained under selling pressure and reached fresh multi-year lows. WTI traded as low as $19.00 a barrel, recovering modestly ahead of the US close. US President Trump and his Russian counterpart Putin discussed the oil market situation and agreed to hold talks at ministerial levels.
Overall, sentiment remained sour amid the coronavirus crisis. The number of cases keeps rising, with those in the US at around 157,000. In Italy and Spain, the number of cases has surpassed those reported by China, while the global death toll approaches 37,000. Chances of a quick economic comeback dilute.
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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

AUD/USD looks weaker, focus is back to 0.7100

AUD/USD reverses Tuesday’s gains and retreats markedly toward four-day troughs in the low 0.7100s ahead of the opening bell in Asia. The firmer tone in the Greenback weighs on the risk complex amid unabated tensions on the US-Iran front, prompting the Aussie to shed part of recent gains and refocus on the downside. Moving forward, Australian trade balance results should entertain investors early on Thursday.

Japanese Yen bounces up from lows after Japan PM Takaichi’s intervention warnings

The Japanese Yen bounced up from five-week lows against the US Dollar, turning positive on the daily chart, as Japan’s Prime Minister Sanae Takaichi warned that Tokyo is ready to take action against Yen weakness. The USD/JPY pair has pulled back from the 160.00 level, considered a line in the sand for Japanese authorities, to hit session lows at 159.55.

Gold remains under bearish pressure, looks at $4,400

Gold keeps the offered stance well in place, retreating toward the $4,430 region per troy ounce, or four-day lows, on Wednesday. The yellow metal’s retracement comes in response to escalating tensions in the Middle East, which in turn continue to drive oil prices higher while reinforcing the idea of a tighter-for-longer Fed.

XRP eyes rebound despite muted ETF demand

Ripple (XRP) rebounds above $1.23 from support at $1.20 at the time of writing on Wednesday, as the broader cryptocurrency market pares losses triggered by escalating tensions in the Middle East. Appetite for risk assets remains generally low as the United States (US) and Iran exchange fire amid a fragile ceasefire and peace negotiations.

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Recession on paper: What really moves the Canadian Loonie now?

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Forex Today: Caution kept majors ranging

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