Forex Today: Dismal mood persists as no end to the crisis at sight


Here is what you need to know on Thursday, April 2nd:

  • Major pairs held within familiar levels, with the greenback taking some modest advantage, amid risk-off mood. However, volatility across the FX board was limited, and way below the one seen in the previous weeks.
  • The coronavirus pandemic continues to dominate the headlines. While no new measures were announced by central bankers, concerns remained focus on how the global economy will get out of this crisis, something investors can’t yet foresee. The number of total cases is quickly approaching 1 million, while the death toll stands at 46,250. In the US, over 200,000 people have contracted the virus, while Italy and Spain together account for over 210,000.
  • The EUR/USD pair recovered some ground ahead of the close, settling near 1.0960 after flirting with the 1.0900 level.  The GBP/USD pair held ground, hovering around 1.2400 and ending the day little changed around 1.2400.
  • The USD/JPY fell toward 107.00 as the Japanese currency got some market’s favor on a risk-averse environment. The Australian dollar, on the other hand, lost ground against the greenback but held above the critical 0.6000 threshold.
  • Crude oil prices bounced ahead of the close but remained near record lows. US stockpiles in the US increased by a whopping  13.834M amid the coronavirus pandemic taking its toll on demand.
  • Gold prices were marginally higher for the day, although still under selling pressure.
  • Crypto Today: Bitcoin prone to bear attack underneath $6500

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Bears hold the grip, critical challenge at 1.2000

The greenback firmed up at the end of the week, closing it with substantial gains against most major rivals. Renewed coronavirus concerns and poor macroeconomic data spurred risk-off. EUR/USD is firmly bearish.

EUR/USD News

GBP/USD: Further restrictions in the UK may hit the pound

The GBP/USD pair trimmed most of its weekly gains on Friday and settled in the 1.3580 price zone, amid risk-off fueling dollar’s demand. UK GDP contracted by less than anticipated in November, Industrial Production plunged.

GBP/USD News

Gold: Further decline toward $1,800 remains on the cards

Gold failed to stage a convincing rebound this week. After losing more than 2% in the previous week, the XAU/USD pair extended its slide on Monday and touched its lowest level since early December at $1,817. 

Gold news

Darkest fefore dawn

The upcoming economic news is likely to be dreadful, and if it is not dreadful, it will be mostly ignored. This includes the release of the preliminary January PMI figures at the end of the week. Japan is extending its national emergency to another five prefectures, which collectively account for over half of the nation's GDP.

Read more

DXY breaks above key downtrend, eyes move above 91.00

USD has been strongly supported on what has shaped up to be a very much risk off final trading day of the week. Most G10/USD pairs have seen significant weakness, aside from CHF/USD and JPY/USD, given that the two currencies are also considered “safe havens”.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures