Forex Today: Dollar falls, gold up amid upbeat COVID-19 data, Boris' ICU stay causing concerns

Here is what you need to know on Tuesday, April 7:

UK Prime Minister Boris Johnson is in intensive care and receiving oxygen amid complications from COVID-19. The dramatic news has sent the pound lower after previous messages from the government aimed to calm the public. Foreign secretary Dominic Raab has taken over as the UK is set to reach the peak of the disease in the coming days. 

Elsewhere, the market mood remains upbeat, with the dollar down and Gold resuming its rally. The precious metal is getting comfortable above $1,650.

Asian markets are on the rise and S&P futures are stable after a robust rally on Monday. Italy, Spain, France, and Germany continued reporting encouraging coronavirus figures in both the number of infections and deaths. Italian Prime Minister Giuseppe Conte refused to talk about easing restrictions, but exit strategies are being drawn across the continent.

More stimulus: Stocks also advanced in response to the White House seemingly supporting another stimulus package, including handing out more money to Americans as House Speaker Nancy Pelosi suggested. 

Eurozone: German Chancellor Angela Merkel said the EU is in the most difficult moment since its establishment as the crisis triggers substantial economic damage across the old continent and leaders are at loggerheads around issuing mutual bonds. German and French economic data predating coronavirus is due out. 

Global COVID-19 cases have topped 1.3 million and taken the lives of nearly 75,000. US cases top 360,000. 

AUD/USD: The Reserve Bank of Australia has left the interest rates unchanged as expected and hinted it would taper down liquidity injections. AUD/USD has been on the rise in response. 

Japan is entering a month-long state of emergency and imposing restrictions in several areas, including the capital Tokyo. 

Oil is on the rise amid reports that the OPEC+ is getting closer to an agreement to cut production. Russia and Saudi Arabia are negotiating an accord that may also include other countries. A videoconference is scheduled for Thursday.

Cryptocurrencies have been consolidating their gains, with Bitcoin trading above $7,000. 

More Explained: Which indicators matter in coronavirus times

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

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

AUD/USD: Stellar performance refreshes 18-week top above 0.6800, RBA eyed

Having dominated the markets at the week’s start, AUD/USD bulls keep the reins around 0.6810, high of 0.6814, at the beginning of Tuesday’s Asian session. RBA is widely anticipated to keep the current monetary policy unchanged.


USD/JPY looks for a firm direction above 107.00 with eyes on US civil unrest

USD/JPY fails to extend the previous day’s losses amid fresh challenges to risk. The yen pair dropped the previous day amid broad US dollar weakness. A lack of data from Japan keeps traders focused on the geopolitical issues for fresh impulse.


Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Pointing beyond the Moon

XRP remains on the sidelines, although it could join the bullish run. The crypto market is starting to remind us of times gone by, with dazzling rises across the crypto board that draw the public's attention.

Read more

Gold struggles to hold above $1,740, looks to post modest daily gains

The XAU/USD pair started the week with a bullish gap and rose above $1,740 during the Asian trading hours before losing its traction. After dropping toward $1,730, however, the pair capitalized on the broad-based USD weakness during the American trading hours and now looks to close in the positive territory. 

Gold News

WTI trading near session’s lows around $34.80 a barrel

Crude oil is trading near session’s lows as WTI is trading above the main SMAs on the four-hour chart. However, as the black gold remains fragile in a dominant downtrend, it remains to be seen if WTI can regain the 36.00 resistance. 

Oil News