Forex Today: Dollar gains one battle, not yet the war

FXStreet Team FXStreet

What you need to know on Wednesday, April 21:

The greenback extended its slide at the beginning of the day, to reach fresh monthly lows against most major rivals, but changed course during the European morning, amid the dismal tone of local equities. Wall Street was sharply down, providing another boost to the American currency.

The EUR/USD pair posted a modest intraday decline, settling at 1.2030, while the pound was among the worst performers, as GBP/USD trades near 1.3900 after topping 1.4008.

The Canadian dollar plummeted against its American rival amid

Exacerbating the dismal mood, gold prices plunged mid-US session after a US House panel passed a bill that would open OPEC ground to antitrust lawsuits over production cuts. It’s still unclear if the bill will be considered by the full chamber, but the headline sent WTI down to $ 61.46 a barrel. The commodity bounced back ahead of the close and settled at $ 62.50 a barrel.

The Canadian dollar plummeted against its American rival amid weaker oil prices. USD/CAD settled at 1.2614. The AUD/USD pair also eased but retained the 0.7700 mark.

Gold prices, on the other hand, ticked higher, with the bright metal settling at $ 1,779.50 a troy ounce.

US Treasury yields weakened, but the correlation with the greenback was broken. The yield on the 10-year Treasury note fell to 1.557%, ending the day just above such a low.

US Federal Reserve chief Jerome Powell said that too-low inflation harms American families and businesses. He reiterated that the central bank is fully committed to “both legs of our dual mandate,” and said once again that they expect inflation to advance this year, “in part reflecting transitory factors as the economy strengthens.”

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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.

GBP/USD trims gains; back to 1.3450-ish

The persistent weakness hurting the Greenback lends support to the British Pound and the rest of the risk-linked assets, sending GBP/USD to new two-day tops past 1.3480 on Wednesday. Indeed, Cable advances for the second day in a row helped by the constant optimism around a potential US-Iran deal.

EUR/USD hovers around two-month peaks near 1.1560

EUR/USD advances for the second day in a row, challenging multi-week highs in the 1.1560 zone on Wednesday. The persistent weakness hitting the US Dollar underpins the move higher in spot while market participants continue to closely follow developments from the Middle East and gear up for upcoming key data releases in the US jobs market. On Thursday, all the attention will be on the release of weekly Claims alongside Challenger Job Cuts.

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Good Day... And a Wonderful Wednesday to you! Well, just as I suspected, my beloved Cardinals' bats went silent last night in the Bronx, and they lost 0-2... The Yankees' bats were exactly a murderer's row, but they hit 2 homers and won. I said yesterday that the song : Just Once In My Life, could be the Cardinals' song after hitting 5 home runs the previous night!

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