Forex Today: Dollar under pressure but caution persists

FXStreet Team FXStreet

Here is what you need to know on Thursday, March 26^th:

Wall Street rallied for a second consecutive day, as US Senators agreed on a $2 trillion relief package that would likely be voted on Friday. US indexes, however, retreated ahead of the close. The DJIA and the S&P closed in the green. US Treasury yields posted modest intraday advances.
The coronavirus pandemic continues to expand. The total number of cases is roughly 490,000, while the death toll increased to 20,800. The largest increase in cases is taking place in Europe and the US.
The American dollar was the worst performer, with EUR/USD near 1.1900 early Thursday and GBP/USD trading around 1.1900.
The USD/JPY pair edged marginally lower as demand for safe-haven assets was limited. Gold eased with spot trading around $1,610.
Crude oil prices spent the day consolidating. Late US session news made the rounds about the US and Saudi Arabia holding talks to maintain the stability of global energy markets.
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FXStreet Team

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EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.