Forex Today: Dollar weakness set to continue

FXStreet Team FXStreet

What you need to know on Monday, April 26:

The dollar fell on Friday amid prevalent risk appetite. Wall Street rallied following upbeat Markit flash PMIs for the EU and the US, with most indexes reaching record levels, boosting hopes for a soon-to-come economic recovery after the pandemic slump.

The EUR/USD pair settled near 1.2100, as the shared currency shrugged off a cautious ECB, also boosted by hopes that the immunization campaign will pick up in the Union in the next couple of months.

GBP/USD was unable to advance beyond 1.3900, as the pound suffers from Brexit jitters. Mounting tensions with the EU amid the absence of post-Brexit progress and failure to apply the Northern Ireland Protocol as it was initially tough, limited demand for the British currency.

The USD/JPY pair maintained the bearish tone and traded as low as 107.50, undermined by the soft tone of US government bond yields.

Commodity-linked currencies were underpinned by firmer stocks but remained within familiar levels as gold and oil failed to impress. The bright metal fell for a second consecutive day, finishing the week at $ 1,770 a troy ounce. WTI ended the day little changed at $ 62.00 a barrel.

The week kick starts with a holiday in Australia and New Zealand, as both countries celebrate ANZAC day.

Dogecoin price rings with new-found optimism, but DOGE bulls are in for a fight

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FXStreet Team

FXStreet

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold eyes acceptance above $5,000, kicking off a big week

Gold is consolidating the latest uptick at around the $5,000 mark, with buyers gathering pace for a sustained uptrend as a critical week kicks off. All eyes remain on the delayed Nonfarm Payrolls and Consumer Price Index data from the United States due on Wednesday and Friday, respectively.

Top Crypto Gainers: Aster, Decred, and Kaspa rise as selling pressure wanes

Altcoins such as Aster, Decred, and Kaspa are leading the broader cryptocurrency market recovery over the last 24 hours, as Bitcoin holds above $70,000 on Monday, up from the $60,000 dip on Thursday.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.