Forex Today: Economic contractions worse than anticipated

FXStreet Team FXStreet

What you need to know on Friday, April 24th:

The greenback ends the day mixed, but mostly weaker. The EUR was the worst performer, after the release of the EU Markit preliminary estimates of April PMIs, which collapsed to record lows in the Union. Markit released estimates for most major economies, all of then indicating sharp contractions amid the coronavirus pandemic and the extent of lock-downs.
EU representatives discussed a relief package. German’s Chancellor Angela Merkel said it must be “huge,” leading to a spike in the shared currency, although as they didn’t come to an agreement, the EUR faded.
The GBP/USD pair held on to modest gains above the 1.2300 level, despite dismal UK data and conflicting Brexit-headlines. According to some “leaked” reports, the UK seems to be making “impossible demands” over access to Europol databases within the ongoing negotiations, while refusing to extend the transition period beyond December 31, despite the current coronavirus crisis.
The USD/JPY pair jumped to 108.04 but settled unchanged around 107.60. The spike was triggered by headlines indicating that the Bank of Japan would discuss removing bond-buying limit during its next policy meeting scheduled for April 27.
Gold soared, trading as high as $1,738.90 a troy ounce amid persistent demand for the safe-haven metal.
Crude oil prices stabilized marginally higher, with WTI trading around $15,00 a barrel.
Crypto Today: Bitcoin bulls making critical break above $7500 barrier

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FXStreet Team

FXStreet

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.