Forex Today: Hoping for some action later this week

FXStreet Team FXStreet

What you need to know on Tuesday, April 27:

The greenback remained under selling pressure, with commodity-linked currencies outperforming its European rivals. A certain cautious stance prevailed as investors await first-tier events, including a Federal Reserve meeting and Q1 growth data.

The EUR/USD pair ended the day unchanged at around 1.2090 but reached a fresh monthly high of 1.2116. The GBP/USD pair trades around 1.3900, with the upside limited by Brexit-related concerns. According to the Food and Drink Federation, UK exporters have lost more than £1.1bn since the start of the year. The exports of some dairy products decreased by 96%, while sales of chicken and beef fell by almost 80%.

AUD/USD trades around 0.7800 while USDCAD pierced 1.2400, as base metals rallied. The main catalyst seems to be a sharp advance in cooper prices, as the metal soared to its highest in over 10 years, amid soaring concerns of supply disruption. Gold prices were of little help, as the bright metal ends the day pretty much unchanged, around $ 1,780.00 a troy ounce. WTI finished the day at $ 61.90 a barrel.

The USD/JPY pair settled above the 108.00 threshold, but there are no technical signs of a bullish extension coming up.

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EUR/USD remains depressed below mid-1.1800s; downside potential seems limited

The EUR/USD pair attracts some sellers for the second consecutive day on Tuesday and hovers below mid-1.1800s amid a relatively quiet trading action during the Asian session. The broader fundamental backdrop, however, warrants some caution for bearish traders before positioning for deeper losses.

GBP/USD trades with negative bias, eyes 1.3600 ahead of UK jobs data

The GBP/USD pair trades with a negative bias for the second straight day, though it lacks bearish conviction and holds above the 1.3600 mark through the Asian session on Tuesday. Traders now look forward to the release of the UK monthly jobs report, which will influence the British Pound and provide some impetus to the currency pair.

Gold declines as trading volumes remain subdued due to holidays in China

Gold price extends its losses for the second successive session, trading around $4,930 per troy ounce during the Asian hours on Tuesday. Gold price is trading nearly 0.7% lower at the time of writing as trading volumes stayed thin due to market holidays across China, Hong Kong, and other parts of Asia.

Top Crypto Gainers: Stable, MemeCore and Nexo rally test critical resistance levels

Stable, MemeCore, and Nexo are among the leading gainers in the crypto market over the last 24 hours, while Bitcoin remains below $70,000, suggesting renewed interest in altcoins among investors.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.