Forex Today: It’s going to get noisy

FXStreet Team FXStreet

What you need to know on Wednesday, April 29th:

The US Dollar seesawed between gains and losses alongside the market’s sentiment, ending the day with uneven results against its major rivals. EUR/USD and GBP/USD are little changed daily basis, while commodity-linked currencies retain most of their intraday gains. The USD/JPY pair settled at its lowest in over a month sub-107.00.
The ECB announced it expects increasing demand for emergency credits in the second quarter of the year, and they are to meet this with easier credit standards.
The market remains mildly optimistic about economic re-openings, leading to gains in equities. Dismal US data, however, weighed on Wall Street, with the three US indexes closing in the red. Tech-related shares suffered the most.
US Treasury yields remained depressed as despite flattening coronavirus-related curves, the world is far from returning to normal. A certain degree of caution persists.
Commodities came under selling pressure but closed the day little changed, as investors are in wait-and-see stance ahead of upcoming macroeconomic events in the US and the EU.
The US will release this Wednesday the first estimate of Q1 GDP, seen down by 4.0%, while the Fed will have a monetary policy meeting. Both critical events are set to rock the greenback.
Crypto Today: XRP bulls shine smashing the big $0.2000 restoring buyer confidence

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FXStreet Team

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EUR/USD off highs, back to around 1.1900

EUR/USD keeps its strong bid bias in place despite recedeing to the 1.1900 zone following earlier peaks north of 1.1900 the figure on Monday. The US Dollar remains under pressure, as traders stay on the sidelines ahead of Wednesday’s key January jobs report, leaving the pair room to extend its upward trend for now.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Crypto Today: Bitcoin steadies around $70,000, Ethereum and XRP remain under pressure

Bitcoin hovers around $70,000, up near 15% from last week's low of $60,000 despite low retail demand. Ethereum delicately holds $2,000 support as weak technicals weigh amid declining futures Open Interest. XRP seeks support above $1.40 after facing rejection at $1.54 during the previous week's sharp rebound.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.