Forex Today: Markets cheer tame inflation, shrug off vaccine setbacks as cryptos soar, Powell awaited


Here is what you need to know on Wednesday, April 14:

Markets remain upbeat amid relatively tame inflation and despite a pause of J&J's vaccines. The ECB's Lagarde, the Fed's Powell, and other central bankers are eyed. Cryptocurrencies are surging to new highs. 

Several US stock indexes have hit new record highs and they are pulling Asian and European markets higher as well. US inflation advanced in March but fell short of what some had feared, with the Core Consumer Price Index hitting 1.6% yearly, allowing for an upswing. 

The US dollar is depressed amid this risk-on sentiment and after a 30-year Treasury auction received high demand from investors. The benchmark ten-year yields have tumbled to around 1.60%. 

See US Inflation Analysis: Doomsday will wait, but second “sell the fact” on the dollar looks near

EUR/USD is changing hands above 1.1950 despite a setback in Europe's vaccination campaign. Johnson & Johnson suspended deliveries of its single-shot COVID-19 inoculations to the old continent following concerns about blood clots that arose in the US.

The FDA paused immunizations after six were linked to J&J's jabs. Without the pharmaceutical's vaccines, the EU is set to immunize 70% of the population only in December instead of the summer, yet the delay may be temporary. European Central Bank President Christine Lagarde is slated to speak later in the day.

GBP/USD is edging up toward 1.38 and USD/JPY is trading around 109. NZD/USD is around 0.71, benefitting from the greenback's weakness and dismissing the Reserve Bank of New Zealand's rate decision, which left rates unchanged. 

Jerome Powell, Chair of the Federal Reserve, and three of his colleagues will speak later in the day, in parallel to the publication of the bank's Beige Book, which includes anecdotal evidence about economic activity across the nation. The Fed's message has been that higher inflation in the spring is transitory and that it is set to keep policy accommodative until the employment situation substantially improves. 

Cryptocurrencies have been on a roll, with Bitcoin nearing $65,000. Ripple's XRP is nearing the $2 level and Ethereum is also surging, changing hands around $2,400. 

XRP price and market cap surge as Ripple files motion to dismiss SEC lawsuit

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD remains in range near 1.0600 on Lagarde's speech

EUR/USD remains in range near 1.0600 on Lagarde's speech

EUR/USD is trading close to 1.0600, keeping its recent range on ECB President Christine Lagarde's remarks on Day 2 of the ECB Forum in Sintra. The US dollar struggles amid a positive shift in risk sentiment and firmer yields. US data awaited. 

EUR/USD News

GBP/USD bounces towards 1.2300 amid renewed USD selling

GBP/USD bounces towards 1.2300 amid renewed USD selling

GBP/USD is bouncing back towards 1.2300, capitalizing on the renewed selling in the US dollar across the board. The risk recovery is weighing on the dollar, despite the rebounding Treasury yields. Brexit and UK political woes remain a drag on the pound. US data eyed. 

GBP/USD News

Gold sticks to gains near $1,825, upside potential seems limited

Gold sticks to gains near $1,825, upside potential seems limited

Gold attracted some dip-buying on Tuesday and reversed a part of the overnight sharp retracement slide from the very important 200-day SMA. Gold held on to its modest gains through the early European session and was last seen trading above the $1,825 level.

Gold News

How to use the Fibonacci Retracement indicator to trade Bitcoin and Ethereum

How to use the Fibonacci Retracement indicator to trade Bitcoin and Ethereum

A brief technical and on-chain analysis on a few cryptos. FXStreet’s analysts evaluate where the hottest cryptos on the market could go next.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!

BECOME PREMIUM

Forex MAJORS

Cryptocurrencies

Signatures