Forex Today: Nonfarm Payrolls on Good Friday

FXStreet Team FXStreet

What you need to know on Friday, April 2:

The dollar edged lower against all of its major rivals, as US Treasury yields were in retreat mode. The yield on the benchmark 10-year Treasury note fell to 1.67% 10 basis point down from the multi-month peak achieved earlier this week.

Dollar rivals couldn’t take advantage of its broad weakness. The pound was the best performer, flirting with weekly highs in the 1.3850 region before retreating some. The Canadian dollar was also at the top against the greenback, helped in US trading hours by rising oil prices.

US President Joe Biden announced a $2.3 trillion spending program to tackle the effects of the pandemic on economic growth, focused on infrastructure and climate change. His proposal includes raising taxes on business, a point that has already faced fierce opposition, mainly from Republicans. The plan is the first part of a likely $ 4 trillion program. On taxes, he clarified that they wouldn’t hit anyone making below $400K a year.

Crude oil prices bounced as OPEC+ reached a deal on a gradual output increase. According to sources familiar with the matter, the increases will be 350,000 bpd in May, 350,000 bpd in June and around 400,000 bpd in July. WTI settled above $ 61.00 a barrel, up from a daily low of 58.84.

Gold advanced on the broad dollar’s weakness, settling at $ 1,728 a troy ounce.

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Nonfarm Payrolls Preview: Five reasons why hiring is set to skyrocket, dollar may follow

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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.