What you need to take care of on Friday, March 25:
The American dollar finished the day mostly lower across the FX board, although it managed to keep advancing versus the Japanese yen, with USD/JPY hitting a fresh multi-year high of 122.40.
The EUR/USD pair is still struggling with the 1.1000 threshold, unable to extend gains beyond the level. GBP/USD settled around 1.3180, while commodity-linked currencies keep advancing against their American rival. AUD/USD topped at 0.7527 while USD/CAD bottomed at 1.2509.
US President Joe Biden and European NATO counterparts are preparing for the risk of Moscow launching a nuclear attack. They have also discussed assisting Ukraine with anti-ship missiles and clarified that any gold transaction involving Russia's central bank is subject to existing sanctions. The headline boosted the bright metal, which surged to a fresh weekly high of $1,966.14 a troy ounce, ending the day nearby.
Crude oil prices, on the other hand, consolidated their recent gains, ending the day little changed. WTI trades at around $113.20 a barrel at the time being.
French President Emmanuel Macron later announced that there had been no decision on penalties against Russian oil, gas, and coal. US President Joe Biden said he believes Russia should be removed from the G-20.
Meanwhile, the number of new coronavirus cases, blamed on the Omicron BA.2 variant, are on the rise in Germany, the UK, France and Italy, the top European countries suffering from this new wave. So far, no restrictive measures have been put in place, but on the contrary, the latest of restrictions is being lifted.
Like this article? Help us with some feedback by answering this survey:
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.
Recommended content
Editors’ Picks
AUD/USD bulls stay in the game and eye higher before correction
AUD/USD advanced mid-week and extended the gains on Thursday´s New York session as the US Dollar tumbled. AUD was helped by better China factory data and due to the hopes that the Federal Reserve will pause the rate hike.
EUR/USD bulls need validation from 100-day EMA and US NFP
EUR/USD seesaws around 1.0760 during Friday’s sluggish Asian session, after rising the most in nearly two months the previous day. In doing so, the Euro pair portrays the pre-NFP consolidation amid a cautious mood and a light calendar, as well as mixed technical catalysts.
Gold eyes a sustained break above $1,980 amid chaos over Fed’s rate guidance
Gold price has sensed marginal selling pressure after failing to sustain above the crucial resistance of $1,980.00 in the Asian session. The precious metal showed a solid upside on Thursday, capitalizing efficiently on a sell-off in the US Dollar Index (DXY).
Pro-XRP lawyer: Ripple losing the SEC lawsuit might be a blessing in disguise
XRP price made a decent recovery in the month of May, fueled by Ripple's chances of winning the lawsuit it is facing against the Security and Exchange Commission (SEC). The cryptocurrency has amassed a huge base of supporters, which might potentially expand further regardless of the outcome.
The June rate hike needle has been moved precipitously lower
Even though equity market investors had, for the most part, looked through the debt ceiling drama, US stocks still rallied in relief rally fashion as investors revelled after perhaps one of the most significant economic downside risks of the year had been skirted.