Forex Today: Risk-off knocking the door

FXStreet Team FXStreet

Here is what you need to know on Thursday, April 9th:

US Senator Bernie Sanders announced that he would be pulling out of the 2020 presidential race, clearing Joe Biden's path to the Democratic nomination. Wall Street got a boost from the news, ending the day in the green despite Asian and European equities were down.
UK PM Johnson remains in ICU amid suffering coronavirus. The latest update indicated that he is stable and receiving "standard oxygen treatment" while breathing without assistance.
The coronavirus pandemic continued to take its toll. Numbers were mixed, as the numbers of contagions increased in Italy, although the death toll continued to decrease. In the US, the number of cases is roughly 420K, with the country reporting the largest daily death toll on record. Chances the economies could return to normal in the near future are pretty much null.
EUR/USD remained capped below 1.0900, hurt by EU finance ministers being unable to agree on a joint economic response to the pandemic.
GBP/USD advanced to 1.24 while AUD/USD extended beyond 0.62, both underpinned by the broad dollar’s weakness.
Gold prices lost some ground at the end of the day amid investors moving into high-yielding assets. Spot gold settled at $1,645.00 a troy ounce.
Crude oil prices soared on hopes OPEC+ will resume production cut. The EIA reported earlier in the day the largest ever weekly increase in US oil stockpiles, up by 15.2 million barrels in the week ended April 3.
Crypto Today: Bitcoin bulls must break $7500 for greater buying pressure

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FXStreet Team

FXStreet

EUR/USD holds firm above 1.1900 as US NFP looms

EUR/USD holds its upbeat momentum above 1.1900 in the European trading hours on Wednesday, helped by a broadly weaker US Dollar. Markets could turn cautious later in the day as the delayed US employment report for January will takes center stage.

GBP/USD recovers losses despite rising UK political risks, BoE rate cut bets

Pound Sterling advances against the US Dollar after registering modest losses in the previous session, trading around 1.3650 during the Asian hours on Wednesday. The pair could extend losses as the Pound Sterling faces pressure from rising political risks in the UK and growing expectations of near-term Bank of England rate cuts.

Gold sticks to gains near $5,050 as focus shifts to US NFP

Gold holds moderate gains near the $5,050 level in the European session on Wednesday, reversing a part of the previous day's modest losses amid dovish US Federal Reserve-inspired US Dollar weakness. This, in turn, is seen as a key factor acting as a tailwind for the non-yielding yellow metal ahead of the critical US NFP release.

Bitcoin, Ethereum and Ripple show no sign of recovery

Bitcoin, Ethereum, and Ripple show signs of cautious stabilization on Wednesday after failing to close above their key resistance levels earlier this week. BTC trades below $69,000, while ETH and XRP also encountered rejection near major resistance levels. With no immediate bullish catalyst, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

BNB prolonged correction signals deeper bearish momentum

BNB (BNB), formerly known as Binance Coin, is trading below $618 on Wednesday, marking the sixth consecutive day of correction since the weekend. The bearish price action is further supported by rising short bets alongside negative funding rates in the derivatives market.