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 loses traction, breaks below 1.1900

EUR/USD comes under extra downside pressure, breaching below the 1.1900 support once again on Tuesday. The improved tone in the US Dollar keeps the pair on the back foot after two consecutive daily advances. In the meantime, prudence is expected to kick in ahead of the release of the key US Nonfarm Payrolls on Wednesday.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

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.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.