Forex Today: Sour market mood ends benefiting the greenback

What you need to know on Thursday, April 8:

The dollar suffered against its European rival throughout the first half of the day, recovering unevenly in the American afternoon. The EUR/USD pair surged to 1.1914 but trimmed daily gains ahead of the close, ending the day in the 1.1816 price zone.

GBP/USD, on the other hand, plummeted since the beginning of the European session despite the easing dollar’s demand, settling in the 1.3720 price zone.

Commodity-linked currencies fell against the greenback amid the sour tone of global equities.

Dollar gains were limited as US Treasury yields remained subdued, ticking higher ahead of Wall Street´s close.

The US Federal Reserve unveiled the Minutes of its latest meeting. The document showed that officials see “some time” Before substantial progress toward employment and inflation goals.  There were no disagreements among policymakers, neither signs of tapering in the near-term.

US President Joe Biden offered a press conference on his investment plan but said nothing new. He repeated that the tax increases won’t it people making less than $400,000 a year, proposing a corporate tax of 28%. He added that he is "willing to listen to a proposal for lower than 28% corporate tax rate."

The European Medicines Agency finalized its review of the AstraZeneca vaccine and concluded that blood clots are a “very rare side effect” of the shot. The UK said that the risk of blood clots is higher for under-30s, and the local authority recommended providing a different vaccine for that age group.  Meanwhile, the UK has started using the Moderna vaccine after buying 17 million doses of the jab.

Gold edged lower, settling at 1,736 a troy ounce. Crude oil prices hovered within familiar levels, with WTI posting a modest advance and finishing the day at $ 59.60 a barrel.

Cardano Price Projection: ADA poised for a 270% upswing

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.

Feed news

Get Weekly Crypto trade ideas!  
Empower yourself with the best market insights

Join FXStreet Premium!    

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD falls toward 1.20 as the dollar gains further ground

EUR/USD is under pressure as the dollar gains ground across the board, amid a damp market mood. The euro fails to benefit from the European regulators' decision to reinstate the J&J vaccine.


GBP/USD remains pressured below 1.3950 amid mixed UK data

GBP/USD is trading below 1.3950, extending the pullback from its seven-week highs. The dollar benefits from the risk-off mood, while the pound struggles after CPI missed with 0.7% and as UK PM Johnson warns of winter covid wave.


Gold likely to face stiff resistance near $1795-$1800, focus on yields

Gold (XAU/USD) rebounded on Tuesday as the US Treasury yields tumbled alongside global stocks. Surging covid infections globally brought a reality check into the markets and triggered a fresh risk-aversion wave.

Gold News

Binance needs to breach this crucial supply barrier to set up record levels again

Binance Coin price shows a short-term rejection around the supply zone’s upper layer at $594.32. A close above the said level is a must if BNB bulls want to scale to new highs. Supply distribution shows that whales holding between 100,000 to 1,000,000 BNB are accumulating.

Read more

Bank of Canada Preview: Dovish surprise to lift USD/CAD

Bank of Canada is expected to leave its policy unchanged at 0.25%. Investors await adjustments to BoC’s asset-buying program. USD/CAD is likely to react more significantly to a dovish surprise.

Read more