Forex Today: Starting the week on a positive mood

FXStreet Team FXStreet

What you need to know on Monday, March 29:

The American dollar eased on Friday but finished the week with gains against most major rivals. Stocks were up, weighing on demand for the greenback, also affected by profit-taking ahead of the close.

The EUR/USD pair finished the week sub-1.1800, and near its 2021 low at 1.1762, maintaining the bearish stance, although GBP/USD neared the 1.3800 level. Commodity-linked currencies benefited from the positive tone of Wall Street, but gains were modest.

Gold was unable to attract investors throughout the week, ending it marginally lower around $1,732.00 a troy ounce. Crude oil prices edged higher, as the Suez channel remains locked, with WTI settling at $60.70 a barrel.

The number of new coronavirus cases in the EU and the US is on the rise. Market players are paying little attention to the news and remain confident about an economic comeback before the year-end. The focus is also on possible inflationary pressures in the US, which may force the Federal Reserve into raising rates sooner than expected.

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FXStreet Team

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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.