What you need to know on Tuesday, April 28th:
- The market’s mood was up at the beginning of the week, but only benefited commodity-linked currencies, which were up against the greenback, despite easing oil and gold prices.
- The EUR/USD pair advanced just modestly to close the day little changed around 1.0830, while the Pound recovered the 1.2400 level against its American rival.
- The trigger for the better market mood was hope, amid gradual economic re-openings. The coronavirus-related curves continued to flatten in most European countries, although countries are not out of the woods yet.
- Overall, investors are in wait-and-see mode ahead of central banks and GDP figures to be out later this week.
- UK PM Johnson returned to Downing Street and offered a speech, acknowledging the risk that the lockdown poises to the economy, but also warned about the risks of lifting restrictions two early. Chancellor of the Exchequer Sunak announced a loan program to support small businesses.
- Crude oil prices came under selling pressure, with Brent below $20.00 a barrel and WTI losing the 13.00 level amid storage concerns. Drillers keep working throughout the pandemic, but demand is pretty much null in a paused world.
- Crypto Today: Bitcoin bulls in a strong position for $8000 reclaim
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.
Follow us on Telegram
Stay updated of all the news
EUR/USD consolidates below 1.0850 amid upbeat mood
EUR/USD is easing below 1.0850 in the early European morning. Traders turn cautious, despite easing banking fears, as the focus shifts toward the euro area inflation data. The pair's pullback could be also attributed to a broad US Dollar rebound.
GBP/USD turns south toward 1.2300 as US Dollar rebounds
GBP/USD is heading back toward 1.2300, fading the Asian bounce in early Europe. Broad-based US Dollar rebound, despite a better market mood and sluggish US Treasury bond yields, is weighing on the pair. US housing data awaited.
Gold declines towards $1960 as USD rebounds ahead of Core PCE Price Index
Gold price is declining towards $1960.00 as investors are getting anxious ahead of US PCE inflation data. The reputation of Gold as a safe-haven amid US banking jitters has ebbed. On a broader note, Gold price is auctioning in a Symmetrical Triangle chart pattern.
“Cash out by next week,“ FDIC tells crypto depositors exposed to Signature bank- Here’s why
The Federal Deposit Insurance Corporation (FDIC) has asked crypto customers exposed to the defunct Signature bank to exit by next week, whether they have a new bank or not.
Market mood improves as banking fears ease
This week, financial markets will focus on key inflation figures from across the globe, speeches by Fed officials, and the US Senate hearings on SVB. Although some normality seems to be returning to markets, this could easily be disrupted by negative news.