Forex Today: Tension mounts ahead of critical events

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

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EUR/USD: At risk of extending its slide

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GBP/USD: Limited bearish potential

The GBP/USD pair finished the week with modest losses at 1.3050, giving up to the dollar’s demand at the end of the week. The Cable is trading above the 1.3000 level, which limits the bearish potential.


Gold: Acceptance above $2050 critical to revive the uptrend

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Bitcoin may extend the recovery once Gold resumes the rally

Gold retreated from the recent highs, but the sentiments are still bullish. Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains. ETH/BTC stopped the downside correction and settled at $0.03300.

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WTI extends slide toward $41, on track to post weekly gains

Crude oil prices continued to fall on Friday and the barrel of West Texas Intermediate (WTI) touched a daily low of $41.05 before recovering modestly.

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