Forex Today: Tension mounts ahead of critical events

FXStreet Team FXStreet

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.
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FXStreet Team

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