Forex Today: Tension mounts ahead of Fed’s decision

FXStreet Team FXStreet

What you need to know on Wednesday, April 28:

Dull trading continued for second consecutive days with major pairs trading within familiar levels. The exception is USD/JPY which added some 40 pips to its latest recovery to settle around 108.70.

In general, investors were cautious ahead of the US Federal Reserve monetary policy announcement scheduled for this Wednesday. The central bank is widely anticipated to maintain the current policy unchanged, although speculative interest hopes for a word on tightening amid the continuous economic improvement.

The EUR/USD pair trades just ahead of the 1.2100 figure while GBP/USD hovers around 1.3900. The AUD/USD pair eases alongside gold, which lost some ground to settle at $ 1,776 a troy ounce, while USD/CAD held around 1.2400 as crude oil prices soared at the end of the day with WTI advancing beyond $ 63.00 a barrel.

Equities traded lifeless, with most major indexes ending the day around their opening levels. Government bond yields advanced, with the US 10-year Treasury note settling at 1.61%.

In the coronavirus front, the differences between major economies and developing countries have widened. The US CDC has said that fully vaccinated people can go outdoors without masks, except in crowded settings. The UK also progresses into reopening the economy as over 50% of the population has received at least one shot of a coronavirus vaccine.

India, on the other hand, continues to record cases of over 350K per days, while the situation in South America continues to deteriorate amid delayed vaccination. The immunization campaign in Europe is also lagging, but most hope to regularize the situation in the next couple of months.

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC holds the line, ETH at all-time highs, and XRP rockets

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FXStreet Team

FXStreet

EUR/USD looks apathetic around 1.1770

EUR/USD comes under renewed pressure on Tuesday, deflating below the 1.1800 support and reversing two consecutive days of gains. The pair’s decline follows the persistent move higher in the US Dollar, as trade uncertainty dominates the sentiment ahead of President Trump’s SOTU speech.

GBP/USD regains 1.3500 and above

GBP/USD extends its advance for the third day in a row on Tuesday, this time retesting the area beyond the 1.3500 hurdle. Cable’s uptick comes despite decent gains in the Greenback and the dovish message from the BoE’s Bailey at the UK Parliament.

Gold appears offered around $5,150

Gold is giving back a good portion of the recent multi-day rally, receding to the $5,150 zone per troy ounce amid the decent bounce in the US Dollar and mixed US Treasuty yields. In the meantime, markets’ attention remain on upcoming comments from Fed speakers.

Ripple’s DeFi shift in focus: Navigating XRPL EVM sidechain growth, XRPFi migration and liquidity

Ripple (XRP) has continued to trade under pressure, extending its decline by approximately 63% from the record high of $3.66 in July. The remittance token is trading above support at $1.35, while its upside appears limited by key supply zones, starting with $1.40, at the time of writing on Tuesday.

The Citrini report: How a debatable AI narrative can shake Wall Street

That AI-related headline alone was enough to rattle investors.US stocks slid sharply on Monday after a widely circulated Citrini Research memo outlined a hypothetical “2028 Global Intelligence Crisis”, warning that rapid AI adoption could push US unemployment into double digits as early as by mid-2028.

XRP pressured by weak ETF flows and declining retail interest

Ripple (XRP) is edging lower, trading above its intraday low of $1.32 at the time of writing on Tuesday. The decline from its weekly opening of $1.39 reflects heightened volatility in the broader cryptocurrency market, accentuated by tariff-triggered uncertainty.