Forex Today: The dollar won again despite horrid numbers


Here is what you need to know on Friday, April 3rd:

  • The American dollar edged marginally higher against most major rivals, with EUR/USD falling toward the 1.0800 level, despite awful US employment-related data. According to the latest release, weekly unemployment rates in the US soared to a new all-time high of 6.648M, yet the greenback edged higher anyway.
  • The coronavirus pandemic continues to grow exponentially around the world, with over 1 million confirmed cases and the death toll above 50,000.  There are no signs of a peak in Italy, while the situation in the US keeps worsening.
  • Wall Street closed in the green, getting an unexpected boost from crude oil prices. The black gold surged over 20% in the day after US President Donald Trump tweeted that he spoke with Russian President Trump and Saudi Crown Prince, to work on cutting back oil production.  Saudi Arabia called for an emergency OPEC+ meeting and wants other producer countries to join cuts.
  • The GBP/USD pair held within familiar ranges still stuck around 1.2400. The USD/CAD pair edged lower, supported by crude oil prices´ advance.
  • Gold prices recovered with the bright metal ending the day above $1,610.00 a troy ounce.
  • Bitcoin bulls return with brief jump above $7000

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