Forex Today: The dollar won again despite horrid numbers

FXStreet Team FXStreet

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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FXStreet Team

FXStreet

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.