Forex Today: Troubled dollar continued to ease

FXStreet Team FXStreet

Here is what you need to know on Tuesday, April 14th:

The dollar remained weak, resuming its decline with the return of the US markets. The EUR, however, was unable to benefit from the weakness of its rival, ending the day with modest losses around 1.0920.
The GBP/USD pair surged past 1.2500, its highest in over a month, amid lack of interest in the greenback coupled with weekend news indicating that UK PM Boris Johnson left the hospital, still recovering from coronavirus.
The Japanese yen surged, amid demand for safe-haven assets. Gold made the most out of it, with spot advancing to the $1,720.00 a troy ounce price zone, its highest since November 2012.
Commodity-linked currencies were among the best performers, despite the poor performance of US equities, most likely benefiting from gold’s rally.
The Canadian dollar was also up, despite crude oil prices fell. After a long weekend of discussion, the OPEC+ agreed to cut 9.7 million barrels per day through May and June. The cut was the deepest agreed by global oil producers, yet it fell short of the market’s expectations.
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FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

GBP/USD advances to three-month peak beyond 1.3600

GBP/USD extends its daily rally and trades at its highest level since mid-May above 1.3600. The US Treasury Department decision to double the sice of liquidity support buyback operations for longer-dated nominal coupon securitiez weighs heavily on the US Dollar and helps the pair push higher. Earlier in the day, the data from the UK showed that annual Consumer Price Index (CPI) inflation picked up to 2.9% in July, meeting estimates, while core CPI rose by 2.6% YoY in July versus 2.5% expected.

EUR/USD surges to 11-week high above 1.1650 after US Treasury announcement

EUR/USD gathers bullish momentum and trades at its highest level since early June above 1.1650 on Wednesday. The US Dollar stays under heavy bearish pressure after the US Treasury announced that it will increase the size of liquidity support buyback operations for longer-dated nominal coupon securities. Later in the day, investors will scrutinize FOMC Minutes for fresh clues on policy outlook.

Gold climbs 2% as US Treasury buyback plan pressures long-term yields

Gold (XAU/USD) enters Wednesday’s American trading hours with decent intraday gains, as a softer US Dollar (USD) and a sharp pullback in long-term US Treasury yields help the metal recover all the previous day’s losses.

Crypto Today: Bitcoin, Ethereum, XRP defend key support as ETF inflows return

Bitcoin’s upside remains capped on Wednesday while the downside appears strongly supported above $64,000. The Crypto King’s early week rebound lost momentum near $65,000 as investors assessed the impact of geopolitical tensions in the Middle East.

WTI Oil climbs as US-Iran standoff keeps Middle East supply risks elevated

West Texas Intermediate (WTI) Oil holds firm on Wednesday, hovering near its highest level in more than three weeks as traders balance Middle East supply risks against rising US crude inventories. At the time of writing, the US benchmark trades around $85.20 per barrel, up nearly 1% on the day.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.