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Forex Today: Troubled dollar continued to ease
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
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