Forex Today: Upbeat US employment figures boost risk appetite

FXStreet Team FXStreet

What you need to know on Monday, April 5:

Risk -on took over financial markets on Friday, as the US added 916K new jobs in March, while upwardly revised the January and February figures. Stocks markets were closed amid Good Friday, but DJIA and S&P futures surged to unexplored territory. US Treasury yields ticked higher, with the yield on the benchmark 10-year note settling on Friday at 1.71%.

Most Asian and European markets will remain closed on Monday, amid an extension of the Easter Holiday. American markets will operate normally.

The EUR/USD pair settled at 1.1760, maintaining its bearish stance. The pound managed to post a modest advance despite the dollar’s strength backed by upbeat US employment data, but its bullish potential is limited. The pair settled around 1.1830.

Over the weekend, the UK reported that more than 5 million people receiver their second dose of a vaccine, which means roughly 10% of the population is now protected.

There was no activity around gold and oil on Friday, as the due markets were closed.

Commodity-linked currencies were under mild pressure, as the bullish tone of equities partially offset the greenback’s strength. USDCAD settled at 1.2570, while AUD/USD finished the week around 0.7600. The latter is close to confirming a Head & Shoulder formation and may fall over 400 pips in the next days.

XRP Price Prediction: Ripple gears up for a 73% bull rally

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FXStreet Team

FXStreet

EUR/USD holds losses near 1.1850 as US, China holidays keep trade muted

EUR/USD opens the week on a softer note, trading near 1.1860 during the Asian session on Monday. Activity is likely to remain muted, with United States markets closed for the Presidents’ Day holiday, while Mainland China is also shut for the week-long Lunar New Year break.

GBP/USD flat lines as traders await key UK macro data and FOMC minutes

The GBP/USD pair kicks off a new week on a subdued note and oscillates in a narrow range, just below mid-1.3600s, during the Asian session. Moreover, the mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold remains below $5,050 despite Fed rate cut bets, uncertain geopolitical tensions

Gold edges lower after registering over 2% gains in the previous session, trading around $5,030 per troy ounce during the Asian hours on Monday. However, the non-interest-bearing Gold could further gain ground following softer January Consumer Price Index figures, which reinforced expectations that the Federal Reserve could cut rates later this year.

Top Crypto Losers: Dogecoin, Zcash, Bonk – Meme and Privacy coins under pressure

Meme coins such as Dogecoin and Bonk, alongside the privacy coin Zcash (ZEC), are leading the broader market losses over the last 24 hours. DOGE, ZEC, and BONK ended their three consecutive days of recovery with a sudden decline on Sunday, as crucial resistance levels capped the gains. Technically, the altcoins show downside risk, starting the week under pressure.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

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.