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

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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.