Forex Today: Weekend news to spur risk-off

FXStreet Team FXStreet

What you need to know on Monday, April 27th:

The American dollar edged lower on Friday, but closed the week with gains, particularly against its European rivals. Commodity-linked currencies posted modest gains against the greenback, helped by gold soaring toward multi-year highs and a bounce in crude oil prices after collapsing to record lows.
Weekend news may introduce quite some noise. Regarding the GBP and Brexit, EU’s Chief Negotiator Michel Barnier said that negotiations have been disappointing, hinting no progress made. The UK continues to refuse to extend the transition period, despite the ongoing crisis. Over the weekend, German’s Chancellor Angela Merkel warned that the kingdom would need to extend talks.
There were market rumours about the possible death of North Korean leader, Kim Jong-Un. He was last seen on April 11, later submitted to cardiac surgery. News over the weekend reported that China sent medical experts to North Korea to advise on Kim’s health.
Crude oil prices could be affected by headlines indicating that the US government ordered Chevron to halt oil production in Venezuela by December 1. The decision may have a limited impact on Chevron's finances.
Spot gold trades near multi-year highs as easy money continues to flood the markets. Worldwide economies continue with liquidity injections to keep economies afloat throughout the crisis.
Cryptocurrency Market Update: Sunday range is a precursor for another big move

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FXStreet Team

FXStreet

EUR/USD treads water above 1.1850 amid thin trading

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day.

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

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.365 in Monday's European trading. 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 sticks to intraday losses; lacks follow-through

Gold remains depressed through the early European session on Monday, though it has managed to rebound from the daily trough and currently trades around the $5,000 psychological mark. Moreover, a combination of supporting factors warrants some caution for aggressive bearish traders, and before positioning for deeper losses.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

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.