Forex News

Dollar week as mild-optimism prevails

Here is what you need to know on Monday, April 13th:

  • Trading was dull on Friday and will remain so this Monday, amid Easter holidays being celebrated in most major economies. The American dollar closed the week with losses against most major rivals, as investors moved into stocks following the Fed’s latest loan plan of $2.3 trillion.
  • EU finance ministers agreed on Friday on a €540 billion stimulus relief package via the European Stability Mechanism, meant to support member stated.  
  • On Sunday, news came from the UK that PM Boris Johnson has been discharged from hospital, and will continue his recovery at Chequers.
  •  Stop gold neared the multi-year high set this year, while gold futures surged to a seven-and-a-half-year high, as demand for the safe-haven metal continues.
  • Crude oil prices seesawed between gains and losses throughout the week, ending it in the red after plummeting on Thursday. The OPEC+ alongside other oil producers have been discussing an output cut. G20 energy ministers had a meeting that extended into the weekend, as Mexico is still out of the deal. The meetings ended without clear references to future actions.
  • The US has become the epicentre of the coronavirus pandemic, with over 530,000 contagions and the death toll above 20,000, surpassing that of Italy.  The crisis in the American country continues to steepen. In Italy and Spain, the curves seem to be flattening, although the numbers are still outrageous, while up in other European countries. The economic comeback si not yet at sight.
  • Bitcoin, Ethereum, Ripple: A consolidative phase before the bears return

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