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Forex News

Mild-optimism weighs on the greenback

What you need to know on Monday, April 20th:

  • The greenback softened at the end of the week amid a better market mood. The positive sentiment was triggered by US President Trump, who unveiled a three-phase approach to reopen the economy, although leaving the decision on governors. Also, studies with Remdesivir, an experimental drug, has shown some promising data on fighting COVID-19.
  • Equities soared on mounting hopes about economic openings, although the picture is unclear with some countries giving their first steps toward reactivating their economies and other extending the lockdown.
  • The EUR/USD pair finished the week at 1.0870, as the lack of a common policy to deal with the pandemic weighed on the shared currency.
  • GBP/USD settled sub-1.2500 as the UK leadership remains at doubt with PM Johnson still recovering from coronavirus. Brexit talks will resume this week as the kingdom has no plans to delay it beyond December this year. Meanwhile, the number of new coronavirus cases and the death toll continues to increase daily basis.
  • Safe-haven gold eased at the end of the week, with spot ending the week at around $1,680.00 a troy ounce.
  • Crude oil prices remained under selling pressure and reached fresh multi-year lows, amid persistent concerns about plummeting demand due to the coronavirus pandemic.
  • Bitcoin, Ethereum and Ripple: BTC/USD fights to close the week above $7,000

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