Nothing to cheer about, strong dollar

What you need to take care of on Friday, April 8:

Market sentiment remained sour as the focus remained on central bank warmongering and tensions between Russia and the Western world. The US has expanded its actions against Moscow, hitting Russia’s Sberbank and Alfa Bank and banning investment in the country by US companies. In the meantime, the EU has supported a Russian embargo on coal, although without officially confirming it. The dollar remained strong.

On Thursday, Ukraine presented a new deal proposal, although it includes talks on the situation in Crimea and Donbass, which Russia considers unacceptable.

The European Central Bank has published the accounts of its last meeting. The document shows that politicians believe that the bond-buying program has now achieved its goal and that by ending it this summer, it pave the way for a rate hike in the 3rd quarter.

Asian and European stocks closed in the red, but Wall Street managed to recover some ground after two days of steep losses. At the same time, government bond yields remained at the high end of the range, with the 10-year US Treasury yielding 2.65% by the end of the day.

The EUR/USD pair is trading around 1.0870, while the GBP/USD pair is trading at 1.3070. The Dollar rose against its safe haven rivals, with USD/CHF trading at 0.8340 and USD/JPY near 124.00.

Commodity indices lost ground with AUD/USD falling to 0.7470 and USD/CAD rising to 1.2585.

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