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20 Apr 2021

Forex Today: Dollar gains one battle, not yet the war

What you need to know on Wednesday, April 21:

The greenback extended its slide at the beginning of the day, to reach fresh monthly lows against most major rivals, but changed course during the European morning, amid the dismal tone of local equities. Wall Street was sharply down, providing another boost to the American currency.

The EUR/USD pair posted a modest intraday decline, settling at 1.2030, while the pound was among the worst performers, as GBP/USD trades near 1.3900 after topping 1.4008.

The Canadian dollar plummeted against its American rival amid

Exacerbating the dismal mood, gold prices plunged mid-US session after a US House panel passed a bill that would open OPEC ground to antitrust lawsuits over production cuts. It’s still unclear if the bill will be considered by the full chamber, but the headline sent WTI down to $ 61.46 a barrel. The commodity bounced back ahead of the close and settled at $ 62.50 a barrel.

The Canadian dollar plummeted against its American rival amid weaker oil prices. USD/CAD settled at 1.2614. The AUD/USD pair also eased but retained the 0.7700 mark.

Gold prices, on the other hand, ticked higher, with the bright metal settling at $ 1,779.50 a troy ounce.

US Treasury yields weakened, but the correlation with the greenback was broken. The yield on the 10-year Treasury note fell to 1.557%, ending the day just above such a low.

US Federal Reserve chief Jerome Powell said that too-low inflation harms American families and businesses. He reiterated that the central bank is fully committed to “both legs of our dual mandate,” and said once again that they expect inflation to advance this year, “in part reflecting transitory factors as the economy strengthens.”

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