All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?
Evergreen buck keeps to 2-week maximum in quiet Good Friday trading
On Friday, the evergreen buck is holding near a two-week maximum, on what needs to be a quiet trading session for currencies with most other key American as well as global exchanges unavailable due to the observance of Good Friday.
The ICE Dollar Index, which is a gauge of the evergreen buck’s power against its key trading counterparts, demonstrated a reading of 97.352, heading south by about 0.1% since late Thursday. In fact, the index reached an intraday maximum of 97.43 that happens to be its highest value since April 5, as FactSet has recently informed.
The recent stream of better-than-anticipated data, in particular, the shocking narrowing of the American trade deficit in February, have backed upward updates of American Q1 GDP estimates, due a week from today. In fact, further indications that the world’s number one economy is facing a cushioned deceleration, could help to spur the evergreen buck because economic conditions in other key developed countries are still fragile.
As a matter of fact, the currency pair GBP/USD managed to reach $1.2997 in contrast with the outcome of $1.2978 recorded on Thursday.
The currency pair GBP/USD keeps trading around $1.30 without demonstrating a definite direction. As for shifts in domestic politics, they have been quite neutral this week. Aside from that, the Labour party have managed to move ahead as the probable winner of the next election, at least it’s ascertained by the recent surveys and bookies. Aside from that, the probability of an election has gone down (32% probability this year), as some financial analysts revealed.
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Bitcoin has broken above $41,000 for the first time since late May. Follow US Retail Sales at 15:30 MT time!
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Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.