- EURUSD briefly dropped below 1.08
- Oil price continue to move higher
- Mixed sentiment on Wall Street
During today's session, we could observe increased volatility in the Forex market. The main currency pair - EURUSD moved dynamically below the 1.08 - lowest levels since 2020. The euro was pressured by the dovish ECB. Investors expected that due to high inflation, the central bank would take more decisive actions to tame price pressures. However, the ECB intends to end its asset purchase program as expected at the end of Q3. In turn, interest rates will be raised only after the end of the asset buying program.
Dovish tone supported European indices which finished today's session in green with DAX 30 ending a holiday-shortened week 0.7% higher. On the other hand, mixed moods prevail on Wall Street where Dow Jones is trading slightly above the flatline while S&P500 and Nasdaq fell 0.75% and 1.6% respectively. It seems investors digested general upbeat earnings results from major US banks and mixed macroeconomic reports. Retail sales rose by a more modest 0.5% in March, slightly below market estimates, while weekly jobless claims rose more than expected to 185k. Meanwhile US yield on the 10-year note, which sets the tone for corporate and household borrowing costs jumped to an over three-year high of 2.83%. Twitter (TWTR.US) stock rose sharply after Elon Musk offered to take the company private for $54.20 per share in cash.
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Open account Try demo Download mobile app Download mobile appOil prices continued to move higher during Thursday's session, both Brent and WTI prices rose by over 1%. On the other hand, due to the stronger dollar and higher yields, gold and silver took a hit. GOLD trades 0.2% lower, while SILVER loses nearly 1%.
The cryptocurrency market recorded losses today, which can be associated with the general risk off sentiment visible in the second half of today's session. Ripple and MOONBEAM were among the worst performers with 6% declines. In turn, BITCOIN and ETHEREUM both fell about 3%.
Crude oil prices (OIL) continue to move higher after buyers managed to push the price above the lower limit of the descending channel. If the current sentiment prevails, the resistance zone around $ 112.00 may be at risk. Source: xStation5
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