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Forex Today: King Dollar takes back the reins as coronavirus fears mount, oil slumps; eyes on German CPI

ing_dollar-takes-back_forex_FXPIG

Here is what you need to know on Monday, March 30:

The haven demand for the US dollar is back in play starting out a fresh week, allowing the greenback to recover some ground after last week’s plunge, although S&P 500 futures are rebounding and therefore, suggesting limited upside.

The optimism spurred by the US $2 trillion stimulus and global relief measures deployed to fight the coronavirus pandemic fades, as investors remain worried about the intensifying virus spread and mounting global recession fears, with lockdowns announced by most governments.

USD/JPY fell sharply towards 107.00, as the safe-haven yen drew bids amid falling Asian stocks and Treasury yields, although the losses were capped broad US dollar rebound. However, EUR/USD and the cable suffered the most, correcting last week’s surge. EUR/USD dropped back below 1.1100 ahead of the German Preliminary CPI report while GBP/USD surrendered the 1.24 handle.

Meanwhile, the Australian and New Zealand dollars also slipped against the greenback, despite the Chinese central bank’s surprise Repo rate cut. The Canadian dollar traded with sizeable losses, as oil prices slumped, with pandemic fears denting the oil demand outlook.

Coronavirus spread intensifies so does the economic risk around the world, with nearly 34,000 deaths reported. The US has emerged as the latest epicenter, with more than 137,000 cases and 2,400 deaths and lockdowns are toughening worldwide. US President Trump backtracked on its plans to re-open the economy by Easter, instead, he extended the social distancing guidelines until April 30. Across the Atlantic, Italy’s death toll is now the highest in the world at 10,023, Spain’s fatalities continue to climb while the UK warned of a six-month lockdown as New York state death toll tops 1,000.

Gold has come under heavy selling pressure and now heads back towards $1600 mark.

Cryptocurrencies are attempting a minor recovery after the weekend slump, with Bitcoin trading around $6,200.

Source: fxstreet

Here is what you need to know on Monday, March 30:

The haven demand for the US dollar is back in play starting out a fresh week, allowing the greenback to recover some ground after last week’s plunge, although S&P 500 futures are rebounding and therefore, suggesting limited upside.

The optimism spurred by the US $2 trillion stimulus and global relief measures deployed to fight the coronavirus pandemic fades, as investors remain worried about the intensifying virus spread and mounting global recession fears, with lockdowns announced by most governments.

USD/JPY fell sharply towards 107.00, as the safe-haven yen drew bids amid falling Asian stocks and Treasury yields, although the losses were capped broad US dollar rebound. However, EUR/USD and the cable suffered the most, correcting last week’s surge. EUR/USD dropped back below 1.1100 ahead of the German Preliminary CPI report while GBP/USD surrendered the 1.24 handle.

Meanwhile, the Australian and New Zealand dollars also slipped against the greenback, despite the Chinese central bank’s surprise Repo rate cut. The Canadian dollar traded with sizeable losses, as oil prices slumped, with pandemic fears denting the oil demand outlook.

Coronavirus spread intensifies so does the economic risk around the world, with nearly 34,000 deaths reported. The US has emerged as the latest epicenter, with more than 137,000 cases and 2,400 deaths and lockdowns are toughening worldwide. US President Trump backtracked on its plans to re-open the economy by Easter, instead, he extended the social distancing guidelines until April 30. Across the Atlantic, Italy’s death toll is now the highest in the world at 10,023, Spain’s fatalities continue to climb while the UK warned of a six-month lockdown as New York state death toll tops 1,000.

Gold has come under heavy selling pressure and now heads back towards $1600 mark.

Cryptocurrencies are attempting a minor recovery after the weekend slump, with Bitcoin trading around $6,200.

Source: fxstreet

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