Forex Today: Caution kept majors ranging
|Here is what you need to know on Tuesday, March 31st:
- The American dollar posted a modest intraday advance against major rivals, although ended the day with uneven strength, and far from recovering its bullish tone. The EUR/USD pair neared the 1.1000 figure but finished the day close to 1.1050.
- GBP/USD spent the day consolidating around 1.2400 with the Pound refusing to give up.
- The Japanese yen appreciated although it lost some ground ahead of the close, as Wall Street closed in the green. US Treasury yields remained depressed, near record lows.
- Gold prices consolidated,
- Crude oil prices remained under selling pressure and reached fresh multi-year lows. WTI traded as low as $19.00 a barrel, recovering modestly ahead of the US close. US President Trump and his Russian counterpart Putin discussed the oil market situation and agreed to hold talks at ministerial levels.
- Overall, sentiment remained sour amid the coronavirus crisis. The number of cases keeps rising, with those in the US at around 157,000. In Italy and Spain, the number of cases has surpassed those reported by China, while the global death toll approaches 37,000. Chances of a quick economic comeback dilute.
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