Forex Today: Dollar weakness set to continue
|What you need to know on Monday, April 26:
The dollar fell on Friday amid prevalent risk appetite. Wall Street rallied following upbeat Markit flash PMIs for the EU and the US, with most indexes reaching record levels, boosting hopes for a soon-to-come economic recovery after the pandemic slump.
The EUR/USD pair settled near 1.2100, as the shared currency shrugged off a cautious ECB, also boosted by hopes that the immunization campaign will pick up in the Union in the next couple of months.
GBP/USD was unable to advance beyond 1.3900, as the pound suffers from Brexit jitters. Mounting tensions with the EU amid the absence of post-Brexit progress and failure to apply the Northern Ireland Protocol as it was initially tough, limited demand for the British currency.
The USD/JPY pair maintained the bearish tone and traded as low as 107.50, undermined by the soft tone of US government bond yields.
Commodity-linked currencies were underpinned by firmer stocks but remained within familiar levels as gold and oil failed to impress. The bright metal fell for a second consecutive day, finishing the week at $ 1,770 a troy ounce. WTI ended the day little changed at $ 62.00 a barrel.
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