Here is what you need to know on Friday, April 15:
Following Wednesday's retreat, the US Dollar Index (DXY) rose sharply on Thursday and touched its highest level since March 2020 at 100.76 boosted by rising US Treasury bond yields and safe-haven flows. With markets turning quiet on Easter Friday, the DXY consolidates its weekly gains. Ahead of the weekend, the US Federal Reserve will release the March Industrial Production data, which is unlikely to trigger a noteworthy market reaction.
The European Central Bank (ECB) announced on Thursday that it left its policy settings unchanged following the April meeting. In the press conference, ECB President Christine Lagarde reiterated that the QE will end in the third quarter and that the first rate hike would come sometime after asset purchases are concluded. Although Lagarde acknowledged that risks to the inflation outlook were tilted to the upside in the near term, her overall dovish tone triggered a heavy euro selloff.
Lagarde: Inflation Oui, rate hikes Non, growth N'est-ce Pas.
With the ECB's policy stance highlighting the widening policy divergence with the Fed, the benchmark 10-year US T-bond yield surged beyond 2.8% on Thursday. Moreover, the S&P 500 Index fell more than 1%, reflecting a negative shift in risk sentiment.
EUR/USD slumped to its weakest level since April 2020 at 1.0757 on Thursday before staging a rebound amid profit-taking in the late American session. The pair trades in a relatively tight range above 1.0800 early Friday.
GBP/USD seems to have gone into a consolidation phase above 1.3050 after having lost 50 pips on Thursday. The sharp decline witnessed in EUR/GBP suggests that the British pound has managed to capture some of the outflows from the shared currency.
Gold closed the sixth straight day in positive territory on Wednesday but rising US T-bond yields limited the yellow metal's upside. XAU/USD registered small losses on Thursday to end the week in the green above $1,970.
USD/JPY touched its highest level in nearly 20 years above 126.50 early Friday. Japanese Prime Minister Fumio Kishida said on Friday that the Bank of Japan's monetary policy is aimed at achieving its 2% inflation target, not at manipulating currency rates.
Bitcoin fell nearly on Thursday amid risk-aversion but seems to have found support near $40,000. Ethereum fell sharply on Thursday and erased the gains it recorded on Tuesday and Wednesday. ETH/USD was last seen testing $3,000.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD remains below 1.1000 on Powell's remarks
The US Dollar's recovery has gained momentum, pushing EUR/USD down to sub-1.1000 levels—the daily lows—following Fed Chair Jerome Powell's "Economic Outlook" speech.
GBP/USD loses the grip and approaches 1.2900
GBP/USD is shedding some of its weekly gains and retreating back to around the 1.2900 level, as the Greenback continues its recovery following Chair Powell's comments.
Gold remains offered, looks at $3,000
Gold prices are deepening their daily retreat, edging closer to the crucial $3,000 per troy ounce level as the US Dollar strengthens, all while investors digest Fed Chair Powell's speech.
Can Maker break $1,450 hurdle as whales launch buying spree?
Maker holds steadily above $1,250 support as a whale scoops $1.21 million worth of MKR. Addresses with a 100k to 1 million MKR balance now account for 24.27% of Maker’s total supply. Maker battles a bear flag pattern as bulls gather for an epic weekend move.
Strategic implications of “Liberation Day”
Liberation Day in the United States came with extremely protectionist and inward-looking tariff policy aimed at just about all U.S. trading partners. In this report, we outline some of the more strategic implications of Liberation Day and developments we will be paying close attention to going forward.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.