Forex Today: Risk-on likely to extend into the weekly opening

FXStreet Team FXStreet

What you need to know on Monday, April 19:

The American currency extended its decline against most major rivals as the week came to an end, as risk appetite led.

US indexes kept rallying, with the DJIA and the S&P 500 reaching record highs, as solid US macroeconomic figures hint at a substantial economic comeback from the pandemic collapse. Despite the upbeat mood, US Treasury yields managed to recover some ground. The yield on the 10-year Treasury note settled at 1.59% after bottoming for the week at 1.52%.

The EUR/USD pair held near but below the 1.2000 mark, while GBP/USD soared past 1.3800, ending the week in the 1.3830 price zone.

The Canadian dollar advanced against its American rival, but the Australian currency edged marginally lower on Friday, despite the risk-on mood.

Gold prices held on to weekly gains, ending the week at $ 1,776.30 a troy ounce. Crude oil prices also finished the week with substantial gains, with WTI at $ 63.13 a barrel.

Coronavirus: The US and the UK continue their immunization program, advantaging most European countries, which suffer from a new wave of covid. Different countries have announced new lockdowns and curfews and even travel restrictions particularly from South American, where the Brazilian strain is taking its toll.

Breaking: Bitcoin price crashes 14% sending cryptocurrency market into tailspin

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EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.