Forex Today: Sour market mood ends benefiting the greenback

FXStreet Team FXStreet

What you need to know on Thursday, April 8:

The dollar suffered against its European rival throughout the first half of the day, recovering unevenly in the American afternoon. The EUR/USD pair surged to 1.1914 but trimmed daily gains ahead of the close, ending the day in the 1.1816 price zone.

GBP/USD, on the other hand, plummeted since the beginning of the European session despite the easing dollar’s demand, settling in the 1.3720 price zone.

Commodity-linked currencies fell against the greenback amid the sour tone of global equities.

Dollar gains were limited as US Treasury yields remained subdued, ticking higher ahead of Wall Street´s close.

The US Federal Reserve unveiled the Minutes of its latest meeting. The document showed that officials see “some time” Before substantial progress toward employment and inflation goals. There were no disagreements among policymakers, neither signs of tapering in the near-term.

US President Joe Biden offered a press conference on his investment plan but said nothing new. He repeated that the tax increases won’t it people making less than $400,000 a year, proposing a corporate tax of 28%. He added that he is "willing to listen to a proposal for lower than 28% corporate tax rate."

The European Medicines Agency finalized its review of the AstraZeneca vaccine and concluded that blood clots are a “very rare side effect” of the shot. The UK said that the risk of blood clots is higher for under-30s, and the local authority recommended providing a different vaccine for that age group. Meanwhile, the UK has started using the Moderna vaccine after buying 17 million doses of the jab.

Gold edged lower, settling at 1,736 a troy ounce. Crude oil prices hovered within familiar levels, with WTI posting a modest advance and finishing the day at $ 59.60 a barrel.

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