Forex Today: Starting the week on a positive mood

FXStreet Team FXStreet

What you need to know on Monday, March 29:

The American dollar eased on Friday but finished the week with gains against most major rivals. Stocks were up, weighing on demand for the greenback, also affected by profit-taking ahead of the close.

The EUR/USD pair finished the week sub-1.1800, and near its 2021 low at 1.1762, maintaining the bearish stance, although GBP/USD neared the 1.3800 level. Commodity-linked currencies benefited from the positive tone of Wall Street, but gains were modest.

Gold was unable to attract investors throughout the week, ending it marginally lower around $1,732.00 a troy ounce. Crude oil prices edged higher, as the Suez channel remains locked, with WTI settling at $60.70 a barrel.

The number of new coronavirus cases in the EU and the US is on the rise. Market players are paying little attention to the news and remain confident about an economic comeback before the year-end. The focus is also on possible inflationary pressures in the US, which may force the Federal Reserve into raising rates sooner than expected.

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FXStreet Team

FXStreet

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

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 yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

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.