Forex Today: The Fed’s tighter-for-longer stance supports the Dollar

Pablo Piovano FXStreet

Further hawkish comments from Fed speakers lent extra legs to the Greenback and sparked a decent bounce in US yields, while the ECB's officials continued to advocate the start of the bank’s easing programme in the summer.

Here is what you need to know on Friday, April 19:

The Greenback regained upside traction and lifted the USD Index (DXY) back to the area beyond 106.00. There will no data releases on the US docket on April 19 other than the speech by Chicago Fed A. Goolsbee.

EUR/USD resumed its decline and revisited the 1.0640 zone after faltering around 1.0690 during early trade. The euro calendar will be empty at the end of the week.

In line with its risk-linked peers, GBP/USD headed southwards and retested the 1.2430 zone. Retail Sales in March and speeches by BoE’s Ramsden and Breeden are also due on April 19.

USD/JPY kept its recent consolidative mood well and sound above the 154.00 hurdle. In Japan, the March Inflation Rate is expected on April 19.

AUD/USD succumbed to the Dollar’s rebound and receded to the low 0.6400s. The are no data releases in Australia on April 19.

WTI extended its drop for the third session in a row following demand concerns, the stronger dollar and higher US crude oil inventories.

Gold prices reversed two daily pullbacks in a row on the back of persistent geopolitical concerns. Silver prices added to Wednesday’s small uptick and maintained the trade above the $28.00 mark per ounce.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.