Today's forex news: The dollar plunges amid renewed optimism
EUR/USD ⬆️
GBP/USD ⬆️
AUD/USD ⬆️
USD/CAD ⬇️
USD/JPY ⬇️
XAU ⬆️
WTI ⬆️
The dollar fell along with other safe-haven assets as renewed prospects for a diplomatic resolution to the Russia-Ukraine conflict gained traction. Risk appetite increased following reports indicating a de-escalation of Russian attacks near Kyiv and Chernihiv, as Russia's mediator Vladimir Medinsky announced.
Ukraine has proposed a new system of security guarantees, with Turkey as one of the primary possible guarantors. If the security guarantee system is successful, Ukraine will commit to a neutral position, which includes refraining from hosting foreign military bases on its soil. Ukraine's capital, Kyiv, wishes to hold a referendum on the country's neutrality.
Meanwhile, the US yield curve returned temporarily, with the 2-year and 10-year Treasury notes remaining around 2.40 percent, albeit the shorter note slipped to 2.35 percent. Inverted yield curves are frequently interpreted as a sign of recession.
Wall Street rallied in lockstep with its international rivals, as concerns about the Eastern European situation eased.
Central banks and prospective rate hikes have resurfaced as a topic of discussion. Europe's financial markets are pricing in a 60 basis point hike, while Philadelphia Federal Reserve President Patrick Harker emphasized the importance of deliberate rate hikes. He stated that he would not rule out a 50 basis point increase in May but would not commit. Finally, he stated that the balance sheet reduction may equate to a two-quarter-point rate hike.
The EUR/USD pair is trading close below the 1.1100 level, indicating that the pair's bullish potential remains intact. GBPUSD has struggled to gain ground, and is currently trading about 1.3100. At the close of the American session, commodity-linked currencies continue to gain, with AUD/USD trading over 0.7500 and USD/CAD trading around the 1.2480 price zone. The USD/JPY pair ended the day at about 122.90.
Commodity prices continued to fall, with WTI trading at $104.30 a barrel. Gold futures dipped to $1,890.05 per troy ounce before recovering to close around $1,917.00.
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GBP/USD ⬆️
AUD/USD ⬆️
USD/CAD ⬇️
USD/JPY ⬇️
XAU ⬆️
WTI ⬆️
The dollar fell along with other safe-haven assets as renewed prospects for a diplomatic resolution to the Russia-Ukraine conflict gained traction. Risk appetite increased following reports indicating a de-escalation of Russian attacks near Kyiv and Chernihiv, as Russia's mediator Vladimir Medinsky announced.
Ukraine has proposed a new system of security guarantees, with Turkey as one of the primary possible guarantors. If the security guarantee system is successful, Ukraine will commit to a neutral position, which includes refraining from hosting foreign military bases on its soil. Ukraine's capital, Kyiv, wishes to hold a referendum on the country's neutrality.
Meanwhile, the US yield curve returned temporarily, with the 2-year and 10-year Treasury notes remaining around 2.40 percent, albeit the shorter note slipped to 2.35 percent. Inverted yield curves are frequently interpreted as a sign of recession.
Wall Street rallied in lockstep with its international rivals, as concerns about the Eastern European situation eased.
Central banks and prospective rate hikes have resurfaced as a topic of discussion. Europe's financial markets are pricing in a 60 basis point hike, while Philadelphia Federal Reserve President Patrick Harker emphasized the importance of deliberate rate hikes. He stated that he would not rule out a 50 basis point increase in May but would not commit. Finally, he stated that the balance sheet reduction may equate to a two-quarter-point rate hike.
The EUR/USD pair is trading close below the 1.1100 level, indicating that the pair's bullish potential remains intact. GBPUSD has struggled to gain ground, and is currently trading about 1.3100. At the close of the American session, commodity-linked currencies continue to gain, with AUD/USD trading over 0.7500 and USD/CAD trading around the 1.2480 price zone. The USD/JPY pair ended the day at about 122.90.
Commodity prices continued to fall, with WTI trading at $104.30 a barrel. Gold futures dipped to $1,890.05 per troy ounce before recovering to close around $1,917.00.
📱 Get instant market news delivered to you in real time on Mitrade