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Here is what you need to know on Tuesday, April 7th:

  • The market mood was positive as there have been signs of flattening coronavirus-related curves in Spain, Italy, and New York. Despite the numbers are still far from encouraging, at least seems it the lockdown measures are working.
  • Equities soared, yields recovered, and the greenback lost momentum. Nevertheless, the dollar’s losses were limited and uneven throughout the FX board. The EUR/USD pair was unable to move away from the 1.0800 price zone.
  • The GBP/USD pair seesawed between gains and losses, to close the day in the red below 1.2250  amid bad news related to UK PM Boris Johnson’s health. Rumors crossed the wires ever since he was hospitalized on Sunday, although Downing Street denied his condition worsened, until late US afternoon when the news reported that he was taken into intensive care.  Foreign Secretary Dominic Raab step up and that the government will follow Johnson’s plans.
  • The Japanese yen eased amid the better market mood, ending the day above the 109.00 threshold.
  • Commodity-linked currencies advanced against the greenback, although there were no fireworks. No critical level was broken, and in general, remained within familiar levels.
  • Crude oil prices eased after Friday’s rally, but the decline seemed a corrective slide.
  • Gold benefited the most from easing dollar’s demand, with the bright metal reaching a near one-month high of $ 1,658.85 a troy ounce.
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