Forex Today – Asian Session: Bitter Market Mood Ends up Benefiting the Dollar

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What you need to know on Thursday, April 8:

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

GBP / USD, on the other hand, tumbled since the start of the European session despite declining demand for the dollar, settling in the 1.3720 price zone.

Commodity-linked currencies fell against the dollar amid the bitter tone of global equities.

Dollar gains were limited as US Treasury yields remained subdued, rising before the close of Wall Street.

The United States Federal Reserve released the minutes of its last meeting. The document showed officials see “some time” before substantial progress toward employment and inflation targets. There were no disagreements among policy makers, and no signs of short-term downsizing.

US President Joe Biden held a press conference about his investment plan, but did not say anything new. He reiterated that the tax increases will not be for people who earn less than $ 400,000 a year, proposing a 28% corporate tax. He added that he is “willing to hear a proposal for a corporate tax rate lower than 28%.”

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

Gold fell to 1,736 a troy ounce. Crude oil prices remained within familiar levels, with the WTI posting a modest advance and ending the day at $ 59.60 a barrel.

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