Forex Market Report, 3rd of April 2019

The U.S. Dollar closed Tuesday’s session lower as the gains in the sterling put some pressure on the greenback to give up on some gains.

In other news, President of the U.S. Donald Trump was asked about the impact of closing the border with Mexico on the U.S. economy and he said “Sure, it’s going to have a negative impact on the economy, to me trading is very important, the borders are very important, but security is what is most important to me”.

The U.S. Dollar Index which measures the strength of Greenback against a basket of six major currencies fell and finished the session at 96.85.

Over in Europe, the single currency fell against the U.S. Dollar as investors evaluated global growth prospects with the U.S. and European central banks unlikely to increase interest rates soon. EURUSD closed Tuesday’s session at 1.12035.

Meanwhile, the Sterling rose against the U.S. Dollar after Prime Minister Theresa May said the U.K. needed a further extension of Article 50 to ensure it leaves the EU with a deal on time. GBPUSD closed the session at 1.31327.

Regarding Safe-havens, the Swiss Franc advanced against the U.S. Dollar to settle at 0.99789 USDCHF. Similarly, the Japanese Yen rose against the Greenback to settle at 111.317 USDJPY.

Gold prices rose on Tuesday recovering from early losses caused by a strong dollar and strong economic data from the U.S. and China that eased the fears of a global economic slowdown and put some pressure on the precious metal to settle at 1292.3.

Meanwhile, the Canadian Dollar fell against the U.S. Dollar on Tuesday pulling back from a two-week high the previous day as weak housing data from one of Canada’s major cities pointed to the economy’s exposure to higher interest rates. The USDCAD closed the session at 1.33361.

Over in Asia, the Aussie Dollar fell against the Greenback by 0.57 percent after Reserve Bank turns dovish on the economy to settle at 0.70697.

Cryptocurrencies were higher on Tuesday’s session, Bitcoin, Ethereum, and Litecoin surged against the U.S. Dollar to settle at 4786.6 BTCUSD, 159.07 ETHUSD, and 70.52 LTCUSD respectively.

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