Forex Market Report, 11th of April 2019

The U.S. Dollar closed Wednesday’s session in the red as the Federal Reserve's hinted in the minutes from Federal Reserve's March meeting that they are willing to leave interest rates unchanged amid signs of slowing growth and risk from trade tensions.

In other news, Treasury Secretary Steve Mnuchin said on Wednesday that the U.S. and China have agreed to open “enforcement offices” as a way to make sure each side lives up to the terms of a trade deal still under negotiation.

The U.S. Dollar Index which measures the strength of the Greenback against a basket of six major currencies weakened and finished the session at 96.51.

Over in Europe, the single currency advanced against the U.S. Dollar despite the European Central Bank announcement to keep interest rates at record lows amid economic risks from Brexit and trade conflicts. EURUSD closed the session at 1.12744.

Meanwhile, the Sterling edged higher against the U.S. Dollar as investors prepared for the EU to grant Britain a second Brexit delay that, while decreasing the threat of a no-deal exit creates new uncertainties. GBPUSD closed the session at 1.30882.

Regarding Safe-havens, the Swiss Franc fell against the U.S. Dollar to settle at 1.00243 USDCHF. On the other hand, the Japanese Yen strengthened against the Greenback for the third session in a row to settle at 111.008 USDJPY.

Gold closed Wednesday’s session higher against the U.S. Dollar supported by weak U.S. economic data and as the ECB reinforced a loose monetary policy. The precious metal closed the session at 1307.80.

Meanwhile, the Canadian dollar strengthened against its U.S. counterpart, as oil prices rose and minutes from the Federal Reserve’s latest meeting signaled patience on raising interest rates further. The USDCAD closed the session at 1.33165.

Over in Asia, the Aussie Dollar surged against the U.S. Dollar supported by the release of a weak U.S. core inflation report for March and reduced odds for a near-term interest rate cut from the Reserve Bank of Australia. AUDUSD closed Wednesday’s session at 0.71681 AUDUSD.

Cryptocurrencies ended Wednesday’s session in mixed territories, as Bitcoin and Litecoin rose to settle at 5285.71 BTCUSD and 86.88 LTCUSD, while Ethereum fell to settle at 174.16 ETHUSD.

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