Forex Market Report, 12th of April 2019

The U.S. Dollar ended Thursday’s session higher helped by better-than-expected economic data that eased investors concerns about a Federal Reserve interest-rate cut.

Furthermore, the Producer Price Index rose 0.6 percent last month, lifted by an increase in the cost of gasoline. Also, Jobless Claims declined for the fourth week in a row to near a 49-year low, indicating sustained labor market strength that could counter fears of a slowdown in economic growth.

The U.S. Dollar Index which measures the strength of the Greenback against a basket of six major currencies strengthened and finished the session at 96.83.

Over in Europe, the single currency fell against the U.S. Dollar after the European Central Bank implied the willingness to leave interest rates unchanged amid trade tensions and signs of slowing growth. EURUSD closed the session at 1.12522.

Meanwhile, the Sterling edged lower against the U.S. Dollar after EU leaders decided to extend the deadline for Britain to leave the European Union, leaving traders with concerns about the direction for the British currency. GBPUSD closed the session at 1.30497.

Regarding Safe-havens, the Swiss Franc fell against the U.S. Dollar to settle at 1.00323 USDCHF. Similarly, the Japanese Yen plummeted against the Greenback to settle at 111.658 USDJPY.

Gold prices edged lower against the U.S. Dollar on Thursday, as solid economic data from the U.S. lifted the dollar. The precious metal closed the session at 1292.35.

Meanwhile, the Canadian dollar weakened against its U.S. counterpart, as oil prices dropped and the U.S. dollar advanced against most major peers. The USDCAD closed the session at 1.33838.

Over in Asia, the Aussie Dollar plummeted against the U.S. Dollar as a rebound in the U.S. dollar, along with lower crude oil prices and caution ahead of major U.S. corporate earnings reports, was the main factor behind the Aussie’s reversal. AUDUSD closed Thursday’s session at 0.71229 AUDUSD.

Cryptocurrencies ended Thursday’s session lower. Bitcoin, Litecoin, and Ethereuim fell to settle at 5053.61 BTCUSD, 77.38 LTCUSD, and 162.56 ETHUSD respectively.

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