US dollar reverses gains as markets re-evaluate risks
Market sentiment moved toward less risk-off as traders assessed increased US stimulus against falling oil prices. Oil prices in London fell to 21-year low and US futures fell below $0 for the first time ever earlier this week. In Washington, Congress and the White House are working on a deal that will provide $484 billion of pandemic relief.
April 22, 2020
EUR/USD 1.0867 GBP/USD 1.2349 USD/CAD 1.4138 AUD/USD 0.6323 USD/JPY 107.8100 USD/CNH 7.0999 USD/ILS 3.5325 USD/MXN 24.3556 USD/CHF 0.9684 USD/INR 76.6687
USDThe US dollar fell against most of its peers weakening 0.1% after strengthening 0.7% over the last two days. The only currency that the USD continues to outperform is the Norwegian krone which has fallen for the third day.GBPSterling experienced its biggest two-day decline in a month earlier this week and is heading towards a positive session today. This bounce is largely attributed to US dollar weakness.EUR
EUR/USD remains largely unchanged trading around 1.0865. EU leaders are set to discuss joint debt issuance on Thursday.CADUSD/CAD hit a 2-week high on Tuesday of 1.4265 and has since weakened 0.4%. Despite continued downward pressure on oil, the move lower for US dollar has caused the currency pair to weaken.ASIA/PACIFICUSD/JPY fell as much as 0.3% trading around 107.50. AUD/USD strengthened over 1% in reaction to US dollar weakness.
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