This is what you need to know to trade today friday april 8:
The dollar continued to gain strength against its main rivals and the US dollar index came within striking distance of 100.00 in the early hours of Friday, playing its highest level since May 2020. In addition to the hawkish FOMC minutes, comments from Fed policymakers buoyed the dollar on Thursday night. The US economic docket will not offer any high-impact data releases before the weekend and it would not be surprising if markets remain relatively calm. It’s also worth noting that the first round of the French presidential election will take place on Sunday.
St. Louis Fed President James Bullard argued Thursday that the interest rate would have to hit 3.5% to combat inflation. Chicago Fed President Charles Evans and Atlanta Fed President Raphael Bostic said a neutral scenario toward the end of the year would be appropriate. The 10-year US Treasury bond yield gained more than 2% after these comments and was last seen moving sideways around 2.65%.
The US Congress has voted to revoke Russia’s “most favored nation” trade status. In addition, the United Nations expelled Russia from the Human Rights Council. Meanwhile, the Financial Times reported that European Union foreign ministers are likely to discuss new sanctions against Russia on Monday, including a ban on oil imports.
The EUR/USD remains on the defensive and trades in negative territory near 1.0860 on Friday. Since the beginning of the week, the pair has lost almost 200 pips.
The GBP/USD was under modest bearish pressure early in the European session and was last seen losing 0.2% on the day at 1.3050.
The USD/CAD rose to its highest level in more than two weeks above 1.2600 on Thursday. Ahead of Canada’s March jobs report, the pair consolidates gains near 1.2580.
Canada March Net Employment Change Preview: Is the Job Market Past?
The Prayed it remains directionless as it continues to move up and down in a tight channel above $1920.
After Wednesday’s sharp drop, the Bitcoin remained relatively quiet on Thursday and extended its sideways move near $44,000 early on Thursday. The ethereum closed in the green on Thursday and continues to rise towards $3,300 on Friday.
Source: Fx Street
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