31FX – Easter Monday limits market moves amid virus-led risk-off, WTI hesitates to cheer OPEC+ deal. More on the major pairs, we try to tackle which major pairs will be affected this week.
Forex in Asia
It has remained a dull affair amid Easter Monday holidays in key markets, except for Japan and China. Also restricting the market’s activity was a lack of major/events on the economic calendar.
EUR/USD Remains Flat
EUR net long positions hit two-year highs, but fail to bring in additional bids. EUR/USD is sidelined at press time amid losses in the US stock futures.
Sterling finds no takers as UK’s finance minister warns of massive economic contraction. The coronavirus-led uncertainty could keep the US dollar better bid. European markets are closed on account of Easter Monday.
USD/JPY closed at par for the week and the month. Risk aversion has ebbed but risk appetite has not yet returned. The enormous addition to global dollar may begin to undermine USD/JPY.
Gold Meets Long-Term Resistance
Gold bulls have been back in control to test 1700 handle. While below the 1700 handle, profit-taking could trigger a flush out of speculative bids. Correction territory opens a retracement to 1620s below 1640s.
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