Daily market commentary: The US dollar loses some ground to other major currencies but remains close to the highs it gained in the previous session

<img width="250" height="151" src="https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-250×151.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" style="float: left; margin-right: 5px;" link_thumbnail="" loading="lazy" srcset="https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-250×151.jpg 250w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-700×422.jpg 700w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-768×463.jpg 768w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-120×72.jpg 120w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-245×148.jpg 245w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday-500×301.jpg 500w, https://www.leaprate.com/wp-content/uploads/2022/02/Daily-Market-Commentary-Thursday.jpg 880w" sizes="(max-width: 250px) 100vw, 250px" /><h2>Gold</h2>
<p>Gold prices are almost flat during early Thursday trading, remaining within the same narrow range of the last few weeks. The value of the precious metal has been determined by the countering forces of, on one side, the geopolitical risk generated by the war in Ukraine, which enhances gold’s haven appeal, and the increasingly hawkish stance of the US Federal Reserve, which is capping gold gains due to the inverted correlation with the US dollar.</p>
<p><img class="alignnone size-full wp-image-444569" src="https://www.leaprate.com/wp-content/uploads/2022/04/gold4.png" alt="" width="1468" height="819" srcset="https://www.leaprate.com/wp-content/uploads/2022/04/gold4.png 1468w, https://www.leaprate.com/wp-content/uploads/2022/04/gold4-250×139.png 250w, https://www.leaprate.com/wp-content/uploads/2022/04/gold4-700×391.png 700w, https://www.leaprate.com/wp-content/uploads/2022/04/gold4-768×428.png 768w, https://www.leaprate.com/wp-content/uploads/2022/04/gold4-120×67.png 120w, https://www.leaprate.com/wp-content/uploads/2022/04/gold4-245×137.png 245w, https://www.leaprate.com/wp-content/uploads/2022/04/gold4-500×279.png 500w" sizes="(max-width: 1468px) 100vw, 1468px" /></p>
<p><em>Ricardo Evangelista – Senior Analyst, ActivTrades</em></p>
<h2>European shares</h2>
<p>Stocks traded higher in Europe, despite another negative trading session in Asia while US Futures contracts also point to a bearish open. European stock investors seem to have “sold” the rumour and “bought” the news on Thursday, as share markets stabilized on the old continent following <a target="_blank" href="https://www.leaprate.com/forex/market-news/daily-market-commentary-european-shares-followed-the-global-risk-off-trend-with-all-benchmarks-drifting-lower-from-frankfurt-to-lisbon/" rel="noopener">yesterday</a>’s sharp sell-off ahead of the FOMC minutes release.</p>
<p>This morning’s bullish price actions come after some of the market uncertainty was lifted yesterday evening, after investors got more visibility brought by the clear roadmap from the Federal Reserve, about the new cycle of monetary tightening. Investors have welcomed the move from the Fed as it moved to reassure everyone by taking action to mitigate inflationary risks with the announcement of its balance sheet reduction, which should take years rather than months to take place (approx. $1trillion per year), limiting the negative impact of a quicker action towards growth and the economy as a whole. The best performances are being brought by the automotive and healthcare sectors, with a specific focus towards Swiss shares like Roche Holdings AG or Alcon Inc. The SMI-20 trades significantly higher, registering new tops, with prices getting closer and closer to their first major resistance at 12,385 pts.</p>
<p><img class="alignnone size-full wp-image-444571" src="https://www.leaprate.com/wp-content/uploads/2022/04/SMI20.png" alt="" width="1839" height="788" srcset="https://www.leaprate.com/wp-content/uploads/2022/04/SMI20.png 1839w, https://www.leaprate.com/wp-content/uploads/2022/04/SMI20-250×107.png 250w, https://www.leaprate.com/wp-content/uploads/2022/04/SMI20-700×300.png 700w, https://www.leaprate.com/wp-content/uploads/2022/04/SMI20-768×329.png 768w, https://www.leaprate.com/wp-content/uploads/2022/04/SMI20-1536×658.png 1536w, https://www.leaprate.com/wp-content/uploads/2022/04/SMI20-120×51.png 120w, https://www.leaprate.com/wp-content/uploads/2022/04/SMI20-245×105.png 245w, https://www.leaprate.com/wp-content/uploads/2022/04/SMI20-500×214.png 500w" sizes="(max-width: 1839px) 100vw, 1839px" /></p>
<p><em>Pierre Veyret– Technical analyst, ActivTrades</em></p>
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<p><em>Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.</em></p>
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<p>The post <a rel="nofollow" href="https://www.leaprate.com/forex/market-news/daily-market-commentary-the-us-dollar-loses-some-ground-to-other-major-currencies-but-remains-close-to-the-highs-it-gained-in-the-previous-session/">Daily market commentary: The US dollar loses some ground to other major currencies but remains close to the highs it gained in the previous session</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>