FX Update – April 13 – Low Volume Markets
<p>The Dollar has ebbed and then recovered in holiday-thinned conditions. The narrow trade-weighted <strong>USDIndex</strong> edged out a two-week low at 99.14 before recouping back above 99.50. <strong>EURUSD</strong> concurrently saw an eleven-day high at <span><strong>1.0968</strong></span> before retreating to the lower 1.0900s. <strong>Cable</strong> has printed <strong><em>a one-month peak</em></strong> at <span><strong>1.2537</strong></span> before correcting to the upper 1.2400s. <strong>USDCAD</strong> posted a high of 1.4001 after making a four-week low at 1.3923 at the opening of trade, which was concomitant with and early, but fleeting bid in oil prices, which have remained below Friday highs despite the OPEC++ group of producing nations confirming a 9.7 mln barrel per day crude output cut. Further large output cuts will be needed to match the level of demand destruction caused by the prevailing level of virus-containing measures being taken across the globe. <strong>Gold</strong> also held at its Thursday highs, even testing $1695.00 earlier and bringing the March 9 flirtation with <strong><span>$1700</span></strong>, back into view again this week.</p>
<p><a href="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-13_15-53-59.jpg"><img class=" wp-image-122803 alignleft" src="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-13_15-53-59-300×220.jpg" alt="" width="320" height="235" srcset="/wp-content/uploads/2020/04/2020-04-13_15-53-59-300×220.jpg 300w, /wp-content/uploads/2020/04/2020-04-13_15-53-59-80×60.jpg 80w, /wp-content/uploads/2020/04/2020-04-13_15-53-59-696×510.jpg 696w, /wp-content/uploads/2020/04/2020-04-13_15-53-59-574×420.jpg 574w, /wp-content/uploads/2020/04/2020-04-13_15-53-59.jpg 736w" sizes="(max-width: 320px) 100vw, 320px" /></a><a href="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-13_15-53-06.jpg"><img class="alignnone wp-image-122813" src="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-13_15-53-06-300×218.jpg" alt="" width="328" height="239" srcset="/wp-content/uploads/2020/04/2020-04-13_15-53-06-300×218.jpg 300w, /wp-content/uploads/2020/04/2020-04-13_15-53-06-324×235.jpg 324w, /wp-content/uploads/2020/04/2020-04-13_15-53-06-696×506.jpg 696w, /wp-content/uploads/2020/04/2020-04-13_15-53-06-577×420.jpg 577w, /wp-content/uploads/2020/04/2020-04-13_15-53-06.jpg 734w" sizes="(max-width: 328px) 100vw, 328px" /></a></p>
<p><strong>AUDUSD</strong> has held within the range seen on Friday. Elsewhere, the yen picked up a moderate safe-haven bid, which lifted the currency about 0.5% higher against both the dollar and euro. <strong>USDJPY</strong> saw an 11-day low at <strong><span>107.79</span></strong>. Most of the main European stock markets are closed today, while S&P 500 futures were showing a decline of 1%, ahead of the New York session.</p>
<p><a href="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-13_15-59-17.jpg"><img class="alignnone wp-image-122825" src="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-13_15-59-17-300×223.jpg" alt="" width="322" height="239" srcset="/wp-content/uploads/2020/04/2020-04-13_15-59-17-300×223.jpg 300w, /wp-content/uploads/2020/04/2020-04-13_15-59-17-80×60.jpg 80w, /wp-content/uploads/2020/04/2020-04-13_15-59-17-265×198.jpg 265w, /wp-content/uploads/2020/04/2020-04-13_15-59-17-485×360.jpg 485w, /wp-content/uploads/2020/04/2020-04-13_15-59-17-696×517.jpg 696w, /wp-content/uploads/2020/04/2020-04-13_15-59-17-565×420.jpg 565w, /wp-content/uploads/2020/04/2020-04-13_15-59-17.jpg 733w" sizes="(max-width: 322px) 100vw, 322px" /></a> <a href="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-13_15-58-28.jpg"><img class="alignnone wp-image-122835" src="https://analysis.hotforex.com/wp-content/uploads/2020/04/2020-04-13_15-58-28-300×221.jpg" alt="" width="326" height="240" srcset="/wp-content/uploads/2020/04/2020-04-13_15-58-28-300×221.jpg 300w, /wp-content/uploads/2020/04/2020-04-13_15-58-28-80×60.jpg 80w, /wp-content/uploads/2020/04/2020-04-13_15-58-28-696×512.jpg 696w, /wp-content/uploads/2020/04/2020-04-13_15-58-28-571×420.jpg 571w, /wp-content/uploads/2020/04/2020-04-13_15-58-28.jpg 736w" sizes="(max-width: 326px) 100vw, 326px" /></a></p>
<p>On the coronavirus front, there has been mixed news. Spain is readying to reopen parts of its economy, and Germany reported a third successive day of falling confirmed cases, though France announced it will continue with its lockdown for several more weeks and China on Sunday reported its highest rate of infections in five weeks (though this is only 108) and that it is increasing restrictions in northern regions bordering Russia. The US continues to report sharp rises in both confirmed cases and in the mortality rate, though there are signs that the curve is flattening in hotspots, such as New York state.</p>
<p><strong>Click </strong><a href="https://www.hotforex.com/en/trading-tools/economic-calendar.html"><strong>here</strong></a><strong> to access the HotForex Economic Calendar</strong></p>
<p><strong>Stuart Cowell</strong></p>
<p><strong>Head Market Analyst</strong></p>
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