Market sentiment on the EUR/USD currency pair is still bearish despite the rise in US inflation.
Investors and traders believe the currency pair will continue to follow a bearish trend in the future. The US dollar has been protected from the rise in inflation by the higher bond yields and the tightening of US monetary policy. The Euro is weakening inlight of the war in the Ukraine not seeing any resolution in the near future. Since the market opened this morning, the EUR/USD price reached a high of $1.0856.
EUR/GBP prices fall for the third day this week.
The depreciating of the Euro has caused the EUR/GBP currency pair to weaken. This is the third day this week that has seen the fall in value of the EUR/GBP currency pair. The Euro depreciation could be explained by the Russia-Ukraine and by the ZEW Economic Sentiment for April. Since the market opened this morning, the highest price seen by this currency pair is sitting at 0.83424 GBP.
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Market sentiment on this volatile pair is sitting at mixed. The AUD has been strengthening inlight of the Russia-Ukraine conflict and the sanctions placed on Russia, Europe can turn to Australia for necessary imports such as coal and wheat. The JPY safe-haven could appreciate even when there is a fall in global market sentiment, however the rising interest rates in the US and the fact that the Bank of Japan has been slow to tighten monetary policies means the JPY is weakening. The AUD continues to strengthen against the JPY as a result of the uncertainty. Since the market opened today, the highest price is sitting at 93.766.
BTC/USD - The opening market price as of today for 1 Bitcoin was $40086.30.
Inlight of the Fed tightening monetary policy, bitcoin is likely to keep the bearish market sentiment.
Analysis: Gold prices (XAUUSD) increase inlight of the U.S. announcing their new inflation rate - Chart Of The Day By FXMAG.COM
Sources: Finance.yahoo.com, Tradingview.com, fxstreet.com