The Greenback settled near its lowest level vs. a basket of major currencies after Emmanuel Macron won the first round of the French presidential election. The U.S. dollar was sold-off after U.S. Senate called for an emergency meeting regarding N. Korea amid threats of nuclear war, as the geopolitical tension between the USA and the North Korea over North Korea's nuclear has dominated once again.
Elsewhere, Euro failed to settle at $1.09 and traded in a limited range vs. USD, despite a strong data of the German Ifo Business Climate Index. Technically, the common currency could trade sideways vs. the Greenback in anticipation of the second round of votes on the 7th of May.
Gold prices pared its gains and declined as much as 1% yesterday after Emmanuel Macron won the first round of the French presidential election. The yellow metal settled above $1,270 in anticipation of the U.S. economic growth data for the first quarter.
Oil prices declined yesterday amid doubts over whether OPEC will extend output cuts until the end of the year. Meanwhile, Russia is being cagey about extending the cuts as it could back to its highest rate in 30 years if the OPEC and non-OPEC producers do not extend a six-month supply reduction deal. And U.S. crude fell to $49, in anticipation of U.S. inventory data.
The most important economic events:
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