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FOREX TODAY: TO START THE WEEK, GOLD REACHES YET ANOTHER RECORD HIGH.
Abstract：After rising more than 4% the week before, gold maintained its positive momentum and reached a new all-time high above $2,350 at the weekly beginning. The European economic schedule will include Sentix Investor Confidence data for April, and on Monday there won't be any high-impact data releases in the US agenda.
WHAT YOU NEED KNOW ON MONDAY, APRIL 8 IS AS FOLLOWS:
After rising more than 4% the week before, gold maintained its positive momentum and reached a new all-time high above $2,350 at the weekly beginning. The European economic schedule will include Sentix Investor Confidence data for April, and on Monday there won't be any high-impact data releases in the US agenda.
Nonfarm Payrolls (NFP) increased by 303,000 in March, according to US data released on Friday, while the unemployment rate marginally decreased to 3.8% from 3.9% in February. As the US Dollar (USD) headed into the weekend, both of these prints exceeded experts' expectations and contributed to the USD's resilience against its main competitors. Markets are putting in a 52% chance that the Fed will keep the policy rate unchanged at the June policy meeting, up from roughly 40% prior to the jobs report, according to the CME FedWatch Tool.
THE CURRENT US DOLLAR PRICE
The US dollar's (USD) percentage change compared to a list of major currencies is displayed in the table below. The US dollar outperformed the Japanese yen in this exchange.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.01% | -0.02% | -0.04% | -0.19% | 0.10% | -0.16% | 0.09% | |
| EUR | 0.01% | -0.01% | -0.03% | -0.17% | 0.11% | -0.14% | 0.09% | |
| GBP | 0.01% | 0.01% | -0.02% | -0.19% | 0.12% | -0.14% | 0.11% | |
| CAD | 0.03% | 0.03% | 0.02% | -0.14% | 0.13% | -0.11% | 0.13% | |
| AUD | 0.19% | 0.18% | 0.17% | 0.15% | 0.29% | 0.03% | 0.26% | |
| JPY | -0.10% | -0.11% | -0.12% | -0.13% | -0.28% | -0.24% | -0.01% | |
| NZD | 0.16% | 0.14% | 0.14% | 0.11% | -0.04% | 0.25% | 0.23% | |
| CHF | -0.09% | -0.10% | -0.11% | -0.13% | -0.28% | 0.01% | -0.25% |
The major currencies' percentage movements relative to one another are displayed on the heat map. The quotation currency is selected from the top row, and the base currency is selected from the left column. For example, the percentage change shown in the box will indicate EUR (base)/JPY (quote) if you select the Euro from the left column and proceed along the horizontal line to the Japanese Yen.
Monday morning in Europe, the US Dollar Index maintains a comfortable level over 104.00, while the yield on the benchmark 10-year US Treasury note remains positive at 4.4%. US market index futures are trading slightly lower in the meantime.
After falling below 1.0800 on Friday, EUR/USD pulled off a late rally to end the week higher. Early on Monday, the pair fluctuates in a narrow channel above and below 1.0850.
After a tumultuous American session on Friday, GBP/USD steadied above 1.2600 and closed the week at 1.2620 in the early European session.
After the record-breaking rally, gold underwent a correction and lost much of its daily gains. The last time we saw XAU/USD trading slightly higher on the day was around $2,040.
After dropping below 151.00 on Friday, the USD/JPY turned around and closed the day higher. On Monday, the pair keeps moving up, closing in on 152.00.
WHY DO INDIVIDUALS PURCHASE GOLD？
Because gold has been used so extensively as a means of exchange and store of value, it has played a significant role in human history. Nowadays, the precious metal is regarded as a safe-haven asset, which means that it is a wise investment during uncertain times, in addition to its shine and use in jewelry.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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