What you need to know on Wednesday May 3:
The market continued to sell the greenback amid growing civil unrest in the United States. Riots and looting spread despite curfews, and President Trump has threatened to use the military to end it. High-yielding currencies rose slightly, also supported by economic reopening and the sharp drop in coronavirus numbers across Europe, which gave investors hope.
EUR / USD flirted with 1.1200, helped by news from Germany as the country plans to lift travel restrictions. Several European countries that depend on tourism are working on the issue.
GBP / USD hit 1.2575, despite mounting concerns over Brexit negotiations. The EU and the UK have resumed talks, but no breakthrough is expected. This is the last series of stocks before a meeting scheduled for July, where the two economies will take stock of progress.
The USD / JPY pair finally broke its range, flying towards the 108.80 region, despite a general weakness of the dollar. The breakout seems mostly technical, with stops triggered above 108.10.
Gold prices fell slightly in a climate of dominant risk. The spot was approximately $ 1,728.00 per troy ounce. Crude oil prices, on the other hand, have extended gains on OPEC speculation + will extend its production reduction deal.
Cryptocurrency market news: it’s a sea of red in the crypto market today