Foreign exchange markets are focusing on energy prices instead of tech sector excitement, and are adjusting for geopolitical risks.
After gaining against the US dollar in late March and early April, most major currencies are back to trading in a narrow range. Today, though, they are quickly reversing as WTI crude oil moves back above $100 with the recently souring narrative.
Taking a look at the Dollar Index, EUR/USD, and GBP/USD to assess the current state of the FX market and where to look next.
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By Elior Manier
The US dollar (DXY) saw a sharp correction after the fragile ceasefire began, but that downward trend has now completely stopped.
With the peace narrative having stalled, it is clear that the FX
