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John Wang
in
Forex
April 22 16:56

US dollar has gone down in early European trading

Equity markets reduce the panic.
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 US dollar has gone down in early European trading on April 22. Equity markets opened on a higher positions, yet the safe haven currency is still in high demand.

At 13:00 SGT US Dollar Index was at 100.243, losing 0.1%. GBP/USD gained 0.1% and reached 1.2311. EUR/USD went up by 0.1% and reached 1.0866. USD/JPY lost 0.1% and reached 107.62.
Equity markets in Europe started out with gains. German DAX rose by 1.1%, Parisian CAC 40 was up 0.5% and the British FTSE 100 climbed 0.9%.
The growth has been spurred by the news concerning slowly stabilizing economy and the announcement of the upcoming easing of the lockdowns from the Dutch authorities. Schools in the country will be opened by May 11.
At the same time crude oil is still experiencing high turbulence. The supply glut keeps the traders from buying oil, even with the front month now being June. The WTI contract for the month lost 7.3% and reached US$10.73 per barrel. Brent contract dropped 12% and reached US$16.98.
The disastrous plunge, as well as expected interest rate cut, have driven the ruble to the lowest point in three weeks - 77.53 against the US dollar.