Late Thursday, a Hong Kong court found seven prominent democrats guilty of unauthorized assembly charges, including year-old barrister Martin Lee and media tycoon Jimmy Lai, 72, said Reuters. Secretary of State Anthony Blinken said on Wednesday he had certified to Congress that Hong Kong did not warrant preferential economic treatment under a law that had allowed Washington to maintain a special relationship with the city, reiterating decision reached last year.

The announcement sparked global fury and US Senate Majority Leader Mitch McConnell also joined the league while pushing the Biden administration to impose meaningful international consequences. Although the Good Friday holiday restricts market moves, the news should weigh on the sentiment and help the US dollar to recover some of the latest losses. With most markets closed due to the international holiday, traders are likely waiting for markets in Japan and China to open for direction.

However, major attention will be given to the US employment figures for March. Also favoring the sentiment could be upbeat vaccine news and unlocks in the UK and Australia. However, fresh lockdowns in France and Canada join the Sino-American tussle, as well as fears of fading economic recovery to weigh on the mood. Amid these plays, US Treasury yields dropped the most in five weeks whereas Wall Street benchmarks cheered another stimulus, as well as hints for a few more, while positing over 1.

However, the dearth of liquidity can trigger wild spikes and hence traders should be careful during such times. Also, the market fears concerning covid resurgence and China versus the West can favor the US dollar, due to its safe-haven demand, which in turn may test the latest run-up. Additionally, US employment figures for March have high hopes and any disappointment should be enough during the holiday-thinned trading to recall gold sellers.

To the upside, the To the downside, there is not really anything by way of meaningful support until all the way back to the US government bond yields dropped sharply on Thursday, with the year shedding about 7bps to fall under 1. Rather than FX markets trading as a function of rate differentials, FX markets appear to have traded more as a function of risk appetite on Thursday and risk was very much on. This has weighed heavily on the yen, which has a historically negative correlation to these risk-sensitive asset classes.

So why was risk appetite so strong on Thursday? Looking ahead, most countries of Christian heritage including the US, Canada, most of Europe, Australia and New Zealand have a public holiday on Friday for the first day of Easter celebrations, meaning market closures in most of these countries.

There will be some Asia flow coming in over the next few hours as market participants based in China, Japan and South Korea etc. Nonetheless, the Bureau of Labour Statistics is still going to release the latest US jobs report for the month of March.

When flow comes back online on Monday, things could get choppy as markets get their first proper chance to react to and digest what happened. Following its heavy bounce off Meanwhile, a downside break of Following that, February lows near After refreshing the yearly low with 0.

Behind the moves were the 6. The US dollar index DXY also marked the biggest losses since March 17 while following the yields and paying a little heed to the catalysts at home. On the contrary, only one community transmission in Brisbane allowed the government to call back the lockdown while staying strict for masks. Amid these plays, Wall Street benchmarks cheered another stimulus, as well as hints for a few more, while positing over 1. However, China and Japan are open, which in turn can offer mild liquidity ahead of US employment figures for March.

It should be noted that bourses in Europe and the UK will also be closed for Good Friday, suggesting no major reaction to the otherwise key data. Despite faking the breakdown of 0.

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Hence, bears can stay hopeful but fresh selling should wait for a clear break below 0. Data source: FX Street Disclaimer :This material is provided by FXStreet as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument.

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Back to Traders' Board :. Even if the Good Friday holiday restricts the Fresh US-China jitters, vaccine news weigh on risks amid quiet markets in Asia. Technical analysis Unless breaking the The currency major pair Use precise geolocation data. Select personalised content.

Create a personalised content profile. Measure ad performance. Select basic ads. Create a personalised ads profile. Select personalised ads. Apply market research to generate audience insights. Measure content performance. Develop and improve products. List of Partners vendors. No forex trader can afford to ignore the impact of news on foreign exchange markets.

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Geopolitical developments, peace or conflict situations, financial and economic data releases like macroeconomic figures , and natural disasters all can have a significant impact on forex markets. The highly dynamic, round-the-clock forex markets require constant tracking of news developments. Here are the top U. The dedicated section for US dollar news is quite handy. One important and useful feature for forex traders is the news and analysis reports available on the DailyFX homepage. These provide recommendations for taking positions in advance of expected market developments.

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See below for examples. Recognizing the important of social media in shaping news events, FxStreet offers a forex Tweets section , where important news and recommendations are available for timely updates. Other good forex news sites worth mentioning include:. Forex News Aggregators :. Apart from self-created news content, there are numerous forex news aggregator sites. For example, Forexfactory aggregates news from multiple sources and provides it in consolidated format on its Forex News portal. The Bottom Line. Tracking news developments, understanding how the forex markets my respond, and taking timely action on trading is crucial for achieving any success in forex markets.