Forex Today: Hoping for some action later this week

What you need to know on Tuesday, April 27:

The greenback remained under selling pressure, with commodity-linked currencies outperforming its European rivals.  A certain cautious stance prevailed as investors await first-tier events, including a Federal Reserve meeting and Q1 growth data.

The EUR/USD pair ended the day unchanged at around 1.2090 but reached a fresh monthly high of 1.2116. The GBP/USD pair trades around 1.3900, with the upside limited by Brexit-related concerns. According to the Food and Drink Federation, UK exporters have lost more than £1.1bn since the start of the year. The exports of some dairy products decreased by 96%, while sales of chicken and beef fell by almost 80%.

 AUD/USD trades around 0.7800 while USDCAD pierced 1.2400, as base metals rallied. The main catalyst seems to be a sharp advance in cooper prices, as the metal soared to its highest in over 10 years, amid soaring concerns of supply disruption. Gold prices were of little help, as the bright metal ends the day pretty much unchanged, around $ 1,780.00 a troy ounce. WTI finished the day at $ 61.90 a barrel.

The USD/JPY pair settled above the 108.00 threshold, but there are no technical signs of a bullish extension coming up.

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