Forex Today: Markets stabilize as trading volume thins out on Easter Friday

Here is what you need to know on Friday, April 18:

Major currency pairs stay quiet on Friday as trading volumes thin out, with major markets remaining closed in observance of the Easter Holiday. The economic calendar will not offer any high-tier data releases, paving the way for subdued market action heading into the weekend.

The European Central Bank (ECB) announced on Thursday that it lowered key rates by 25 basis points (bps) following the April policy meeting, as widely anticipated. In the post-meeting press conference, ECB President Christine Lagarde refrained from hinting at the next policy move but acknowledged that the Eurozone's economic outlook is clouded by uncertainty. EUR/USD edged lower following the ECB event and ended the day in negative territory. Early Friday, the pair fluctuates in a tight channel above 1.1350.

The data from the US showed on Thursday that weekly Initial Jobless Claims declined to 215,000 from 224,000 in the previous week. Meanwhile, US President Donald Trump said on Thursday that China has reached out to his administration to talk on tariffs and added that he think they will make a deal with China. The US Dollar (USD) Index closed marginally higher and stabilized at around 99.50 early Friday.

After gaining more than 3% on Wednesday, Gold continued to push higher in the Asian session on Thursday and reached a new record-high of $3,357. In the second half of the day, XAU/USD corrected lower, possibly because of profit-taking, and settled at $3,327 for the week.

GBP/USD closed in positive territory on Thursday and stretched higher toward 1.3280 before entering a consolidation phase.

USD/JPY trades in a narrow band below 142.50 on Friday and remains on track to post losses for the third consecutive week. Bank of Japan Governor Kazuo Ueda repeated on Friday that they will keep raising interest rates if underlying inflation accelerates toward the 2% target.