Forex Today: Improved risk appetite hurt the Dollar
Increasing appetite for the risk-linked space weighed further on the US Dollar, while disheartening US PMIs also kept the currency depressed. So far, the ECB is expected to cut rates in June, while the Fed is still seen reducing its rates in September.
Here is what you need to know on Wednesday, April 24:
Further downside pressure dragged the Greenback to multi-day lows against the backdrop of broad-based gains in risky assets. On April 24, Durable Goods Orders and weekly Mortgage Applications are due across the pond.
EUR/USD climbed to fresh highs, reclaiming at the same time the area above the 1.0700 barrier. Germany’s Business Climate, tracked by the IFO Institute, will be released on April 24.
GBP/USD surpassed the 1.2400 hurdle with certain conviction, leaving behind a three-day negative streak. The CBI Industrial Trends Orders will be the sole release in the UK on April 24.
USD/JPY rose to a new 34-year high near 154.90 amidst further range-bound trading and FX intervention speculation. The Japanese calendar will be empty on April 24.
AUD/USD picked up extra upside traction and approached the key 0.6500 zone, or multi-day peaks. The Inflation Rate and the RBA’s Monthly CPI indicator are expected in Oz on April 24.
WTI added to the auspicious start to the week and rose past the $83.00 mark per barrel amidst robust prints from European PMIs, prospects for Fed rate cuts, and extra sanctions against Iranian oil.
Gold managed to rebound from multi-day lows near $2,290 per troy ounce amidst dwindling demand for safe havens and easing geopolitical effervescence. After bottoming out at three-week lows near $26.70, Silver prices regained $27.00 and above, eventually ending the session with decent gains.