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The US dollar was under pressure throughout the week’s bearish start, but the risk complex was able to gather itself and US rates moved marginally higher across the curve. Ahead of the crucial US CPI, FOMC Minutes, and ECB event, traders continued to evaluate the most recent payroll prints.
Amidst growing prudence ahead of significant US data later this week, the US Dollar continued its downward trajectory on Monday. The RCM/TIPP Economic Optimism Index, the API’s weekly report on US crude oil inventories, the NFIB Business Optimism Index, and Minneapolis Fed N. Kashkari’s speech are all due on April 9.
Currency Pairs
The week began with EUR/USD starting the week strongly, regaining the 1.0860 zone after Friday’s decline. GBP/USD increased significantly to two-day highs near 1.2660, an area that corresponds with the 100-day SMA, following its peers associated with risk. On April 9, the BRC Retail Sales Monitor is anticipated.
The USD/JPY strengthened its gains from Friday, although it once again stumbled in levels that were close below the crucial 152.00 barrier. The Japanese docket’s deadline for the Consumer Confidence measure and Machine Tools Orders is April 9.
AUD/USD recovered the region above 0.6600 and reached two-day highs on more dollar weakness. Both the NAB-tracked Consumer Confidence Change and the Westpac Consumer Confidence Index are due on April 9.
Commodities
Dwindling geopolitical jitters weighed on crude oil prices and sparked the second daily pullback in WTI prices on Monday. The American crude oil was last seen trading at %85.95 per barrel with the beginning of the Asian trading session.
Prices of gold maintained their upside momentum well in place, advancing to an all-time high past $2,350. Silver prices advanced further north of the $28.00 mark per ounce for the first time since mid-June 2021.
Also Read:
Fuel Prices Trigger US Consumers’ Concerns
US Stocks Close Flat Ahead of CPI Data
Oil retreats amid fresh international calls for Middle East truce
Gold Rallies Ahead of CPI Data
