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The Dollar’s recent pause gave the opportunity to risk-related assets for some breather. Because of the dollar’s exhaustion following its recent climb, the US Dollar Index (DXY) witnessed a correction, while the risk-averse galaxy saw some rebound despite ongoing geopolitical concerns and a strong belief in an ECB rate drop this summer.
The USD Index had to backtrack from recent highs as a result of pressure on the dollar. The weekly Initial Jobless Claims, the CB Leading Index, the Philly Fed Manufacturing Index, and Existing Home Sales are all due on April 18. Bowman, Bostic, and Williams of the Fed are all scheduled to speak.
Forex Developments
EUR/USD rose to three-day highs on the back of the renewed selling pressure in the greenback and a risk-friendly environment in the global markets.
Due to risk-on pilsee and expectations of a rate cut by the Bank of England later in the year, GBP/USD smiled again and moved back up into the upper 1.2400s.
After two straight days of advances, USD/JPY traded cautiously, but it was still able to stay above 154.00. April 18 is set aside in Japan for the weekly Foreign Bond Investment and BoJ Noguchi’s address.
AUD/USD set aside a three-session negative streak and rebounded from recent yearly lows in the sub-0.6400 area. The release of the Australian labour market report takes centre stage on April 18.
Commodities
Following the release of data on the recent rise in US crude oil stocks that was more than anticipated each week and a reduction in geopolitical concerns, WTI fell sharply and flirted near $82.00 per barrel.
Gold prices slightly dropped below $2,365 per troy ounce, to end the North American session, as geopolitical concerns subsided. The sharp drop in silver prices on Tuesday was overcome, and the price per ounce rose above $28.00.
Improved global risk sentiment and a decline in US Treasury yields have caused gold prices to retreat from daily highs, further pressuring the US dollar. The precious metal is down 0.93%, at $2360.60 per ounce.
