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As European investors got back to work after the long Easter break, the US dollar declined from its recent highs, providing some much-needed relief in the risk-linked world. The USD Index (DXY) dropped to 104.70 from recent heights over 105.00 as a result of fresh selling pressure on the US dollar.
Because of the Dollar’s decline, EUR/USD was able to achieve some balance and recovered from multi-week lows close to 1.0720. On April 3, the unemployment rate and the advanced inflation rate in the euro region will be highlighted.
GBP/USD set aside three daily negative sessions and advanced modestly on Tuesday, briefly challenging the 1.2580 region on the back of the resurgence of some selling interest in the Dollar.
USD/JPY maintained its consolidative phase unchanged, always above the 151.00 level and surrounded by persistent concerns over a potential FX intervention.
AUD/USD rose markedly and left behind part of the recent weakness, regaining at the same time the area beyond 0.6500 the figure. On April 3, the Ai Group Industry Index is due.
Commodities
Prices of WTI rose to a new 2024 high past the $85.00 mark per barrel, underpinned by escalating geopolitical tensions.
Gold prices rose to an all-time high near the $2,280 level per troy ounce on the back of strong safe-haven demand. Its cousin Silver advanced nearly 4% and surpassed the $26.00 mark per ounce for the first time since May 2023.
Economic Data
The number of job openings on the last business day of February stood at 8.75 million, the US Bureau of Labour Statistics (BLS) reported in the Job Openings and Labour Turnover Survey (JOLTS) on Tuesday. This reading followed 8.74 million (revised from 8.86 million) openings in January and came in slightly above the market expectation of 8.74 million.
What to watch on Wednesday
On April 3, the ADP Employment Change takes centre stage, seconded by the final S&P Global Services PMI and the ISM Services PMI. In addition, the Fed’s Bowman, Goolsbee, Barr, Kugler, and Powell are all due to speak.
An OPEC+ ministerial panel is unlikely to recommend any oil output policy changes at a meeting on Wednesday, five OPEC+ sources told Reuters, as oil prices hit their highest this year.
The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, will hold an online joint ministerial monitoring committee meeting (JMMC) on April 3 to review the market and members’ implementation of output cuts they have already agreed to extend.
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