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The risk-linked financial assets received much-needed oxygen from diminishing geopolitical fears at the start of a week that will be dominated by impending US inflation numbers and corporate earnings reports.
The US dollar posted modest gains during a rather unremarkable start to the week, helping to keep the USD Index (DXY) afloat in the low 106.00s. Flash PMIs are due on April 23, seconded by New Home Sales.
The EUR/USD pair slightly declined and stayed in the 1.0650 level in spite of the prevalent risk-on sentiment. On April 23, preliminary PMIs for Germany and the entire eurozone will be displayed on the euro calendar.
GBP/USD widened its loss and made a first trip back to the sub-1.2300 region since mid-November. On April 23, advanced PMIs and net borrowing by the public sector are due in the UK docket.
The USD/JPY strengthened to a fresh 34-year high at 154.85 as the general consolidative trend persisted. On April 23, there are no scheduled data releases listed on the Japanese docket.
On a positive note, the AUD/USD pair recovered calm to reach two-day highs at the start of the week. On April 23, Australia is likely to receive the Judo Bank flash PMIs.
Commodities
WTI bottomed out in the sub-$81.00 range, barely changing at the end of the day. Gold prices dropped to multi-session lows close to $2,330 per troy ounce due to waning geopolitical fears. In a similar vein, silver prices fell by over 5% and once again tested the $27.00 per ounce barrier.
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