Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Improved risk appetite on Tuesday impacted the US dollar, which is -0.44% down, at the 105.68 mark, while the weaker than expected US PMIs kept the American currency under pressure.
The ECB is expected to cut rates in June, while the Fed is still seen reducing its rates in September, with marginal hopes for cuts earlier in light of the recent economic data. Further downside pressure dragged the dollar 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.
Key Developments
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.
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.
Commodities
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.
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.
Also Read:
US stocks secure gains amid risk-on mood
WTI back over $83 amid further volatility
Treasury yields retreat following downbeat data
Is US preparing for sanctions against China over support of Russian war?
Spotify announces Q1 earnings following a year of significant layoffs, activist attention
