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Mixed US data, further selling pressure, risk appetite and renewed remarks by Fed officials on rate cut are the main factors that have dragged the US dollar lower and put the USD Index (DXY) on track to challenge the 104.00 support after weaker-than-expected data. Further disinflationary pressures in the Eurozone bolstered an ECB rate cut in the coming summer months.
The dollar faced extra downside pressure, putting the 104.00 zone to the test when tracked by the USD Index (DXY). On April 4, February’s Balance of Trade results are due seconded by weekly Initial Jobless Claims. In addition, the Fed’s Barkin, Goolsbee, and Mester are all due to speak.
The USD/JPY pair kept its side-lined performance intact for yet another session, always below the 152.00 milestone. The usual weekly Foreign Bond Investment figures are scheduled for April 4 in the Japanese docket.
AUD/USD picked up further buying interest and left behind the critical 200-day SMA around 0.6545. On April 4, the final Judo Bank Services PMI is due.
The EUR/USD pair gathered extra upside traction and managed to confront the key 200-day SMA in the 1.0830 region. On April 4, the final HCOB Services PMIs in Germany and the euro area are expected along with the release of the ECB Accounts.
The GBP/USD pair rose to multi-day highs well past the 1.2600 mark, an area coincident with the interim 100-day SMA. The final S&P Global Services PMI will attract the attention of market participants on Thursday, April 4.
Commodities
Unabated geopolitical concerns lifted WTI prices to new 2024 peaks north of the $86.00 mark per barrel. Persistent safe-haven demand and hopes of Fed rate cuts in June helped gold prices reach a record peak near the $2,300 mark per troy ounce. In the same line, the rally in Silver remained unabated, hitting fresh highs just above the $27.00 level per ounce for the first time since June 2021.
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