Market Drivers; US Session, April 4

Mohamed Abdelhamid 5 April, 2024 3:23 am Commodities, Forex Market, Market Update

Amidst a prevailing appetite for riskier assets, the US dollar witnessed another weak day on Thursday. This was before the announcement of important non-farm payrolls on Friday. The ECB Accounts opened the door to rate reduction in June, while Fed speakers maintained its cautious approach.

The USD Index fell to new lows in the sub-104.00 range as a result of more weakness. The announcement of the non-farm payrolls, the unemployment rate, and the remarks by FOMC members Kugler, Barkin, and Bowman will be the main topics of interest on April 5.

Key Developments

Maintaining the positive trend, EUR/USD reached new multi-day highs close to 1.0880. Retail Sales in the Eurozone for the month of February will be included in the euro docket on April 5.

GBP/USD increased for the third straight session, finishing just shy of the crucial 1.2700 mark. In the UK calendar, the S&P Global Construction PMI is scheduled for April 5.

Around 151.70, the USD/JPY traded in a range of gains and losses, always staying inside the multi-day consolidative range. On April 5 on the Japanese docket, the Household Spending and preliminary readings of the Coincident Index and the Leading Economic Index are scheduled.

The AUD/USD pair saw strong gains and broke beyond the crucial 0.6600 barrier, or multi-session tops. The Balance of Trade data are anticipated on April 4.

Commodities

WTI traded in an inconclusive session, although they remained close to their recent yearly peaks around the $86.00 mark per barrel.

Gold prices saw their needle-like rally take a break after hitting an all-time top just above the $2,300 mark per troy ounce. Silver prices, in the meantime, ended the session barely changed despite advancing to new tops past the $27.00 mark per ounce earlier in the session.

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