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The US Dollar Index bounced back from Monday’s losses, climbing back around 104.30. Key events to watch on Wednesday, March 27, include the Mortgage Applications report from the Mortgage Bankers Association (MBA) and a speech by Federal Open Market Committee (FOMC) member Christopher Waller.
Currencies
The EUR/USD pair traded in a narrow range and closed nearly flat around 1.0830. The European Commission’s final Consumer Sentiment index for the Eurozone, along with Economic Sentiment and Industrial Sentiment surveys, are all scheduled for release on March 27th.
The Sterling mirrored other riskier currencies, staying near Monday’s closing level of 1.2630 amid a lack of significant market swings. The next major data point for the UK is the release of GDP figures on March 28th.
The USD/JPY pair continued its recent consolidation phase, staying below the key resistance level of 152.00. Rising concerns about potential Japanese intervention in the currency market are contributing to this cautious trading. The Bank of Japan will release its Summary of Opinions and weekly Foreign Bond Investment figures on March 28th.
The AUD/USD pair lacked direction and remained near 0.6540, close to its key 200-day simple moving average (SMA). The Westpac Leading Index is due for release in Australia on March 27.
Commodities
WTI crud oil price retreated slightly from Monday’s gains as traders continued to weigh the geopolitical situation and the upcoming OPEC+ online meeting.
Despite the Dollar’s uptick, gold prices continued to climb, building on Monday’s advance and approaching their all-time high near $2,200 per ounce.
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