{"id":63318,"date":"2022-04-06T03:07:30","date_gmt":"2022-04-05T23:07:30","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=63318"},"modified":"2022-04-06T03:26:11","modified_gmt":"2022-04-05T23:26:11","slug":"market-drivers-us-session-5-april","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-5-april\/04\/06\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 5 April"},"content":{"rendered":"\n

The US dollar is the most prominent winner on Tuesday, firmly up against all of major rival currencies. Diminishing chances of a diplomatic solution to the Russia-Ukraine conflict and central banks\u2019 aggressiveness were behind the market\u2019s movements during the US trading session.

Economic Data
<\/strong>US Institute for Supply Management (ISM) has unfolded the Services Purchase Managers Index (PMI) on Tuesday and has displayed an outperformance from the US economy against the estimates. The US ISM Services PMI landed at 58.3, higher than the preliminary estimate of 58.3 and prior print of 56.5, which has further benefited the robust Dollar Index.

Other Developments
<\/strong>In the afternoon, US Federal Reserve Governor Lael Brainard hinted at an aggressive reduction of the balance sheet and noted that combined with rate hikes would move monetary policy closer to neutral later this year. His words sent the yield on the 10-year Treasury note to 2.567%, now holding nearby.

At the beginning of the day, the Reserve Bank of Australia gave up its patient stance, providing an unexpected boost to the local currency. Governor Philip Lowe dropped the sentence \u201cprepared to be patient\u201d from its usual statement and hinted at an interest rate hike in June.

The last time the RBA hiked was in 2010. Lowe also said that policymakers will now focus on inflation and labour costs data. The Australian Federal election will take place in May.

The EU is analyzing a ban on Russian coal imports as the US increases oil imports from Canada. France’s Europe Affairs Minister Beaune said that a new round of sanctions against Russia would most likely be imposed on Wednesday.

The EUR\/USD pair plunged to 1.0900 while GBP\/USD trades around 1.3076. The AUD\/USD pair managed to retain some of its post-RBA gains but pulled down from a fresh 2022 high of 0.7660. USD\/CAD nears 1.2500 as crude oil prices edged sharply lower, with WTI currently hovering around $100.00 a barrel.

Gold traded as high as $1,944.56 a troy ounce, now struggling around $1,920, amid renewed demand for the greenback. The US FOMC will publish the Minutes of its latest meeting on Wednesday.

Also Read:
<\/strong>USD Surges On Hawkish Fed Officials\u2019 Comments<\/a><\/p>\n\n\n\n

Red, Green Arrows Across Financial Markets Await Signals By FOMC Minutes<\/a><\/p>\n\n\n\n

Washington Pushes Moscow To Default By Impeding Debt Payments<\/a><\/p>\n\n\n\n

Aggressive Fed Drags US Shares, Tech Shares Lower<\/a><\/p>\n\n\n\n

Fed\u2019s Daly: Can start balance sheet reduction as early as May meeting<\/a><\/p>\n\n\n\n

Hawkish Fed Drags Gold Lower<\/a><\/p>\n\n\n\n

Ukrainian official: No compromises, Zelenskyy\/Putin talks will be difficult<\/a><\/p>\n\n\n\n

US: ISM Services PMI Surges to 58.3 in March versus 58.4 expected<\/a><\/p>\n\n\n\n

Brainard: Fed Prepared to take stronger action if inflation expectations require it<\/a><\/p>\n\n\n\n

GBP\/USD to slump towards 1.30 on repricing of BoE hikes<\/a><\/p>\n\n\n\n

Biden Administration looking at ways to boost oil imports from Canada<\/a><\/p>\n\n\n\n


<\/p>\n","protected":false},"excerpt":{"rendered":"

The US dollar is the most prominent winner on Tuesday, firmly up against all of major rival currencies. Diminishing chances of a diplomatic solution to the Russia-Ukraine conflict and central banks\u2019 aggressiveness were behind the market\u2019s movements during the US trading session.Economic DataUS Institute for Supply Management (ISM) has unfolded the Services Purchase Managers Index …<\/p>\n","protected":false},"author":13,"featured_media":52794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7770,8444,8143,7717,7580,6834,7035,6871],"class_list":["post-63318","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-fomc-minutes","tag-hawkish-language","tag-interest-rate-hikes","tag-lael-brainard","tag-monetary-policy","tag-pmi","tag-rba","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/63318","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=63318"}],"version-history":[{"count":4,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/63318\/revisions"}],"predecessor-version":[{"id":63324,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/63318\/revisions\/63324"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52794"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=63318"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=63318"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=63318"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}