Here is everything you should know about Forex for Wednesday, April 24:
In Forex Marlet After losing versus its key rivals during the American session on Tuesday, the US Dollar (USD) appears to have stabilized in the European morning on Wednesday. Market players will pay particular attention to IFO sentiment data from Germany midweek. Later in the day, the US economic calendar will include Durable Goods Orders for March.
The USD Index fell in the second half of the day on Tuesday, closing 0.4% down, after US data showed that private-sector economic activity expanded at a slower pace in early April. The S&P Global Composite PMI has dropped to
50.9 from 52.1 in March, while the S&P Global Manufacturing PMI slipped into contraction zone, reaching 49.9. Early Wednesday, the USD Index traded in a narrow range below 106.00, as the benchmark 10-year US Treasury bond yield maintained small daily advances above 4.6%. Following Wall Street’s main indexes’ second consecutive day of gains on Tuesday, US stock index futures are trading higher in the European morning.
During Asian trading hours, data from Australia revealed that inflation, as measured by the change in the Consumer Price Index (CPI), fell to 3.6% on a year in the first quarter from 4.1%. This number, however, exceeded thek market’s projection of 3.4%. The CPI is calculated quarterly. 1% increase in the first quarter.
Market Movement in pairs
The AUDUSD gained upward momentum following the inflation report and was last seen climbing roughly 0.5% on the day above 0.6500.
The Australian dollar is holding its position thanks to risk-on mood in the face of a stable US dollar.
EURUSD jumped 0.5% on Tuesday, surpassing 1.0700 for the first time in more than a week. The pair remains reasonably quiet near 1.0700 in the European morning.
GBPUSD rose 0.8% on Tuesday, halting a three-day losing skid. The pair remained stable at around 1.2450 early Wednesday.
USDJPY defied the selling pressure around the USD and continued its sideways movement on Tuesday. The pair trades within a few pips of 155.00 during the European session.
Japanese Yen hovers at multi-decade lows against USD, at the 155.00 mark.
Gold fell below $2,300 for the first time in over three weeks on Tuesday, following its worst one-day loss of the year, a more than 2.5% drop on Monday. Although XAUUSD recovered later in the day, it failed to gain pace. Early Wednesday, the pair traded in a narrow band around $2,320.
