Forex Today: The Services sector takes centre stage
|The Greenback traded on the back foot on Wednesday, receding markedly against the backdrop of increasing prudence ahead of President Trump’s announcements on reciprocal tariffs.
Here is what you need to know on Thursday, April 3:
The US Dollar Index (DXY) broke below the 104.00 region amid a pronounced pullback and a marginal bounce in US yields across the curve. Balance of Trade results are due along with the usual weekly Initial Jobless Claims, the final S&P Global Services PMI, the Challenger Jon Cuts, the ISM Services PMI and speeches by the Fed’s Cook and Jefferson.
EUR/USD gathered steam and advanced past the 1.0870 barrier, leaving behind wo daily pullbacks in a row. The final HCOB Services PMI in Germany and the euro area will be published, seconded by Producer Prices in the bloc, the ECB Accounts and speeches by the ECB’s De Guindos and Schnabel.
GBP/USD added to Tuesday’s small gains and retested the 1.2980 region, or four-day highs. The final S&P Global Services PMI will be the sole data release across the Channel.
USD/JPY navigated with decent gains, regaining the 150.00 hurdle amid markets’ cautious stance prior to Trump’s announcements. The weekly Foreign Bond Investment and the final Jibun Bank Services PMI are expected on the Japanese calendar.
AUD/USD advanced to weekly peaks north of the key 0.6300 hurdle, building on Tuesday’s gains. The final S&P Global Services PMI is due, seconded by Balance of Trade results and the RBA’s Financial Stability Report (FSR).
Prices of WTI traded in an upbeat tone, flirting with the $72.00 mark per barrel despite a large build in US inventories and rising caution ahead of Trump’s “Liberation Day” announcements.
Prices of Gold regained composure, leaving behind Tuesday’s decline and keeping the trade near recent record peaks past the $3,100 mark per troy ounce. Silver prices advanced modestly, retesting the area above the key $34.00 mark per ounce following three daily drops in a row.
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