The Greenback was unable to sustain its early-week advance, eventually reversing course and ending the week with a modest pullback amid persistent concerns over the US economy, while the tariff narrative remained murky.
The US Dollar Index (DXY) closed the week virtually unchanged following its previous gains, against a backdrop of erratic US yields, ongoing tariff worries, and fears of a potential US economic slowdown. The ISM Manufacturing PMI takes center stage on April 1, followed by JOLTs Job Openings, Construction Spending, the final S&P Global Manufacturing PMI, and the RCM/IPP Economic Optimism Index—all ahead of the API’s weekly report on US crude oil inventories. On April 2, the weekly MBA Mortgage Applications, Factory Orders, the ADP Employment Change, and the EIA’s weekly report on US crude oil stockpiles are due. The usual weekly Initial Jobless Claims, Balance of Trade results, the ISM Services PMI, and the final S&P Global Services PMI will be released on April 3, while the Nonfarm Payrolls and the Unemployment Rate will be the main highlights on April 4.
EUR/USD advanced modestly, rebounding from the 1.0730 zone after flirting with its critical 200-day SMA. Germany’s advanced Inflation Rate is due on March 31, alongside Retail Sales and Import Prices. The final HCOB Manufacturing PMI for both Germany and the euro area will be released on April 1, followed by the bloc’s preliminary Inflation Rate and the Unemployment Rate. The final HCOB Services PMI for Germany and the euro area is expected on April 3, along with EMU’s Producer Prices and the ECB Accounts. Germany’s Factory Orders are due on April 4, ahead of the HCOB Construction PMI in Germany and the euro zone.
Despite a choppy week, GBP/USD managed decent gains above the 1.2900 barrier, as investors digested the Spring Statement, UK inflation, and upbeat Retail Sales figures. The BoE’s Consumer Credit, M4 Money Supply, and Net Lending to Individuals are due on March 31, along with Mortgage Approvals and Mortgage Lending data. The Nationwide Housing Prices are slated for April 1, followed by the final S&P Global Manufacturing PMI, while the final S&P Global Services PMI will wrap up the UK docket on April 3.
USD/JPY climbed for the third consecutive week despite facing significant selling pressure on Friday, which saw the pair pull back from fresh highs above 151.00 to slip below 150.00 by the day’s end. Preliminary Industrial Production readings are due on March 31, alongside Retail Sales, Housing Starts, and Construction Orders. The Unemployment Rate is expected on April 1, ahead of the Tankan Survey and the final Jibun Bank Manufacturing PMI. Weekly Foreign Bond Investment figures are scheduled for April 3, together with the final Jibun Bank Services PMI, while the Household Spending report will headline the April 4 calendar.
AUD/USD saw further volatility but managed to reverse the previous week’s drop, posting solid gains in recent sessions—though a decisive break above 0.6300 remained elusive. Housing Credit data, the final S&P Global Manufacturing PMI, and Private Sector Credit will open the calendar on March 31. The RBA’s interest rate decision on April 1 will take center stage, followed by Retail Sales. Building Permits and Private House Approvals will come on April 2, alongside the final S&P Global Services PMI. Balance of Trade figures are due on April 3, along with the RBA’s Financial Stability Review.
Anticipating economic perspectives: Voices on the horizon
- The BoE’s Greene speaks on April 1, along with the ECB’s Lagarde, Lane, and the Fed’s Barkin.
- The RBA’s Kent, the ECB’s Schnabel, and Lane, and the Fed’s Kugler speak on April 2.
- The RBA’s Bullock will speak on April 3, followed by the ECB’s De Guindos, and the Fed’s Jefferson and Cook.
- The Fed’s Powell, Barr, and Waller will speak on April 4.
Central banks: Upcoming meetings to shape monetary policies
- The RBA will meet on April 1 (4.10% exp, unch).
- The NBP will decide on rates on April 2 (5.75% exp, unch).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
EUR/USD retreats below 1.0800 ahead of US data
EUR/USD loses traction and trades below 1.0800 on Tuesday. The risk-averse market atmosphere ahead of Wednesday's tariff announcements makes it difficult for the pair to hold its ground as the market attention turns to US data releases.
GBP/USD struggles to stabilize above 1.2900
Following a short-lasting uptick in the European session, GBP/USD edges lower and trades slightly below 1.2900 on Tuesday. The US Dollar (USD) holds its ground as investors adopt a cautious stance in anticipation of data releases and Wednesday's tariff decisions.
Gold pulls away from record highs, holds comfortably above $3,100
Gold corrects lower but manages to hold comfortably above $3,100 after touching a new record-high near $3,150 earlier in the day. Falling US Treasury bond yields help XAU/USD limit its losses as investors refrain from taking large positions ahead of US tariff announcements.
JOLTS job openings set to decline modestly in February
The Job Openings and Labor Turnover Survey (JOLTS) will be released on Tuesday by the United States Bureau of Labor Statistics. Markets expect job openings to decline to 7.63 million on the last business day of February.
Is the US economy headed for a recession?
Leading economists say a recession is more likely than originally expected. With new tariffs set to be launched on April 2, investors and economists are growing more concerned about an economic slowdown or recession.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.