Here is what you need to know on Friday, April 14:
The persistent US Dollar weakness continues early Friday with the US Dollar Index (DXY) staying at one-year lows below 101.00. Import and Export Price Index, March Retail Sales alongside Industrial Production data will be featured in the US economic docket later in the day. Ahead of the weekend, the University of Michigan will release the preliminary Consumer Sentiment Index for April.
US Retail Sales Preview: Dollar set to jump above low barrier of expectations, three scenarios.
Following Wednesday's soft inflation figures, the data from the US showed on Thursday that the Producer Price Index fell sharply in March, forcing the US Dollar (USD) to come under renewed selling pressure. Additionally, the US Department of Labor reported that the weekly Initial Jobless Claims rose to 239K in the week ending April 8, from 228K in the previous week. As Wall Street's main indexes gathered bullish momentum and registered strong daily gains, the DXY extended its slide late Thursday. In the European morning, however, US stock index futures trade in negative territory, pointing to a cautious market stance.
EUR/USD extended its daily rally above 1.1000 on Thursday and touched its strongest level since March 2022 above 1.1070 early Friday. There won't be any high-impact data releases from the Eurozone and the USD's valuation is likely to continue to drive the pair's action heading into the weekend.
GBP/USD closed the third straight day in positive territory on Thursday and managed to hold its ground during the Asian trading hours on Friday. As of writing, the pair was trading a few pips above Thursday's closing level of 1.2520.
Gold price registered impressive gains on Thursday and came within a touching distance of $2,050, the highest level since it set an all-time high in March 2022 at $2,070. XAU/USD seems to have gone into a consolidation phase at around $2,040 early Friday.
USD/JPY declined on Thursday amid the broad-based selling pressure surrounding the US Dollar. With the benchmark 10-year US Treasury bond yield holding steady above 3.4%, however, USD/JPY stays relatively quiet at around 132.50 on Friday.
Bitcoin cleared $30,000 hurdle and continued to push higher toward $31,000 early Friday. Ethereum gained more than 5% and rose above $2,000 for the first time since June. ETH/USD preserves its bullish momentum and was last seen rising another 5% on the day at $2,120.
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 extends recovery beyond 1.0400 amid Wall Street's turnaround
EUR/USD extends its recovery beyond 1.0400, helped by the better performance of Wall Street and softer-than-anticipated United States PCE inflation. Profit-taking ahead of the winter holidays also takes its toll.
GBP/USD nears 1.2600 on renewed USD weakness
GBP/USD extends its rebound from multi-month lows and approaches 1.2600. The US Dollar stays on the back foot after softer-than-expected PCE inflation data, helping the pair edge higher. Nevertheless, GBP/USD remains on track to end the week in negative territory.
Gold rises above $2,620 as US yields edge lower
Gold extends its daily rebound and trades above $2,620 on Friday. The benchmark 10-year US Treasury bond yield declines toward 4.5% following the PCE inflation data for November, helping XAU/USD stretch higher in the American session.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Bank of England stays on hold, but a dovish front is building
Bank of England rates were maintained at 4.75% today, in line with expectations. However, the 6-3 vote split sent a moderately dovish signal to markets, prompting some dovish repricing and a weaker pound. We remain more dovish than market pricing for 2025.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.