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Forex Today: US hard data steal the show

The renewed buying pressure prompted the Greenback to leave behind Monday’s pessimism and chart decent gains on Tuesday, always on the back of mitigating US-China trade concerns and rising prudence ahead of key US data releases later in the week.

Here is what you need to know on Wednesday, April 30:

The US Dollar Index (DXY) printed modest gains around the 99.20 zone amid the continuation of the downward trend in US yields across the board. The weekly MBA Mortgage Applications are due in the first turn, seconded by the ADP Employment Change, inflation tracked by the PCE, Personal Income, Personal Spending, the Chicago PMI, Pending Home Sales, the Employment Cost Index, the flash Q1 GDP Growth Rate, and the EIA’s weekly report on US crude oil inventories.

EUR/USD faded part of Monday’s decent uptick, meeting decent contention around the 1.1370 zone. Germany will be at the cenre of the debate in Europe, with the releases of Retail Sales, the jobs report, and the advanced estimate of Q1 GDP Growth Rate, flash Inflation Rate, and the preliminary Q1 GDP Growth Rate for the broader euro area.

GBP/USD flirted with yearly highs near 1.3450, although it later deflated to the 1.3400 region following the firmer US Dollar. Next on tap across the Channel will be the Nationwide House Price Index, followed by Mortgage Approvals, Mortgage Lending, the final S&P Global Manufacturing PMI, and the BoE’s M4 Money Supply and Consumer Credit figures, all due on May 1.

USD/JPY traded with modest gains in the lower end of the weekly range near 142.00 following Monday’s sharp pullback. Japanese preliminary Industrial Production data is due, seconded by Retail Sales, Housing Starts, Construction Orders, and the final readings of the Coincident Index and Leading Economic Index.

AUD/USD climbed to new highs, although it made a U-turn afterwards, ending Tuesday’s session with marked losses near 0.6380. Quarterly Inflation Rate is due along with the RBA’s Monthly CPI Indicator, Housing Credit, and Private Sector Credit figures.

Prices of WTI added to Monday’s retracement and approached new lows near the key $60.00 mark per barrel on the back of a gloomy demand outlook.

Prices of Gold extended further their choppy activity, putting the $3,300 support to the test once again amid easing trade jitters and a stronger Greenback. Silver prices reversed Monday’s small gains and slipped back below the $33.00 mark per ounce.

Author

Pablo Piovano

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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