Forex Today: US data and ECB-speak should entertain investors
The Greenback resumed its uptrend on Wednesday amid steady concerns surrounding US tariffs and the somewhat alleviated geopolitical tensions. Investors’ focus, in the meantime, remain on the US economy and upcoming inflation data.
Here is what you need to know on Thursday, March 27:
The US Dollar Index (DXY) reclaimed the area well beyond the 104.00 barrier, rapidly leaving behind Tuesday’s hiccup amid a decent bounce in US yields across the curve. The usual weekly Initial Jobless Claims, the final Q4 GDP Growth Rate, Pending Home Sales, and the advanced Goods Trade Balance results are all due.
EUR/USD dropped to levels last seen in early March near 1.0740 amid the strong resurgence of the bid bias in the US Dollar. The ECB’s M3 Money Supply and the European Commission Forecasts will gather all the attetion on the old continent.
GBP/USD came under renewed selling pressure after two daily advances in a row, briefly slipping back to two-week lows near 1.2870. Retail Sales, Current Account, Goods Trade Balance, Business Investment and the final Q4 GDP Growth Rate are next on tap on March 28.
USD/JPY reversed Tuesday’s marked retracement and returned to the area well north the 150.00 hurdle. The weekly Foreign Bond Investment figures are expected in “The Land of the Rising Sun”.
AUD/USD mirrored the broad performance of the risk complex, flirting with two-day lows near the 0.6280 area. Next on tap in Oz will be the Housing Credit figures, seconded by Private Sector Credit, all expected on March 31.
Prices of WTI rose for the third day in a row, marching to fresh three-week peaks just above the key $70.00 mark per barrel on the back of shrinking US inventories and supply concerns.
Gold prices appear to have embarked on a consolidative phase, this time receding a tad to the $3,010 zone per troy ounce amid the stronger Greenback and rising US yields. The ounce of Silver ended the day slightly on the defensive despite the earlier bull run to four-day highs near the $34.00 mark.