US labour-market data was strong and markets continued to fret over inflation pressures.
There was further speculation over a faster pace of Federal Reserve policy tightening.
The dollar maintained a strong tone with fresh 16-month highs for the index.
USD/JPY strengthened to fresh 4-year highs.
EUR/USD dipped to fresh 16-month lows below 1.1200 before recovering slightly.
Sterling was little changed with GBP/USD posting fresh 2021 lows near 1.3320 before a slight recovery.
US initial jobless claims declined sharply to a 19-month low of 199,000 in the latest week from a revised 270,000 and well below consensus forecasts of 260,000.
The Euro dipped further following the jobless claims data with fresh 16-month EUR/USD lows below the 1.1200 level as the dollar posted further net gains across the board.
Market conditions are liable to be subdued on Thursday with the US Thanksgiving Holiday and EUR/USD secured a slight recovery to near 1.1215 on Thursday.
Trading carries a high level of risk to your capital. Losses can exceed deposits. Please read the full risk warning here.Trading spot foreign exchange and futures on margin carries a high level of risk and may not be suitable for all investors. You may lose all your capital. Loses can exceed deposits. Past performance is not indicative of future results. The high degree of leverage can work against you as well as for you. Before deciding to invest in spot foreign exchange or futures you should carefully consider your investment objectives, level of experience, and risk appetite. If you are in any doubt about investment or the mechanics of such products, you should seek independent financial advice
Recommended Content
Editors’ Picks
EUR/USD rises toward 1.0700 after Germany and EU PMI data
EUR/USD gains traction and rises toward 1.0700 in the European session on Monday. HCOB Composite PMI data from Germany and the Eurozone came in better than expected, providing a boost to the Euro. Focus shifts US PMI readings.
GBP/USD regains 1.2350 ahead of UK PMIs
GBP/USD is recovering ground above 1.2350 in the European session, as the US Dollar comes under fresh selling pressure on improving risk sentiment. The further upside in the pair could be capped, as traders await the UK PMI reports for fresh trading impetus.
Gold price flirts with $2,300 amid receding safe-haven demand, reduced Fed rate cut bets
Gold price (XAU/USD) remains under heavy selling pressure for the second straight day on Tuesday and languishes near its lowest level in over two weeks, around the $2,300 mark heading into the European session.
PENDLE price soars 10% after Arthur Hayes’ optimism on Pendle derivative exchange
Pendle is among the top performers in the cryptocurrency market today, posting double-digit gains. Its peers in the altcoin space are not as forthcoming even as the market enjoys bullish sentiment inspired by Bitcoin price.
US S&P Global PMIs Preview: Economic expansion set to keep momentum in April
S&P Global Manufacturing PMI and Services PMI are both expected to come in at 52 in April’s flash estimate, highlighting an ongoing expansion in the private sector’s economic activity.