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Forex Today: Dollar hurt by data and risk appetite

Further selling pressure prompted the Greenback to retreat further and put the USD Index (DXY) on track to challenge the 104.00 support after weaker-than-expected. On another front, further disinflationary pressures in the euro area bolstered an ECB rate cut in the summer.

Here is what you need to know on Thursday, April 4:

The Greenback faced extra downside pressure, putting the 104.00 zone to the test when tracked by the USD Index (DXY). On April 4, February’s Balance of Trade results are due seconded by weekly Initial Jobless Claims. In addition, the Fed's Barkin, Goolsbee, and Mester are all due to speak.

EUR/USD gathered extra upside traction and managed to confront the key 200-day SMA in the 1.0830 region. On April 4, the final HCOB Services PMIs in Germany and the euro area are expected along with the release of the ECB Accounts.

GBP/USD rose to multi-day highs well past the 1.2600 mark, an area coincident with the interim 100-day SMA. The final S&P Global Services PMI will take centre stage across the Channel on April 4.

USD/JPY kept its side-lined performance intact for yet another session, always below the 152.00 milestone. The usual weekly Foreign Bond Investment figures are scheduled for April 4 in the Japanese docket.

AUD/USD picked up further buying interest and left behind the critical 200-day SMA around 0.6545. On April 4, the final Judo Bank Services PMI is due.

Unabated geopolitical concerns lifted WTI prices to new 2024 peaks north of the $86.00 mark per barrel.

Persistent safe-haven demand and hopes of Fed rate cuts in June helped Gold prices reach a record peak near the $2,300 mark per troy ounce. In the same line, the rally in Silver remained unabated, hitting fresh highs just above the $27.00 level per ounce for the first time since June 2021.

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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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