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.
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 retreats toward 1.0850 on modest USD recovery
EUR/USD stays under modest bearish pressure and trades in negative territory at around 1.0850 after closing modestly lower on Thursday. In the absence of macroeconomic data releases, investors will continue to pay close attention to comments from Federal Reserve officials.
GBP/USD holds above 1.2650 following earlier decline
GBP/USD edges higher after falling to a daily low below 1.2650 in the European session on Friday. The US Dollar holds its ground following the selloff seen after April inflation data and makes it difficult for the pair to extend its rebound. Fed policymakers are scheduled to speak later in the day.
Gold climbs to multi-week highs above $2,400
Gold gathered bullish momentum and touched its highest level in nearly a month above $2,400. Although the benchmark 10-year US yield holds steady at around 4.4%, the cautious market stance supports XAU/USD heading into the weekend.
Chainlink social dominance hits six-month peak as LINK extends gains
-637336005550289133_XtraSmall.jpg)
Chainlink (LINK) social dominance increased sharply on Friday, exceeding levels seen in the past six months, along with the token’s price rally that started on Wednesday.
Week ahead: Flash PMIs, UK and Japan CPIs in focus – RBNZ to hold rates
After cool US CPI, attention shifts to UK and Japanese inflation. Flash PMIs will be watched too amid signs of a rebound in Europe. Fed to stay in the spotlight as plethora of speakers, minutes on tap.