Forex Today: Dollar under pressure after US CPI, eyes on Australian employment

Matías Salord FXStreet

The March Australian Employment is the key report of the Asian session. China will release trade balance data. More US inflation data is coming on Thursday with the Producer Price Index. The US Dollar Index is under pressure and posted on Wednesday the lowest daily close since early February.

Here is what you need to know on Thursday, April 13:

The US Consumer Price Index (CPI) rose 0.1% in March, below the 0.3% increase expected, and the annual rate slowed to 5%, the smallest since May 2021. However, the Core rate edged higher from 5.5% to 5.6% YoY. Despite the persistence in Core inflation, the bond market continues to bet on rate cuts late in 2023 while still seeing some potential for another rate hike at the May FOMC meeting (the last one). The decline in US yields weighs on the US Dollar.

The US Dollar Index dropped to 101.50 and posted the lowest daily since February. More US inflation data is due on Thursday with the Producer Price Index. The weekly Jobless Claims report is also due.

EUR/USD jumped to the 1.1000 area but could not break above, while EUR/GBP rose above 0.8800. Expectations of more rate hikes from the European Central Bank (ECB) continue to offer support to the common currency.

GBP/USD gained ground for the second day in a row, and is back near the 1.2500 area, with a bullish outlook. UK GDP data and Industrial Production and Trade Balance are due on Thursday.

USD/JPY ended a positive streak and bottomed at 132.70. It rebounded during the American session above 133.00 but the short-term outlook remains bearish.

AUD/USD peaked at 0.6723 and then pulled back below 0.6700. Australia will release employment data on Thursday; market consensus is for an increase of 20,000 in jobs during March.

The Bank of Canada, as expected, kept interest rates unchanged at 4.5%, offering no significant changes in its forward guidance. BoC Governor Macklem said they are not forecasting a major contraction. He will speak again on Thursday at the International Monetary Fund Spring meetings. USD/CAD dropped for the second day in a row, falling below 1.3450, as it continues to move toward April lows.

NZD/USD rose modestly and retook 0.6200 as the Kiwi lags again. AUD/NZD rose above 1.0750, to weekly highs.

Bitcoin peaked above $30,500 after US CPI data but then pulled back, retreating to $29,800. Gold price peaked near $2,030 and then pulled back to $2,000 to end a volatile session around $2,015. Finally, silver broke decisively above $25.00.

Like this article? Help us with some feedback by answering this survey:

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

EUR/USD shifts its attention to 1.1900 and above

EUR/USD has shaken off Tuesday’s dip, pushing back beyond the 1.1800 mark amid decent gains as Wednesday’s session draws to a close. The rebound is largely driven by a modest pullback in the US Dollar, as markets digest the aftermath of President Trump’s SOTU speech and continue to monitor trade-related headlines and signals from the White House.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority (FCA) in the United Kingdom (UK) is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.