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Forex Today: Fedspeak in the limelight amidst September rate cut bets

The risk complex regained some poise amidst a mild corrective decline in the US Dollar and rising speculation of a Fed rate cut in September. In the meantime, the ECB left rates unchanged as expected and opened the door to a rate cut in June.

Here is what you need to know on Friday, April 12:

The US Dollar maintained its bullish bias and advanced to fresh 2024 peaks around 105.50 when gauged by the DXY on Thursday. On April 12, the preliminary Michigan Consumer Sentiment is due, followed by speeches by the Fed's Bostic and Daly.

EUR/USD came under further downward bias and briefly dipped below the 1.0700 support. The final Inflation Rate in Germany is due on April 12, along with the ECB’s Survey of Professional Forecasters (SPF).

GBP/USD ended the session with marginal gains following an earlier drop to multi-week lows. In the UK, GDP prints, Balance of Trade, Construction Output, Industrial and Manufacturing Production, and the NIESR GDP Tracker are all due on April 12.

The rally in USD/JPY remained unchanged, this time hitting highs not seen since June 1990 around 153.30. In Japan, final Industrial production readings are expected on April 12.

AUD/USD met some decent support near the 0.6500 neighbourhood, managing to regain composure and advance modestly on Thursday.

WTI prices resumed the downtrend amidst geopolitical concerns and diminishing bets on the Fed’s rate cut in the summer.

Prices of Gold regained the upside momentum and shifted their focus to the all-time high near $2,360 per troy ounce. Silver, in the same direction, set aside Wednesday’s decline and reclaimed the area beyond the $28.00 mark per ounce.

Author

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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