Forex Today: JPY and antipodeans may entertain global traders on Easter Monday

  • Greenback regained its strength amid welcome data/positive earnings during the holiday-shortened week.
  • Japan, China and Singapore markets will remain active on Easter Monday.

Global forex markets remained in favor of the US Dollar (USD) during last-week while risk tone was also present in a light shade. The Euro (EUR), the British Pound (GBP), the Swiss Franc (CHF) and the New Zealand Dollar (NZD) were the biggest losers of the holiday-shortened week including Good Friday.

While upbeat data and positive earnings report portrayed a positive week for the greenback, sluggish economic prints were dragging the EUR and the NZD downwards. The GBP couldn’t enjoy better than forecast retail sales as lack of Brexit headlines dimming the Pound’s charm among investor fraternity. Further, the NZD had to bear the burden of disappointing inflation numbers highlighting the fear of May month rate-cut from the Reserve Bank of New Zealand (RBNZ) while the CHF has no data/event that can help the currency to confront broadly strong USD.

The US 10-year treasury yield remained mostly unchanged on a weekly basis to 2.56% but news reports concerning the US-China trade deal, North Korea testing new weapons and positive comments from the Bank of Japan (BOJ) officials helped the JPY remain a bit stronger compared to the USD.

The Dow Jones Industrial Average (DJIA) was up for fourth consecutive weekly gain with its 26,560 print while Nasdaq flashed sixth back to back positive closing on a week as wrote 7998 on the cards. Furthermore, S&P500 was also in green with 2905 end-mark to the trading week.

Looking forward, Monday’s Asian session is likely to be dominated by news reports from Japan, China and Singapore as these are the major markets to remain open on Easter Monday that’ll dominate global trade sentiment. 

No data/event is scheduled for release except the US Chicago Fed National activity index and existing home sales for March. The activity gauge slipped into negative territory with -0.29 figure during its previous release while existing home sales may soften to 5.30 million from 5.51 million prior.
It should also be noted that the UK markets may witness increased momentum from Tuesday onwards as the British lawmakers will return to the UK parliament after a long recess.

Key Notes:

EUR/USD: No reaction to US data, looks to warp up week around mid-1.12s

USD/JPY: On track to close in the middle of its 50-pip weekly range below 112

Gold erases more than $15 this week, will the selloff extend?

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