Forex Today: Markets’ attention shifts to the Fed Minutes

The Greenback’s recovery seems to have run out of some steam on Tuesday, encouraging the risk complex to recoup part of the recent ground lost against the backdrop renewed hopes on the tariffs front.

Here is what you need to know on Wednesday, April 9:

The US Dollar Index (DXY) retreated markedly, coming under renewed selling interest and revisiting the sub-103.00 region. The FOMC Minutes will take centre stage, seconded by the weekly MBA Mortgage Applications, Wholesale Inventories, and the EIA’s weekly report on US crude oil inventories. Additionally, the Fed’s Barkin is expected to speak.

EUR/USD reversed two daily declines in a row and regain strong upside impulse north of 1.0900 the figure on an improved sentiment in the risk-associated universe. The final Inflation Rate in Germany and the Current Account results will be released on April 11.

GBP/USD set aside the weakness seen in the last couple of days and retested its key 200-day SMA past the 1.2800 barrier. Next on tap across the Channel will be the GDP data, Goods Trade Balance, Industrial and Manufacturing Production, Construction Output, and the NIESR Monthly GDP Tracker, all expected on April 11.

USD/JPY partially faded two daily advances in a row and slipped back to the low-146.00s on Tuesday. The Japanese docket will include the Consumer Confidence gauge, Machine Tool Orders, Bank Lending figures, and the speech by the BoJ’s Ueda.

AUD/USD added to the ongoing weakness and retreated once again to the area of five-year lows around 0.5950. The Building Permits and Private House Approvals are due in Oz.

WTI tumbled to four-year troughs below the $59.00 mark per barrel, as further trade tensions and the likelihood of a global trade war spooked traders.

Prices of Gold traded in an inconclusive day following three consecutive daily declines on Tuesday, maintaining the trade below the key $3,000 mark per troy ounce. Silver prices resumed their downtrend following Monday’s bullish attempt, returning below the $30.00 mark per ounce.