Forex Today: Steady start to the week ahead of key data releases

Eren Sengezer FXStreet

Here is what you need to know on Monday, April 24:

Major currency pairs continue to fluctuate in familiar ranges early Monday following the previous week's choppy action. IFO sentiment survey for April from Germany will be released during the European trading hours. Later in the day, Federal Reserve Bank of Chicago's National Activity Index will be featured in the US economic docket. Ahead of this week's high-tier data releases, Monday's trading action is likely to remain subdued.

Despite the stronger-than-expected S&P Global Manufacturing and Services PMI readings from the US, the US Dollar struggled to outperform its rivals ahead of the weekend. The US Dollar Index ended the week virtually unchanged and extended its sideways grind slightly below 102.00 early Monday. Meanwhile, US stock index futures trade in negative territory and the benchmark 10-year US Treasury bond yield stays in the red below 3.6%, pointing to a cautious market stance.

EUR/USD edged higher toward 1.1000 during the Asian trading hours on Monday but failed to gather further bullish momentum. In an interview with the Financial Times (FT) on Monday, Pierre Wunsch, the European Central Bank’s (ECB) Governing Council member, said that he expects the ECB to continue raising interest rates until wage growth slows.

After falling toward 1.2350 on Friday, GBP/USD managed to erase its daily losses and closed above 1.2400. The pair continues to move up and down in a narrow channel above that level in the European morning on Monday.

USD/JPY is having a difficult time finding direction while moving sideways at around 134.00. The Sankei newspaper over the weekend Sunday that the Bank of Japan (BoJ) is planning to review and inspect policies taken over the past decades, kicking off discussions at a two-day meeting scheduled for April 27 and 28 under newly-appointed Governor Kazuo Ueda.

Gold price fell sharply on Friday as sellers took action following numerous failed attempts to reclaim $2,000 last week. XAU/USD stays under modest bearish pressure and trades below $1,980 early Monday.

Bitcoin edged lower over the weekend and ended up losing more than 9% on a weekly basis. Early Monday, BTC/USD trades at around $27,500. Following Friday's steep decline, Ethereum stayed relatively quiet over the weekend but snapped a three-week winning streak, losing more than 12%. In the European Morning on Monday, ETH/USD trades modestly lower on the day near $1,850.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.