Forex today: subdued, all eyes on Trump/Xi summit and nonfarms Friday

Ross J Burland FXStreet

The FX space today was subdued in the US session as investors await the nonfarm payrolls tomorrow and sit on their hands, cautious over US President, Donald Trump and the Chinese President, Xi Jinping, meeting today for the first time.

The risk sentiment is still low, with stocks looking relatively flat on the day so far. US yields were ranged bound, rising from 2.3281intially to 2.3642 but down to 2.3426 at time of writing. The greenback was making its today advance after the release of weekly unemployment claims, down to 234K in the week ending March 31st, much better that the 250K expected

The US dollar was slightly higher up 0.13% an hour before the close, although markets remain out of favour of the dollar given their concerns over Trump's policies not coming into effect soon enough considering how much his sweeping tax cuts had been priced in too soon. The dollar was also aided by the ECB announcements that there will not be any rate rises this side of 2018 leading to offers down to 1.0628 in the euro.

The yen traded in a narrow band between 111.15/28 with the minor correction on the hourly chart as a double bottom at 110.30 area. WTI traveled higher to meet yesterday's highs with a slight recovery in commodities across the board, scoring a high of $51.54bbls. Gold was a narrow chop between $1,249.50 and $1,259.32. The antipodeans were relatively weak with the Aussie better offered from 0.7577 highs down to 0.7532 lows. The Kiwi fell 0.6599 highs to 0.6958 lows.

The day ahead:

All ears will be on the ground for any news from Donald Trump and the Chinese President, Xi Jinping's summit in Florida that started today and concludes in the Us session tonight.

Key events from US session:

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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