Forex Today: The BoC meets, and Chief Powell speaks

The Greenback’s deep sell-off appears to have taken a breather on Tuesday despite trade tensions remained well in place, all against the backdrop of rising expectations prior to the release of US Retail Sales and the speech of Chair Powell on Wednesday.

Here is what you need to know on Wednesday, April 16:

The US Dollar Index (DXY) garnered some decent upside traction and attempted a recovery that broke above the key 100.00 hurdle. The weekly MBA Mortgage Applications is due, ahead of Retail Sales, Industrial and Manufacturing Production, Capacity Utilisation, Business Inventories, the NAHB Housing Market Index, Net TIC Flows and the EIA’s weekly report on US crude oil stockpiles. Additionally, the Fed’s Powell is due to speak along with Cook, and Hammack.

EUR/USD continued to suffer some renewed selling pressure and revisited the sub-1.1300 contention zone. The EMU’s Current Account Results and the final Inflation Rate are expected on the domestic calendar.

GBP/USD maintained its bullish stance in place and climbed to new multi-month highs around 1.3250. The key UK Inflation Rate takes centre stage across the Channel.

USD/JPY navigated with a positive direction above the 143.00 region amid the ongoing multi-month leg lower. The Reuters Tankan Index and Machinery Orders will be published.

The march north in AUD/USD remained unabated on Tuesday, this time coming closer to the key resistance zone around the 0.6400 zone. Next on tap on the docket will be the Westpac Leading Index.

WTI prices alternated gains with losses below the $62.00 mark per barrel following the pick-up in the US Dollar and the expected lower demand of crude oil signalled by the IEA.

Prices of Gold clinched modest gains above the $3,200 mark per troy ounce despite the mild uptick in the Greenback and easing tensions on the tariffs front. Silver prices retreated marginally after retesting recent multi-day highs near $32.50 per ounce.