Forex Today: The UK docket takes centre stage with the BoE and jobs report

Pablo Piovano FXStreet

The Greenback managed to regain some balance and set aside three consecutive daily pullbacks after the Fed maintained its interest rates at its meeting, as widely anticipated.

Here is what you need to know on Thursday, March 20:

The US Dollar Index (DXY) regain some buying traction and bounced off the area of multi-month lows despite a post-Fed pullback in US yields across the curve. The usual weekly Initial Jobless Claims are due, seconded by the Philly Fed Manufacturing Index, Existing Home Sales, and the CB Leading Index.

EUR/USD retreated markedly and returned to the sub-1.0900 region in response to the improved sentiment around the Greenback. Producer Prices in Germany will be released along with the Construction Output in the broader euro area. In addition, the ECB’s Lagarde and Lane are due to speak.

GBP/USD came under renewed selling pressure and retested the area of two-day lows near 1.2960, just to bounce afterwards. A very interesting UK calendar will see the BoE’s interest rate decision, seconded by the release of the labour market report and the CBI Industrial Trends Orders.

USD/JPY gave away the initial move past 150.00 and retreated to the 148.80 zone following the Fed’s decision. Next on tap on the Japanese calendar will be the release of the Inflation Rate and weekly Foreign Bond Investment figures.

AUD/USD kept the offered stance in place and dropped to the low-0.6300s, approaching three-day lows at the same time. The Australian labour market report will be the sole release in Oz.

WTI prices advanced modestly above the $67.00 mark per barrel amid traders’ assessment of the ongoing US trade policy as well as geopolitical news from the Russia-Ukraine war.

Gold prices advanced to a record peak past the $3,050 mark per troy ounce after the Fed hinted at two rate cuts this year and US yields receded across the board. Silver prices faced some downside pressure after climbing to yearly peaks past the $34.00 mark per ounce in the previous day.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY approaches 158.00 as Japanese Yen resumes decline

USD/JPY is resuming its upside in the European session on Friday, refreshing two-week highs and nearing 158.00. The Japanese Yen extends losses, despite the Bank of Japan's (BoJ) expected rate hike to 1.25% and hawkish Governor Ueda's comments, as two surprise dissents against the rate hike weigh on it.

Gold keeps the bid tone in place; still below $4,400

Gold adds to the optimism seen in the second half of the week, trading with decent gains just below the $4,400 mark per troy ounce on Friday. The precious metal’s advance finds traction in declining crude oil prices and fresh selling pressure on the US Dollar.

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

BoJ Recap: Not as hawkish as expected

The BoJ raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks. Governor Kazuo Ueda said the policy phase had changed.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.