Forex Today: Upbeat US data spurs risk appetite

FXStreet Team FXStreet

What you need to know on Friday, April 30:

The US preliminary estimate for the first quarter Gross Domestic Product came in at 6.4%, beating expectations. The dollar, however, was unable to take advantage of the encouraging headline, instead pressured by risk-appetite.

Wall Street suffered an intraday setback, with the three major indexes turning red, although changing course ahead of the close and posting intraday gains. The greenback eased as stocks advanced.

The yield on the 10-year Treasury note peaked at 1.69% but settled around 1.65%.

Base metal shinned. Cooper and Palladium reached record highs, although gold remained within familiar levels, settling at around $ 1,773 a troy ounce.

European currencies hit fresh weekly highs against the greenback but finished the day pretty much unchanged within familiar levels.

The Canadian dollar was the best performer as oil prices kept advancing. WTI settled above $ 65.00 a barrel while USD/CAD fell to the 1.2280 price zone.

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EUR/USD faces next resistance near 1.1930

EUR/USD continues to build on its recovery in the latter part of Wednesday’s session, with upside momentum accelerating as the pair retargets the key 1.1900 barrier amid a further loss of traction in the US Dollar. Attention now shifts squarely to the US data docket, with labour market figures and the always influential CPI releases due on Thursday and Friday, respectively.

GBP/USD sticks to the bullish tone near 1.3660

GBP/USD maintains its solid performance on Wednesday, hovering around the 1.3660 zone as the Greenback surrenders its post-NFP bounce. Cable, in the meantime, should now shift its attention to key UK data due on Thursday, including preliminary GDP gauges.

Gold holds on to higher ground ahead of the next catalyst

Gold keeps the bid tone well in place on Wednesday, retargeting the $5,100 zone per troy ounce on the back of modest losses in the US Dollar and despite firm US Treasury yields across the curve. Moving forward, the yellow metal’s next test will come from the release of US CPI figures on Friday.