Here is what you need to know on Thursday, April 25:
The US Dollar (USD) stays under modest selling pressure on Thursday as investors gear up for key data releases. The US Bureau of Economic Analysis will publish the first estimate of the annualized Gross Domestic Product (GDP) growth for the first quarter and the Department of Labor will release the weekly Initial Jobless Claims data.
Following Tuesday's sharp decline, the USD Index registered small losses on Wednesday, supported by the upbeat Durable Goods Orders data for March. Additionally, the cautious market stance further helped the currency stay resilient against its risk-sensitive rivals. Early Thursday, the USD Index stays in negative territory and edges lower toward 105.50. The US economy is forecast to grow at an annual rate of 2.5% in Q1, following the 3.4% expansion recorded in the last quarter of 2023. Meanwhile, US stock index futures stretch lower in the European morning and the 10-year US yield continues to fluctuate above 4.6%.
EUR/USD gained traction and climbed to its highest level in nearly two weeks above 1.0720 after closing virtually unchanged on Monday. Several European Central Bank (ECB) policymakers will be delivering speeches throughout the day.
US Dollar price this week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the weakest against the Australian Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.60% | -1.02% | -0.44% | -1.47% | 0.66% | -0.91% | 0.22% | |
| EUR | 0.59% | -0.41% | 0.16% | -0.86% | 1.25% | -0.30% | 0.81% | |
| GBP | 0.99% | 0.39% | 0.58% | -0.46% | 1.67% | 0.11% | 1.22% | |
| CAD | 0.43% | -0.16% | -0.56% | -1.03% | 1.09% | -0.47% | 0.66% | |
| AUD | 1.45% | 0.86% | 0.45% | 1.02% | 2.09% | 0.55% | 1.66% | |
| JPY | -0.66% | -1.26% | -1.68% | -1.10% | -2.14% | -1.57% | -0.44% | |
| NZD | 0.89% | 0.30% | -0.13% | 0.46% | -0.56% | 1.54% | 1.11% | |
| CHF | -0.20% | -0.83% | -1.24% | -0.64% | -1.67% | 0.46% | -1.10% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
GBP/USD closed the second consecutive day in positive territory on Wednesday and continued to push higher in the early European session on Thursday. The pair was last seen trading within a few pips of 1.2500.
USD/JPY broke above 155.00 and reached its highest level in several decades above 155.50. The Bank of Japan (BoJ) will announce monetary policy decisions during the Asian trading hours on Friday.
Japanese Yen struggles near multi-decade low ahead of US GDP; looks to BoJ on Friday.
Gold (XAU/USD) closed with marginal losses on Wednesday. After edging lower toward $2,300 in the Asian session on Thursday, XAU/USD staged a rebound and was last seen trading above $2,320.
Gold price remains confined in a range, $2,300 holds the key for bulls ahead of US GDP.
Economic Indicator
Gross Domestic Product Annualized
The real Gross Domestic Product (GDP) Annualized, released quarterly by the US Bureau of Economic Analysis, measures the value of the final goods and services produced in the United States in a given period of time. Changes in GDP are the most popular indicator of the nation’s overall economic health. The data is expressed at an annualized rate, which means that the rate has been adjusted to reflect the amount GDP would have changed over a year’s time, had it continued to grow at that specific rate. Generally speaking, a high reading is seen as bullish for the US Dollar (USD), while a low reading is seen as bearish.
Read more.Last release: Thu Mar 28, 2024 12:30
Frequency: Quarterly
Actual: 3.4%
Consensus: 3.2%
Previous: 3.2%
Source: US Bureau of Economic Analysis
The US Bureau of Economic Analysis (BEA) releases the Gross Domestic Product (GDP) growth on an annualized basis for each quarter. After publishing the first estimate, the BEA revises the data two more times, with the third release representing the final reading. Usually, the first estimate is the main market mover and a positive surprise is seen as a USD-positive development while a disappointing print is likely to weigh on the greenback. Market participants usually dismiss the second and third releases as they are generally not significant enough to meaningfully alter the growth picture.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.