Forex Today: US Dollar strengthens ahead of US Inflation

Matías Salord FXStreet

The US Dollar rose on Monday on holiday-thinned trading, amid higher US yields. On Tuesday, China will inform inflation figures, and Australia Consumer and Business Confidence. Eurozone Retail Sales are also due. Despite all those indicators, the focus is on Wednesday's US March Consumer Price Index.

Here is what you need to know on Tuesday, April 11:

The US Dollar Index (DXY) extended its recovery and rose on Easter Monday, hitting a weekly high at 102.82, boosted by higher US yields and as equity prices performed mixed in Wall Street. The US 10-year yield settled at 3.42% while the 2-year rose above 4%. The Dow Jones rose 0.3%, the S&P 500 0.10% but the Nasdaq lost 0.03%. It was a quiet trading session with European markets closed. The Q1 earnings season kick-offs.

Market participants continue to digest the latest US Employment numbers. On Tuesday, data to be released include March Chinese inflation (Consumer and Producer Price Index) awaiting the US CPI on Wednesday.

EUR/USD posted the lowest close since late April around 1.0860, after finding support at 1.0830. On Tuesday, Retail Sales data from the Eurozone is due.

GBP/USD dropped for the fourth consecutive day on Monday, extending its correction from above 1.2500. It bottomed at 1.2343 at the beginning of the American session and then trimmed losses.

USD/JPY jumped to the highest level in almost a month, near 134.00, boosted by higher US yields. Volatility in the bond market warrant action around the Japanese Yen. On his first day as the Bank of Japan Governor, Kazuo Ueda said they want to avoid a sudden normalisation in monetary policy as it would cause a big impact on markets.

The Canadian Dollar outperformed during the American session on Monday. USD/CAD pulled back from weekly highs at 1.3550 to end the day flat around 1.3500.

AUD/USD fell for the fifth consecutive day, posting the lowest daily close in two weeks, under 0.6650. Australia will release Consumer and Business Confidence on Tuesday, and the jobs report on Thursday.

NZD/USD slid to weekly lows on Dollar strength but managed to rise back above 0.6200.

Gold price fell again finding support at $1,980, and rebounded to $1,990. Silver continued to move sideways below $25.00. Bitcoin hit fresh cycle highs near $30,000 after rising more than 3% on the day. Ethereum climbed 1.60% to $1,886.

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Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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