Forex Today: US Dollar weakens in eventful "Yentervention" day
Here is what you need to know for Friday, May 1:
The US Dollar Index (DXY) declined sharply to around 98.10 on Thursday after data showed the United States (US) economy grew at a lower-than-expected pace in the first quarter and amid Japanese authorities' first intervention in the foreign exchange market in almost two years.
US Gross Domestic Product (GDP) grew at an annualized rate of 2% in the first quarter, accelerating from the meager growth seen at the end of 2025 but still somewhat lower than the 2.3% expected. In labor news, the US Department of Labor reported that new unemployment insurance applications dropped to 189K for the week ending April 25, the lowest in nearly 60 years, compared to an expected steady reading of 215K.
Still, the broadly upbeat data, particularly Jobless Claims, fail to support the US Dollar in a trading day that was marked by Japan's efforts to prop up the Yen.
US Dollar Price Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.46% | -0.95% | -2.41% | -0.76% | -1.17% | -1.35% | -1.26% | |
| EUR | 0.46% | -0.45% | -1.97% | -0.30% | -0.72% | -0.86% | -0.78% | |
| GBP | 0.95% | 0.45% | -1.47% | 0.16% | -0.23% | -0.40% | -0.34% | |
| JPY | 2.41% | 1.97% | 1.47% | 1.67% | 1.27% | 1.04% | 1.12% | |
| CAD | 0.76% | 0.30% | -0.16% | -1.67% | -0.42% | -0.61% | -0.52% | |
| AUD | 1.17% | 0.72% | 0.23% | -1.27% | 0.42% | -0.17% | -0.09% | |
| NZD | 1.35% | 0.86% | 0.40% | -1.04% | 0.61% | 0.17% | 0.08% | |
| CHF | 1.26% | 0.78% | 0.34% | -1.12% | 0.52% | 0.09% | -0.08% |
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 US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
USD/JPY plummeted towards the 156.50 price zone after Japan’s Nikkei newspaper confirmed that the Japanese government intervened to buy yen and sell dollars following the pair's break through the 160 mark. Before the confirmation, top Japanese officials had already warned about a possible intervention in markets.
EUR/USD rose slightly to the 1.1730 price region after the European Central Bank (ECB) left its deposit rate unchanged at 2%.Various Eurozone countries released the Consumer Price Index (CPI), Gross Domestic Product (GDP), and the Harmonized Index of Consumer Prices (HICP) on Thursday. Generally, the data was pretty upbeat, helping the Euro (EUR) push higher.
GBP/USD surged to a near three-month high near the 1.3610 level, after the Bank of England (BoE) left interest rates unchanged at 3.75% with an 8-1 vote, as expected.
AUD/USD is near a two-week high near the 0.7200, benefiting from data showing a resilient Chinese economy and a weaker US Dollar (USD) overall.
Gold advanced modestly towards the $4,620 price zone as investors looked away from the US Dollar (USD), though gains were capped as market players preferred riskier positions.
West Texas Intermediate (WTI) fell slightly to $102 per barrel after having posted a three-week high of $107 per barrel earlier in the session.
What’s next in the docket:
Friday, May 1
- Australia Q1 Producer Price Index
- Switzerland March Retail Sales
- Canada April Manufacturing PMI
- US ISM Manufacturing PMI
WTI Oil FAQs
WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.
Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.
The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.
OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
Author
Agustin Wazne
FXStreet
Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.
