Forex Today: What if the ECB…?

The Greenback resumed its bearish sentiment and returned to the area of multi-month troughs on Wednesday, always against an unchanged tariff backdrop and Chief Powell’s neutral message from his remarks in Chicago.

Here is what you need to know on Thursday, April 17:

The US Dollar Index (DXY) tumbled to the low-99.00s accompanied by further decline in US yields across the curve. Building Permits, Housing Starts, the Philly Fed Manufacturing Index, and the weekly Initial Jobless Claims are all expected.

EUR/USD regained upside traction, revisiting the boundaries of 1.1400 the figure after two daily pullbacks in a row. The European Central Bank (ECB) is seen reducing its interest rates by 25 basis points.

GBP/USD hit fresh tops just pips away from the key 1.3300 hurdle, losing some momentum afterwards. Next on tap on the UK calendar will be the preliminary S&P Global Manufacturing and Services PMIs on April 23.

USD/JPY set aside Tuesday’s uptick and refocused on the downside, retreating to fresh seven-month lows in the sub-142.00 zone. Balance of Trade results will be published along with the weekly readings from Foreign Bond Investment.

Extra gains put AUD/USD at shouting distance from the 0.6400 region, hitting new multi-week tops. The critical labour market report takes centre stage Down Under.

Prices of WTI maintained their choppy performance on Wednesday, advancing modestly to around the $62.00 mark per barrel following headlines of fresh US sanctions against Chinese importers of Iranian oil.

Gold prices rose to an all-time peak past the $3,340 mark per troy ounce backed by unabated tariff-led inflows into the safe haven universe and the weaker Greenback. Silver prices rose further north of the $33.00 mark per ounce, or new two-week highs.