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    Forex Today: Market sentiment remains biased towards the Dollar

    FXStreet
    Updated Mar 28, 2024 24:28
    Mitrade

    The Greenback maintained its constructive stance and extended the consolidative mood around the upper end of the recent range, all against the backdrop of small retracements in risk-associated assets. Around USD/JPY, concerns over potential FX intervention remained on the rise as spot neared the 152.00 barrier.


    Here is what you need to know on Thursday, March 28:


    Extra gains kept the Greenback on the positive foot and lifted the USD Index (DXY) to the vicinity of 104.50. On March 28, the final Q4 GDP Growth Rate is due, seconded by the usual weekly Initial Jobless Claims, Pending Home Sales, and the final print of the Michigan Consumer Sentiment.


    EUR/USD traded on the defensive and added to previous losses, leaving the door open to another potential visit to the 1.0800 region. Germany will be at the centre of the debate on March 28 with the release of Retail Sales, and the labour market report for the month of March.


    GBP/USD navigated a tight range in the low 1.2600s amidst Dollar gains and further downside pressure in the risk-linked space. The speech by the BoE's C. Mann, the annualized Car Production results, and the final GDP Growth Rate figures are all due on March 28.


    USD/JPY rose to a new YTD high within the boundaries of 152.00 before returning to the red zone. In the domestic calendar, the BoJ Summary of Opinions and the weekly Foreign Bond Investment figures are expected on March 28.


    AUD/USD accelerated its losses and approached the key 0.6500 zone amidst further upside in the Greenback and the poor performance of the commodity complex. On March 28, Inflation Expectations by the Melbourne Institute are due, along with Retail Sales, Housing Credit, and Private Sector Credit.


    WTI prices alternated gains with losses against the backdrop of larger-than-expected US crude oil inventories, geopolitics, and speculation of no news at the upcoming OPEC+ meeting (April 3).


    Extra retracement in US yields prompted Gold prices to retest the $2,200 zone per troy ounce, while Silver prices reversed four consecutive sessions of losses.

    * The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

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