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Forex Today: Pre-PCE lull lends support to the Dollar

Source Fxstreet

The FX galaxy traded amidst a generalized lack of conviction and direction, leaving the Greenback slightly bid and the risk-related assets mildly on the defensive as investors gradually shifted their focus to the upcoming US PCE release as well as the Easter holidays.

Here is what you need to know on Wednesday, March 27:

The US Dollar partially reversed Monday’s negative session and reclaimed the 104.30 region when measured by the USD Index (DXY). On March 27, MBA will release its usual Mortgage Applications report, while FOMC C. Waller is also due to speak.

EUR/USD navigated a tight range and ended the session barely changing around 1.0830. The final Consumer Sentiment in the broader euro bloc by the European Commission, along with the Economic Sentiment and Industrial Sentiment, are all expected on March 27.

In line with its risky peers, GBP/USD hovered around Monday’s closing levels near 1.2630 in response to the generalized absence of volatility. Next of note in the UK docket will be the GDP figures on March 28.

USD/JPY extended its so-far multi-session consolidative range, always below the key 152.00 barrier, amidst rising concerns over potential FX intervention. The BoJ Summary of Opinions and the weekly Foreign Bond Investment figures are due on March 28.

The lack of a clear direction left AUD/USD hovering around the 0.6540 zone and near the key 200-day SMA. On March 27, the Westpac Leading Index is due.

Prices of WTI gave away part of Monday’s advance as traders kept assessing the geopolitical landscape as well as the upcoming OPEC+ online meeting.

The small gains in the greenback did not prevent Gold prices from adding to Monday’s advance and approaching their all-time high around the $2,200 zone per troy ounce. Silver prices, on the other hand, extended their corrective leg lower and flirted with multi-day lows near $24.50 per ounce.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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