Forex Today: Cautious trade supported the Dollar ahead of US GDP

Source Fxstreet
Apr 24, 2024 18:06

The Greenback regained composure and kept the recent optimism in the risk complex on check ahead of the publication of US GDP figures and inflation gauged by the PCE later in the week.

Here is what you need to know on Thursday, April 25:

The USD Index (DXY) managed to reclaim some ground lost and approached the 106.00 region helped by rising US yields. On April 25, the advanced Q1 GDP Growth Rate will take centre stage seconded by usual weekly Initial Jobless Claims, and Pending Home sales

EUR/USD traded in a tight range and remained close to the key 1.0700 zone amidst the tepid bounce in the Dollar. Germany’s Consumer Confidence, tracked by GfK, is due on April 25.

GBP/USD ended Thursday’s session barely changed around the 1.2450 zone, or three-day highs. The CBI Distributive Trades is expected on April 25.

USD/JPY broke above the 155.00 barrier to print a new 34-year high amidst unabated intervention fears. The Japanese calendar will include weekly Foreign Bond Investment and the final Coincident Index and Leading Economic Index on April 25.

AUD/USD climbed to multi-session tops north of the 0.6500 barrier, extending the recovery for the third day in a row. There will be no data releases Down Under on April 25.

Prices of WTI left behind three straight sessions of gains on the back of a stronger dollar, demand concerns and despite the larger-than-expected drop of US crude oil stockpiles.

Gold edged a tad higher following two consecutive daily retracements, regaining some balance after Tuesday’s three-week lows. Silver resumed its weekly downtrend and revisited the vicinity of the $27.00 mark per ounce.

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