Forex News Timeline

13:12 BoC Governor Macklem will add to a number of CAD risk events – TD Securities
Analysts at TD Securities note that Bank of Canada (BoC) Governor Macklem will add to a number of CAD risk events on Tuesday afternoon when he holds a fireside chat with Federal Reserve Chairman Jerome Powell at 17:15 GMT.

Analysts at TD Securities note that Bank of Canada (BoC) Governor Macklem will add to a number of CAD risk events on Tuesday afternoon when he holds a fireside chat with Federal Reserve Chairman Jerome Powell at 17:15 GMT. Markets will also watch Chairman Powell's remarks on inflation "The topic for their discussion will be "Economic trends in North America," but coming just hours after the March CPI report the bigger question for Canadian investors will be to what extent that report adds to the Bank's confidence that recent inflation progress will be sustained, and how far Macklem is willing to lean into that message." "However, the Bank will still get one more CPI report before its June decision, and with TD and the market looking for headline CPI to push higher in March we could see a more balanced message emerge from Macklem's fireside chat. Markets will also be watching Chairman Powell's remarks for his view on recent inflation dynamics after the upside surprise March CPI, and any implications from a more drawn-out disinflation process in the US."

12:58 China to ease further in H2 2024 to stimulate economic growth – Standard Chartered
Economists at Standard Chartered offer their afterthoughts on China’s quarterly growth numbers released on Tuesday.

Economists at Standard Chartered offer their afterthoughts on China’s quarterly growth numbers released on Tuesday. Key quotes “China’s economy grew 5.3% y/y or 6.6% annualized in Q1, beating market consensus by a wide margin.” “Output gap narrowed to -1.6% of GDP in Q1 from -2.2% in Q4; GDP deflator stayed negative at -1.1% y/y.” “We think it is still too early to sound the all-clear on China’s economy as it continues to battle a sluggish domestic housing market, weak consumer confidence and disinflationary pressure.“ “Further monetary easing is likely still needed in H2, especially if the US Fed starts cutting rates (which would ease CNY depreciation pressure vs the USD). We continue to forecast a 10bps cut in the medium-term lending (MLF) rate in both Q3 and Q4, and a 25bps reserve requirement ratio (RRR) cut in Q3.” “Our 2024 GDP growth forecast remains intact at 4.8%, slightly higher than consensus 4.7%. We see upside risks to our forecast from effective implementation of the government’s “action plan for large-scale equipment renewal and consumer goods trade-in”, and strengthening external demand.”

12:54 Canada headline CPI to bounce to 3% in March – TD Securities
Analysts at TD Securities expect the Consumer Price Index in Canada to rise 3% in March.

Analysts at TD Securities expect the Consumer Price Index in Canada to rise 3% in March. "We look for headline CPI to bounce 0.2pp higher to 3.0% y/y in March as prices rise by 0.7% m/m (market: 0.7% m/m, 2.9% y/y), underpinned by another large increase for the energy component alongside a partial rebound in food prices and core goods." "A return to more broad-based price pressures should also translate to a larger increase for the Bank of Canada's (BoC) preferred measures of core inflation, with CPI-trim/median forecast to rise by 0.3% m/m, which would still translate to a modest deceleration on a 3m annualized basis. However, the expected move higher for headline CPI and a larger m/m increase for core measures stand in contrast to the BoC's desire for more evidence that recent progress will be sustained and even though the Bank will have the April CPI report in hand for its next policy decision, we do not expect it to have enough evidence of sustained deceleration until July."

12:40 Our new baseline has 75bp of ECB cuts in 2024 – Deutsche Bank
Analysts at Deutsche Bank share their revised outlook for the European Central Bank's (ECB) monetary policy.

Analysts at Deutsche Bank share their revised outlook for the European Central Bank's (ECB) monetary policy. New baseline has 75bp of cuts in 2024 "We are updating our ECB baseline to a more gradual – and uncertain – easing cycle. We continue to expect the first rate cut in June. We previously expected 125bp of cuts in 2024 and a further 75bp of cuts in H1 2025 to a terminal rate of 2% in mid-2025. Our new baseline has 75bp of cuts in 2024 (risk skewed to 100bp), 100bp of cuts in 2025 and a final 25bp cut in Q1 2026 to a terminal rate of 2%. "More gradual: We retain the same baseline terminal rate, but three quarters later than in our previous view. Our previous view of the easing cycle was largely built on back-to-back rate cuts. The new baseline assumes a more gradual, one quarter-point cut per quarter pace, throughout the easing cycle." "More uncertain: A baseline forecast has limitations in an uncertain environment. Our baseline continues to assume a rebalancing economy and monetary policy returning to neutral. However, there are two stages to the easing cycle — dialling back restrictiveness and normalisation — and we have a lower level of conviction on the second stage of easing next year on account of uncertainties associated with the US election, divergent monetary policy cycles and the level of neutral rates."

12:22 Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data.

12:08 India Gold price today: Gold rises, according to MCX data
Gold prices rose in India on Tuesday, according to data from India's Multi Commodity Exchange (MCX).

12:04 German ZEW Economic Sentiment Index climbs to 42.9 in April vs. 35.1 expected
The headline German ZEW Economic Sentiment Index jumped from 31.7 in March to 42.9 in April, beating the market expectations of 35.1.

Germany’s ZEW Economic Sentiment Index jumps to 42.9 in April.EUR/USD remains uninspired by the upbeat German and Eurozone ZEW surveys.The headline German ZEW Economic Sentiment Index jumped from 31.7 in March to 42.9 in April, beating the market expectations of 35.1. However, the Current Situation Index improved from -80.5 to -79.2 in the same month. The Eurozone ZEW Economic Sentiment Index arrived at 43.9 in April, much higher than the March reading of 33.5. The data outpaced the market consensus of 37.2. Key points A recovering global economy is boosting expectations for Germany, with half of the respondents anticipating the country’s economy to pick up over the next six months. Further contributing to the heightened optimism are the much-improved assessments of the situation and economic expectations in Germany’s export destinations. This is reflected, among other things, in the expected appreciation of the us dollar against the Euro. Market reaction The EUR/USD pair is little impresseed by encouraging German and Eurozone ZEW surveys. The pair is amost unchanged on the day at 1.0620, at the press time.

12:03 AUD/JPY falls to near 99.00 amid market caution, awaits Israel’s reaction to Iran’s attack
AUD/JPY relinquishes its recent gains, likely attributable to risk aversion as investors await Israel’s reaction to Iran’s air strike on Saturday with caution.

AUD/JPY edges lower on risk aversion as traders expect Israel to respond to Iran’s assault.Australian Dollar faced challenges amid apprehensions that the RBA may ease monetary tightening in the foreseeable future.Japanese Yen could experience an intervention as Japanese ministers noted to take necessary measures to ensure FX stability.AUD/JPY relinquishes its recent gains, likely attributable to risk aversion as investors await Israel’s reaction to Iran’s air strike on Saturday with caution. Furthermore, the Australian Dollar (AUD) encounters obstacles amid apprehensions that the Reserve Bank of Australia (RBA) may be compelled to reduce interest rates in the foreseeable future. The AUD/JPY cross trades around 99.10 during the European session on Tuesday. The Australian Dollar (AUD) faces increased negative sentiment, which contributes to downward pressure for the AUD/JPY cross. This sentiment is driven by divergent monetary policy outlooks between the Reserve Bank of Australia (RBA) and the Federal Reserve (Fed). The “Financial Review” suggests that the RBA may need to ease monetary policy before the Fed. Furthermore, persistent high inflation in the United States (US), the world's largest economy, introduces uncertainty regarding whether the Federal Reserve will take action this year. Moreover, However, the Australian Dollar pares losses after mixed data from its significant trading partner, China. This rebound may have helped to mitigate the losses of the AUD/JPY cross. China's Gross Domestic Product (GDP) for the first quarter of 2024 increased by 1.6% QoQ, exceeding 1.0% prior. Annual GDP growth came at 5.3%, against the expected 5.0% and the previous reading of 5.2%. However, China's Industrial Production (YoY) in March increased by 4.5%, falling short of market expectations of 5.4% and the previous reading of 7.0%. Meanwhile, the Japanese Yen might have faced challenges due to the Bank of Japan's (BoJ) dovish outlook, consequently, limiting the downside of the AUD/JPY cross. The BoJ refrained from guiding future policy measures following the cessation of negative interest rates in March. As per Reuter’s reports on Tuesday, Japan's Chief Cabinet Secretary Yoshimasa Hayashi emphasized the importance of currencies moving in a stable manner that reflects underlying fundamentals. He noted that authorities are closely monitoring foreign exchange (FX) movements and are prepared to take all necessary measures to ensure stability. Similarly, Japanese Finance Minister Shunichi Suzuki reiterated his vigilance regarding FX movements and affirmed his readiness to implement any measures deemed necessary. AUD/JPY Overview Today last price 99.12 Today Daily Change -0.27 Today Daily Change % -0.27 Today daily open 99.39 Trends Daily SMA20 99.3 Daily SMA50 98.39 Daily SMA100 97.57 Daily SMA200 96.35 Levels Previous Daily High 100.02 Previous Daily Low 98.92 Previous Weekly High 100.81 Previous Weekly Low 98.74 Previous Monthly High 100.17 Previous Monthly Low 96.9 Daily Fibonacci 38.2% 99.6 Daily Fibonacci 61.8% 99.34 Daily Pivot Point S1 98.86 Daily Pivot Point S2 98.34 Daily Pivot Point S3 97.76 Daily Pivot Point R1 99.97 Daily Pivot Point R2 100.54 Daily Pivot Point R3 101.07

12:02 Italy Trade Balance EU dipped from previous €-0.376B to €-0.851B in February
Italy Trade Balance EU dipped from previous €-0.376B to €-0.851B in February

12:02 Italy Global Trade Balance registered at €6.034B above expectations (€3.44B) in February
Italy Global Trade Balance registered at €6.034B above expectations (€3.44B) in February

12:01 Eurozone ZEW Survey – Economic Sentiment above forecasts (37.2) in April: Actual (43.9)
Eurozone ZEW Survey – Economic Sentiment above forecasts (37.2) in April: Actual (43.9)

12:01 Eurozone Trade Balance s.a. dipped from previous €28.1B to €17.9B in February
Eurozone Trade Balance s.a. dipped from previous €28.1B to €17.9B in February

12:00 Germany ZEW Survey – Economic Sentiment above forecasts (35.1) in April: Actual (42.9)
Germany ZEW Survey – Economic Sentiment above forecasts (35.1) in April: Actual (42.9)

12:00 Germany ZEW Survey – Current Situation up to -79.2 in April from previous -80.5
Germany ZEW Survey – Current Situation up to -79.2 in April from previous -80.5

12:00 Eurozone Trade Balance n.s.a. climbed from previous €11.4B to €23.6B in February
Eurozone Trade Balance n.s.a. climbed from previous €11.4B to €23.6B in February

11:59 Spain 3-Month Letras Auction dipped from previous 3.626% to 3.597%
Spain 3-Month Letras Auction dipped from previous 3.626% to 3.597%

11:59 Spain 9-Month Letras Auction: 3.507% vs previous 3.555%
Spain 9-Month Letras Auction: 3.507% vs previous 3.555%

11:18 ECB's Rehn: We could cut interest rates in June
If the macroeconomic assessment in June confirms an inflation convergence toward the European Central Bank's (ECB) target, key rates could be lowered in June, European Central Bank (ECB) policymaker Olli Rehn said on Tuesday.

If the macroeconomic assessment in June confirms an inflation convergence toward the European Central Bank's (ECB) target, key rates could be lowered in June, European Central Bank (ECB) policymaker Olli Rehn said on Tuesday. Rehn added that future rate decisions will ensure that policy rates will stay sufficiently restrictive as long as necessary and noted that rate cut assumes there will be no further setbacks, for instance in the geopolitics and energy prices. Market reaction These comments don't seem to be having a significant impact on the Euro's valuation. At the time of press, the EUR/USD pair was down 0.05% on the day at 1.0620.

11:16 Silver Price Forecast: XAG/USD plummets to $28.40 as uncertainty over Fed rate cut timing deepens
Silver price (XAG/USD) slumps to $28.40 in Tuesday’s European session.

Silver price plunges to $28.40 as the US Dollar capitalizes on uncertainty over Fed rate cut timing.US bond yields rise further as the Fed is expected to consider rate cuts later this year.Geopolitical tensions keep safe-haven demand intact.Silver price (XAG/USD) slumps to $28.40 in Tuesday’s European session. The white metal faces intense selling pressure as the US Dollar extends its upside to more than five-month high around 106.40. The US Dollar strengthens after robust United States Retail Sales data for March deepened uncertainty about when the Federal Reserve (Fed) will start reducing interest rates. S&P 500 futures have posted some losses in the European session, portraying a decline in the risk appetite of the market participants. 10-year US Treasury yields hover near a fresh five-month high around 4.63%. US bond yields extend their upside on expectations that the Fed will delay rate cuts later this year. The US Dollar Index (DXY) rises to 106.33 and continues its winning streak for the fifth trading session on Tuesday. Fed policymakers see no urgency for a reduction in interest rates. San Francisco Fed Bank President Mary Daly emphasized keeping the monetary policy restrictive until policymakers get convinced that inflation is on course towards the 2% target. The near-term outlook of Silver remains strong amid fears that tensions in the Middle East region could spread beyond Gaza. After a cabinet meeting on Monday with Israel Prime Minister Benjamin Netanyahu, Israel’s military Chief of Staff Herzi Halev said they would respond to Iran’s attack on their territory. On Saturday, Iran launched hundreds of drones and missiles to retaliate against Israel’s attack on the Iranian embassy in Syria near Damascus, in which two high-ranked generals died. Silver technical analysis Silver price faces selling pressure while attempting to break above horizontal resistance plotted from 3 August 2020 high at $29.86. The long-term outlook of the white metal is bullish as the 20-week Exponential Moving Average (EMA) at $24.85 is sloping higher. The 14-period Relative Strength Index (RSI) shifts into the bullish range of 60.00-80.00, suggesting a strong upside momentum. Silver weekly chartXAG/USD Overview Today last price 28.28 Today Daily Change -0.59 Today Daily Change % -2.04 Today daily open 28.87 Trends Daily SMA20 26.28 Daily SMA50 24.46 Daily SMA100 24 Daily SMA200 23.63 Levels Previous Daily High 28.89 Previous Daily Low 27.62 Previous Weekly High 29.8 Previous Weekly Low 26.88 Previous Monthly High 25.77 Previous Monthly Low 22.51 Daily Fibonacci 38.2% 28.41 Daily Fibonacci 61.8% 28.11 Daily Pivot Point S1 28.03 Daily Pivot Point S2 27.19 Daily Pivot Point S3 26.77 Daily Pivot Point R1 29.3 Daily Pivot Point R2 29.73 Daily Pivot Point R3 30.57

11:07 USD/CHF stays above 0.9100 nearing the highs since October
USD/CHF recovers its recent losses registered in the previous session, trading near 0.9120 during the early European hours on Tuesday.

USD/CHF hovers below 0.9152, the highest since October reached on Monday.US Dollar strengthened as higher Retail Sales amplified expectations of the Fed prolonging higher policy rates.Swiss Franc faces challenges due to the likelihood of SNB implementing another rate cut in the June meeting.USD/CHF recovers its recent losses registered in the previous session, trading near 0.9120 during the early European hours on Tuesday. The strength of the US Dollar (USD) provides support to bolster the USD/CHF pair. This strength is fueled by better-than-expected Retail Sales figures from the United States (US), which have increased expectations that the Federal Reserve (Fed) might maintain higher interest rates for an extended period. Moreover, the US Dollar Index (DXY) extends its gains to near 106.30, while the yields on US Treasury bonds for both the 2-year and 10-year stand at 4.93% and 4.62%, respectively, at the time of writing. Escalating geopolitical tensions in the Middle East prompted investors to seek refuge in the safe-haven US Dollar (USD). Federal Reserve (Fed) Bank of San Francisco President Mary Daly stated on Monday that while there has been notable progress on inflation, there is still further ground to cover. She emphasized the importance of being confident that inflation is on a path toward the target before taking action. On the other side, in March, Swiss Producer and Import Prices (MoM) exhibited steady growth, increasing by 0.1%. However, Producer and Import Prices (YoY) experienced a more pronounced contraction, declining at a rate of 2.1% compared to the previous contraction of 2.0%. The Swiss Franc (CHF) had already undergone a significant depreciation following the Swiss National Bank's (SNB) unexpected rate cut in March. With inflation showing moderation in March and business confidence remaining pessimistic, market speculation suggests that the SNB might implement another rate cut during its upcoming June meeting. USD/CHF Overview Today last price 0.912 Today Daily Change 0.0004 Today Daily Change % 0.04 Today daily open 0.9116 Trends Daily SMA20 0.9029 Daily SMA50 0.8893 Daily SMA100 0.8757 Daily SMA200 0.8825 Levels Previous Daily High 0.9152 Previous Daily Low 0.9114 Previous Weekly High 0.9148 Previous Weekly Low 0.9012 Previous Monthly High 0.9072 Previous Monthly Low 0.873 Daily Fibonacci 38.2% 0.9129 Daily Fibonacci 61.8% 0.9138 Daily Pivot Point S1 0.9103 Daily Pivot Point S2 0.9089 Daily Pivot Point S3 0.9065 Daily Pivot Point R1 0.9141 Daily Pivot Point R2 0.9166 Daily Pivot Point R3 0.9179

11:02 Italy Consumer Price Index (EU Norm) (MoM) meets expectations (1.2%) in March
Italy Consumer Price Index (EU Norm) (MoM) meets expectations (1.2%) in March

11:02 Italy Consumer Price Index (EU Norm) (YoY) registered at 1.2%, below expectations (1.3%) in March
Italy Consumer Price Index (EU Norm) (YoY) registered at 1.2%, below expectations (1.3%) in March

11:02 Italy Consumer Price Index (YoY) below forecasts (1.3%) in March: Actual (1.2%)
Italy Consumer Price Index (YoY) below forecasts (1.3%) in March: Actual (1.2%)

11:01 Italy Consumer Price Index (MoM) registered at 0%, below expectations (0.1%) in March
Italy Consumer Price Index (MoM) registered at 0%, below expectations (0.1%) in March

11:00 Canada CPI Preview: Inflation expected to accelerate in March, snapping two-month downtrend
Canada is set to disclose the latest inflation figures on Tuesday, with Statistics Canada releasing the Consumer Price Index (CPI) for March.

The Canadian Consumer Price Index is seen gathering some upside traction in March.The BoC deems risks to the inflation outlook to be balanced.The Canadian Dollar navigates five-month lows against the US Dollar.
Canada is set to disclose the latest inflation figures on Tuesday, with Statistics Canada releasing the Consumer Price Index (CPI) for March. Forecasts suggest a 3.1% year-on-year increase in the headline figure, accelerating from February’s 2.8% rise. Projections for the month anticipate a 0.7% increase in the index compared to the previous month's 0.3% reading. In addition to the CPI data, the Bank of Canada (BoC) will unveil its core Consumer Price Index measure, which omits volatile components such as food and energy expenses. February’s BoC core CPI showed a 0.1% monthly increase and a year-on-year uptick of 2.1%. These figures will be closely watched as they have the potential to impact the direction of the Canadian Dollar (CAD) in the very near term and shape perspectives on the Bank of Canada's monetary policy. Regarding the Canadian Dollar (CAD), it has exhibited weakness against the US Dollar (USD) in recent sessions and currently remains near five-month lows significantly beyond the 1.3700 yardstick. What to expect from Canada’s inflation rate? Analysts anticipate price pressures across Canada remained sticky in March. Indeed, analysts predict that inflation, as measured by annual changes in the Consumer Price Index, will quicken to 3.1% from its previous reading of 2.8% on a yearly basis, reflecting patterns observed in several of Canada's G10 counterparts, particularly the US. Since August’s 4% inflation rate, price growth has generally trended downward, except for a rebound noted in the final month of the last year. Overall, inflation metrics continue to exceed the Bank of Canada's 2% target. If the upcoming data validates the expected prints, investors may contemplate the central bank maintaining its current restrictive stance for a longer period than initially anticipated. However, further tightening of monetary conditions appears improbable, according to statements from the bank’s officials. Such a scenario would require a sudden and sustained resurgence of price pressures and a rapid surge in consumer demand, both of which appear unlikely in the foreseeable future. During his press conference following the latest BoC meeting, Governor Tiff Macklem noted that gas prices have a tendency to fluctuate, which is why they are paying close attention to core inflation. Macklem said the bank has not had the opportunity to thoroughly examine the latest US inflation data yet, while he did not see significant direct imported inflation effects from the US. Additionally, the BoC stated its intention to monitor whether this downward trend continues and is particularly attentive to the evolution of core inflation. The bank also noted that shelter price growth remains significantly high and predicts that overall inflation is expected to hover close to 3% during the first half of 2024, decline below 2.5% in the second half of 2024, and reach the 2% target in 2025. Analysts at TD Securities argued that: “We look for headline CPI to bounce 0.2pp higher to 3.0% y/y in March as prices rise by 0.7% m/m, underpinned by another large increase for the energy component alongside a partial rebound in food prices and core goods after their muted performance over Jan/Feb”. Analysts added, “The expected move higher for headline CPI and a larger m/m increase for core measures stand in contrast to the Bank of Canada's desire for more evidence that recent progress will be sustained. Even though the Bank will have the April CPI report in hand for its next policy decision, we do not think it will have enough evidence of sustained deceleration until July.” When is the Canada CPI data due and how could it affect USD/CAD? On Tuesday at 12:30 GMT, Canada is scheduled to unveil the Consumer Price Index for March. The potential reaction of the Canadian Dollar hinges on shifts in monetary policy expectations by the Bank of Canada. Nonetheless, barring any significant surprises in either direction, the BoC is unlikely to alter its current cautious monetary policy stance, aligning with the approaches of other central banks like the Federal Reserve (Fed). The USD/CAD has initiated the new trading year with a decent bullish trend, although this uptrend seems to have gathered extra pace since last week, largely surpassing the 1.3700 figure, an area last traded in mid-November 2023. According to Pablo Piovano, Senior Analyst at FXStreet, there is a strong likelihood of the USD/CAD maintaining its positive bias as long as it remains above the crucial 200-day Simple Moving Average (SMA) at 1.3515. The bullish sentiment now faces the immediate hurdle at the round milestone of 1.3800. Conversely, breaching the 200-day SMA could lead to additional losses and a potential descent to the January 31 low of 1.3358. Beyond this point, notable support levels are scarce until the December 2023 bottom of 1.3177, recorded on December 27. Pablo emphasizes that significant increases in CAD volatility would necessitate unexpected inflation figures. A below-expectation CPI could reinforce arguments for potential BoC interest rate cuts in the coming months, thereby further boosting USD/CAD. However, a CPI rebound, similar to trends observed in the US, might offer some backing to the Canadian Dollar, albeit to a limited extent. A higher-than-anticipated inflation reading would heighten pressure on the Bank of Canada to sustain elevated rates for an extended period, potentially leading to prolonged challenges for many Canadians grappling with higher interest rates, as highlighted by Bank of Canada Governor Macklem in past weeks.

10:52 EUR/USD Forecast: Euro shows no signs of life despite oversold conditions
Following a short-lasting recovery attempt during the European trading hours, EUR/USD lost its traction and closed the first trading day of the week in negative territory.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}EUR/USD trades within a touching distance of 1.0600 early Tuesday.The pair remains technically oversold in the near term.Fed Chairman Powell will speak on economic outlook and policymaking later in the day.Following a short-lasting recovery attempt during the European trading hours, EUR/USD lost its traction and closed the first trading day of the week in negative territory. The pair struggles to stage a rebound and trades within a few pips of 1.0600 early Tuesday. Easing geopolitical tensions limited the US Dollar's (USD) upside in the first half of the day on Monday and helped EUR/USD edge higher. After the data from the US showed that Retail Sales increased at a stronger pace than expected in March, however, US Treasury bond yields shot higher and allowed the USD to regather its strength. Meanwhile, Federal Reserve (Fed) Bank of San Francisco President Mary Daly cautioned against acting urgently, saying that they need to be confident that inflation is on its way to the 2% target before taking a policy action. Euro price this week The table below shows the percentage change of Euro (EUR) against listed major currencies this week. Euro was the weakest against the Swiss Franc. USDEURGBPCADAUDJPYNZDCHFUSD 0.31% 0.19% 0.26% 0.86% 0.73% 0.93% -0.07%EUR-0.31% -0.12% -0.04% 0.56% 0.42% 0.63% -0.38%GBP-0.20% 0.11% 0.07% 0.66% 0.53% 0.74% -0.27%CAD-0.28% 0.03% -0.09% 0.59% 0.45% 0.66% -0.35%AUD-0.87% -0.56% -0.68% -0.59% -0.13% 0.07% -0.93%JPY-0.71% -0.41% -0.51% -0.46% 0.14% 0.23% -0.80%NZD-0.94% -0.63% -0.77% -0.67% -0.07% -0.21% -1.01%CHF0.07% 0.38% 0.27% 0.34% 0.93% 0.80% 1.01% 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 Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote). Housing Starts and Building Permits data for March will be featured in the US economic docket on Tuesday. Later in the American session, Fed Chairman Jerome Powell will speak alongside Bank of Canada Governor Tiff Macklem on the economic outlook and monetary policymaking. The CME FedWatch Tool shows that markets see a nearly 80% probability that the Fed will hold the policy rate unchanged in June. This positioning suggests that the USD has some more room on the upside in case Powell adopts a hawkish tone. In the meantime, US stock index futures trade in negative territory. In case Wall Street's main indexes continue to push lower following Monday's sharp decline, the USD could benefit from safe-haven flows and make it difficult for EUR/USD to find a foothold. EUR/USD Technical Analysis EUR/USD edged slightly higher after testing 1.0600. The Relative Strength Index (RSI) indicator on the 4-hour chart stays near 20, suggesting that the pair is still technically oversold. On the upside, 1.0660 (static level) aligns as first resistance before 1.0700 (psychological level, static level). In case the pair drops below 1.0600 and confirms this level as resistance, 1.0550 (static level from October) could be seen as next support before 1.0500 (psychological level, static level). Euro FAQs What is the Euro? The Euro is the currency for the 20 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). What is the ECB and how does it impact the Euro? The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. How does inflation data impact the value of the Euro? Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. How does economic data influence the value of the Euro? Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. How does the Trade Balance impact the Euro? Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

10:24 EUR/GBP seems vulnerable around 0.8530 despite weak UK Employment data
The EUR/GBP pair struggles to hold an auction above the immediate support of 0.8530 in the early European session on Tuesday.

EUR/GBP sees a downside below 0.8530 as the ECB is expected to begin reducing interest rates from August.Eurozone core CPI has consistently declined in the last eight months.The Pound Sterling holds strength against the Euro despite poor UK labor market data.The EUR/GBP pair struggles to hold an auction above the immediate support of 0.8530 in the early European session on Tuesday. The cross remains under pressure as the Euro weakens amid expectations that the European Central Bank (ECB) will be second among central banks from developed nations that will pivot to rate cuts. ECB policymakers see market expectations for the central bank starting to reduce borrowing rates from the June meeting as reasonable. The annual core Consumer Price Index (CPI) that excludes volatile food and energy prices has come down significantly to 2.9% in March. Eurozone core CPI is consistently declining from last eight months, suggesting that inflation is sustainably declining to the 2% target. Last week, the ECB kept its Main Refinancing Operations Rate unchanged at 4.5% as expected. In a monetary policy conference, ECB President Christine Lagarde said if a fresh assessment increases policymakers' confidence that inflation is heading back to target, then it "would be appropriate" to cut interest rates, Reuters reported. Meanwhile, the Pound Sterling has been underpinned against the Euro due to strong speculation that the ECB will sooner pivot to rate cuts but is performing weak against the US Dollar. The Pound Sterling faces pressure as weak labor market data for the quarter through February has exhibited a poor economic outlook. The United Kingdom Office for National Statistics (ONS) reported that the Unemployment Rate climbed sharply to 4.2% from expectations of 4.0% and the prior reading of 3.9%. UK employers laid off 156K workers in February, higher from 89K in January. Going forward, investors will focus on the UK Consumer Price Index (CPI) data for March, which will be published on Wednesday. The inflation data will significantly influence market expectations for Bank of England (BoE) rate cuts, which are currently anticipated from the August meeting. EUR/GBP Overview Today last price 0.8536 Today Daily Change 0.0000 Today Daily Change % 0.00 Today daily open 0.8536 Trends Daily SMA20 0.8561 Daily SMA50 0.8552 Daily SMA100 0.8577 Daily SMA200 0.8607 Levels Previous Daily High 0.8553 Previous Daily Low 0.8527 Previous Weekly High 0.8584 Previous Weekly Low 0.8528 Previous Monthly High 0.8602 Previous Monthly Low 0.8504 Daily Fibonacci 38.2% 0.8537 Daily Fibonacci 61.8% 0.8543 Daily Pivot Point S1 0.8525 Daily Pivot Point S2 0.8513 Daily Pivot Point S3 0.8499 Daily Pivot Point R1 0.855 Daily Pivot Point R2 0.8564 Daily Pivot Point R3 0.8576

10:09 Pound Sterling refreshes five month low after weak UK employment data
The Pound Sterling (GBP) weakens in Tuesday’s London session after the United Kingdom Office for National Statistics (ONS) reported that labor market conditions have significantly cooled down in the three months ending February.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Pound Sterling declines further after the UK ONS reported weaker-than-expected labor market data.Employers laid off workers in February, exhibiting the negative impact of higher UK interest rates.The market sentiment remains risk-off amid fears of an escalation in Middle East tensions.The Pound Sterling (GBP) weakens in Tuesday’s London session after the United Kingdom Office for National Statistics (ONS) reported that labor market conditions have significantly cooled down in the three months ending February. The Unemployment Rate grew strongly to 4.2% and the overall labor market witnessed that 156K workers were laid-off. The labor market data demonstrates uncertainty over the economic outlook, which could force Bank of England (BoE) policymakers to start reducing interest rates earlier than previously expected. Job-seekers and current employees compromise with salary hikes when labor market conditions cool down, which results in slower wage growth that allows high inflation to return to its desired target sustainably. More volatility is anticipated in the Pound Sterling as the UK ONS will report the consumer and producer inflation data for March, which will be published on Wednesday. The headline Consumer Price Index (CPI) is estimated to rise 3.1%, slower than the prior reading of 3.4%. The core CPI, which strips off volatile food and energy prices, is forecasted to rise 4.1%, slower than 4.5% in February. An expected decline in the inflation data would increase speculation for the BoE beginning to reduce interest rates from the August meeting. Daily digest market movers: Pound Sterling falls further amid multiple headwinds The Pound Sterling extends its downside to 1.2410 as the United Kingdom ONS has reported weak labor market data. The ILO Unemployment Rate for the three months ending February rose sharply to 4.2% from expectations of 4.0% and the prior reading of 4.0% (revised from 3.9%). In February, employers fired 156K workers, higher than the prior reading of 89K, upwardly revised from 21K. In March, Claimant Count Change, which indicates the change in number of individuals claiming jobless benefits, was lower at 10.9K vs. expectations of 17.2K and the prior reading of 4.1K (revised from 16.8K). In the three months ending February, Average Earnings including bonuses rose steadily by 5.6%, beating the consensus of 5.5%. In the same period, Average Earnings excluding bonuses slowed to 6.0% against the former reading of 6.1%. Weak labor demand clearly shows the consequences of interest rates remaining higher by the Bank of England (BoE). The rising jobless rates and poor labor demand exhibit a vulnerable economic outlook, which could force the BoE to pivot to rate cuts sooner than expected. The market sentiment remains risk-averse amid fears of further escalation in Middle East tensions and deepening uncertainty about when the Federal Reserve will start reducing interest rates. Eventually, strong demand for safe-haven assets has pushed the US Dollar Index (DXY) to 106.30. The Israeli military said it would respond to Iran’s attack in their territory that happened on April 13 in which the latter launched hundreds of missiles and drones. This has deepened fears of war spreading beyond Gaza in the Middle East region. United States robust Retail Sales data, combined with strong labor demand and higher consumer price inflation in March have strengthened the argument that Fed policymakers could delay rate cuts later this year. San Francisco Fed Bank President Mary Daly said on Friday that there is absolutely no urgency to start reducing interest rates. Daly added that there is still more work to do to make sure that inflation is on course to return to the desired rate of 2%. She emphasized keeping interest rates restrictive for a longer period. Technical Analysis: Pound Sterling sees downside toward 1.2400The Pound Sterling declines further to 1.2410 after extending its losing spell for the third trading session on Tuesday. The GBP/USD pair is expected to extend its downside to the round-level support at 1.2400. The Cable remains on the backfoot after a breakdown of the Head and Shoulder chart pattern, which exhibits a bearish reversal. The neckline of the aforementioned chart pattern is plotted from December 8 low near 1.2500. The long-term outlook turns bearish as the Cable drops below the 200-day Exponential Moving Average (EMA), which trades around 1.2540. The 14-period Relative Strength Index (RSI) shifts into the bearish range of 20.00-40.00, suggesting an active bearish momentum. Pound Sterling FAQs What is the Pound Sterling? The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, aka ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE). How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects. How does economic data influence the value of the Pound? Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall. How does the Trade Balance impact the Pound? Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

09:38 Forex Today: US Dollar stretches higher ahead of Fedspeak, housing data
Here is what you need to know on Tuesday, April 16: The US Dollar (USD) continues to gather strength early Tuesday after outperforming its major rivals on Monday.

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The US economic docket will feature Housing Starts and Building Permits data for March. The Federal Reserve (Fed) will release Industrial Production figures and several Fed policymakers, including Chairman Jerome Powell, will be delivering speeches later in the American session. Although easing geopolitical tensions made it difficult for the USD to find demand in the first half of the day on Monday, the currency gathered bullish momentum after upbeat Retail Sales data. In turn, the USD Index closed in positive territory for the fourth consecutive day. Early Tuesday, the index continues to push higher toward 106.50 and trades at its strongest level since early November. Meanwhile, the benchmark 10-year US Treasury bond yield holds steady above 4.6% after rising nearly 2% on Monday. US Dollar price in the last 7 days The table below shows the percentage change of US Dollar (USD) against listed major currencies in the last 7 days. US Dollar was the strongest against the Australian Dollar. USDEURGBPCADAUDJPYNZDCHFUSD 2.36% 1.91% 1.73% 2.88% 1.74% 2.47% 0.92%EUR-2.41% -0.46% -0.64% 0.56% -0.61% 0.13% -1.47%GBP-1.94% 0.46% -0.17% 1.00% -0.17% 0.60% -0.99%CAD-1.76% 0.63% 0.18% 1.17% 0.01% 0.75% -0.84%AUD-2.96% -0.54% -1.02% -1.19% -1.17% -0.43% -1.99%JPY-1.77% 0.63% 0.18% -0.02% 1.17% 0.74% -0.84%NZD-2.54% -0.12% -0.57% -0.77% 0.41% -0.74% -1.60%CHF-0.95% 1.44% 1.02% 0.83% 1.96% 0.85% 1.60% 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 Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote). Iranian Foreign Minister Hossein Amir-Abdollahian reportedly told his Chinese counterpart in a phone conversation that Iran is willing to "exercise restraint and has no intention of further escalating the situation." Following the sharp decline seen in Wall Street's main indexes on Monday, US stock index futures trade marginally lower early Tuesday. During the Asian trading hours, the data from China showed that the real Gross Domestic Product (GDP) expanded at an annual rate of 5.3% in the first quarter. This reading followed the 5.2% growth recorded in the fourth quarter of 2023 and came in better than the market expectation of 5%. On a negative note, Retail Sales in China grew 3.1% on a yearly basis in March, falling short of analysts' estimate for an increase of 4.5%.AUD/USD came under bearish pressure following the mixed Chinese data and was last seen trading at its lowest level in five months, slightly above 0.6400.Australian Dollar moves back and forth amid risk-off mood, stronger US Dollar.Japan's Chief Cabinet Secretary Yoshimasa Hayashi said on Tuesday that it's important for currencies to move in a stable manner, reflecting fundamentals. Hayashi refrained from commenting on a possible intervention but reiterated that they are prepared to take all measures. USD/JPY gained 0.6% on Monday and reached its highest level in over 30 years before going into a consolidation phase below 154.50.Japanese Yen bears turn cautious amid intervention fears and geopolitical tensions.The UK's Office for National Statistic reported early Tuesday that the ILO Unemployment Rate climbed to 4.2% in the three months to February from 4%. Further details of the report showed that the wage inflation, as measured by the change in the Average Earnings Excluding Bonus, edged lower to 6% from 6.1% on a yearly basis. GBP/USD pushed lower toward 1.2400 after the data and touched its weakest level since mid-November.Gold declined toward $2,320 in the early American session on Monday, pressured by rising US yields and the broad-based USD strength. The risk-averse market atmosphere, however, helped XAU/USD gather bullish momentum later in the day. After rising more than 1.5% on Monday, Gold seems to have stabilized at around $2,380 early Tuesday.EUR/USD's recovery attempt remained short-lived on Monday and the pair closed the fifth consecutive day in the red. In the European morning on Tuesday, EUR/USD stays on the back foot and trades within a touching distance of 1.0600. US Dollar FAQs What is the US Dollar? The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. How do the decisions of the Federal Reserve impact the US Dollar? The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback. What is Quantitative Easing and how does it influence the US Dollar? In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar. What is Quantitative Tightening and how does it influence the US Dollar? Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

09:10 US Treasury Sec. Yellen: Will use sanctions, work with allies to disrupt Iran's destabilizing activity
US Treasury Secretary Janet Yellen warned on Tuesday that the "US will use sanctions and work with allies to keep disrupting Iran's 'malign and destabilizing activity'." Additional comments Iran's actions threaten stability in the Middle East and could cause economic spillovers.

US Treasury Secretary Janet Yellen warned on Tuesday that the "US will use sanctions and work with allies to keep disrupting Iran's 'malign and destabilizing activity'." Additional comments Iran's actions threaten stability in the Middle East and could cause economic spillovers. It is incumbent on all of us at IMF-World Bank meetings to end the suffering of the Palestinian people. Treasury has targeted over 500 individuals and entities connected to terrorism by Iran and its proxies since 2021.

09:02 EUR/USD Price Analysis: Holds above psychological level of 1.0600 amid a bearish sentiment
EUR/USD continues its losing streak for the sixth successive session on Tuesday, hovering near 1.0620 during the Asian trading hours.

EUR/USD could test the support at the psychological level of 1.0600.The pair could extend losses to November’s low at 1.0516 as Technical analysis suggests a bearish confirmation.The area around the major level of 1.0650 and the 23.6% Fibo level of 1.0672 appears as the resistance zone.EUR/USD continues its losing streak for the sixth successive session on Tuesday, hovering near 1.0620 during the Asian trading hours. The US Dollar's (USD) strength put pressure on the EUR/USD pair, possibly driven by increased US Treasury yields. Additionally, stronger-than-anticipated Retail Sales data from the US has raised expectations that the Federal Reserve (Fed) might prolong its stance on higher interest rates. On the technical side, the analysis suggests a bearish sentiment for the EUR/USD pair as the 14-day Relative Strength Index (RSI) is positioned below the 50 mark. Additionally, the lagging indicator, Moving Average Convergence Divergence (MACD), lies below the centreline and shows a divergence below the signal line, which indicates weakness for the pair. The EUR/USD pair could find immediate support around the psychological level of 1.0600. A break below this level could exert downward pressure on the pair to navigate the region around the major level of 1.0550, followed by November’s low at 1.0516. On the upside, the major level 1.0650 appears as the key barrier, followed by the 23.6% Fibonacci retracement level of 1.0672. A breakthrough above the latter could lead the EUR/USD pair to explore the area around the psychological level of 1.0700 and the nine-day Exponential Moving Average (EMA) at 1.0715. EUR/USD: Daily ChartEUR/USD Overview Today last price 1.0617 Today Daily Change -0.0007 Today Daily Change % -0.07 Today daily open 1.0624 Trends Daily SMA20 1.0801 Daily SMA50 1.0821 Daily SMA100 1.0864 Daily SMA200 1.0828 Levels Previous Daily High 1.0665 Previous Daily Low 1.062 Previous Weekly High 1.0885 Previous Weekly Low 1.0622 Previous Monthly High 1.0981 Previous Monthly Low 1.0768 Daily Fibonacci 38.2% 1.0637 Daily Fibonacci 61.8% 1.0648 Daily Pivot Point S1 1.0608 Daily Pivot Point S2 1.0592 Daily Pivot Point S3 1.0563 Daily Pivot Point R1 1.0653 Daily Pivot Point R2 1.0682 Daily Pivot Point R3 1.0698

09:01 United Kingdom ILO Unemployment Rate (3M) came in at 4.2%, above expectations (4%) in February
United Kingdom ILO Unemployment Rate (3M) came in at 4.2%, above expectations (4%) in February

09:01 United Kingdom Claimant Count Change registered at 10.9K, below expectations (17.2K) in March
United Kingdom Claimant Count Change registered at 10.9K, below expectations (17.2K) in March

09:01 UK Unemployment Rate climbs to 4.2% in quarter to February vs. 4.0% expected
The United Kingdom’s (UK) ILO Unemployment Rate came in at 4.2% in the three months to February, rising from 3.9% in the previous period, data published by the Office for National Statistics (ONS) showed Tuesday.

The UK Unemployment Rate rose to 4.2% in three months to February.The Claimant Count Change for Britain stood at 10.9K in March.GBP/USD holds the bounce toward 1.2450 after mixed UK jobs data.The United Kingdom’s (UK) ILO Unemployment Rate came in at 4.2% in the three months to February, rising from 3.9% in the previous period, data published by the Office for National Statistics (ONS) showed Tuesday. The reading missed the market expectations of a 4.0% print. Additional details of the report showed that the number of people claiming jobless benefits rose by 10.9K in March, as against a revised increase of 4.1K reported in February. The market forecast was for a 17.2K increment in the reported period. The Employment Change data for February arrived at -156K, compared with January’s -21K. Average Earnings excluding Bonus in the UK rose 6.0% 3M YoY in February versus January’s 6.1% growth. Another measure of wage inflation, Average Earnings including Bonus grew 5.6% in the same period, at the same pace seen in the quarter through January and against the expected increase of 5.5%. GBP/USD reaction to the UK employment reportGBP/USD held on to its modest rebound above 1.2400 after the mixed UK employment data. The pair is trading 0.10% lower on the day at 1.2430, as of writing. Pound Sterling price today The table below shows the percentage change of Pound Sterling (GBP) against listed major currencies today. Pound Sterling was the weakest against the US Dollar. USDEURGBPCADAUDJPYNZDCHFUSD 0.06% 0.08% 0.05% 0.26% 0.07% 0.19% 0.05%EUR-0.06% 0.06% -0.02% 0.22% 0.02% 0.13% -0.01%GBP-0.14% -0.07% -0.09% 0.14% -0.04% 0.07% -0.09%CAD-0.06% 0.00% 0.07% 0.19% 0.01% 0.13% -0.02%AUD-0.26% -0.21% -0.16% -0.23% -0.20% -0.08% -0.23%JPY-0.09% -0.06% -0.05% -0.06% 0.16% 0.09% -0.07%NZD-0.20% -0.14% -0.07% -0.14% 0.08% -0.11% -0.14%CHF-0.05% 0.01% 0.07% 0.00% 0.24% 0.04% 0.14% 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 Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

09:00 United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) dipped from previous 6.1% to 6% in February
United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) dipped from previous 6.1% to 6% in February

09:00 United Kingdom Average Earnings Including Bonus (3Mo/Yr) above forecasts (5.5%) in February: Actual (5.6%)
United Kingdom Average Earnings Including Bonus (3Mo/Yr) above forecasts (5.5%) in February: Actual (5.6%)

09:00 United Kingdom Employment Change: -156K (February) vs previous -21K
United Kingdom Employment Change: -156K (February) vs previous -21K

08:15 USD/CAD stands tall near 1.3800, highest since November as traders look to Canadian CPI
The USD/CAD pair builds on last week's breakout momentum through the 1.3600-1.3610 supply zone and gains some positive traction for the fifth successive day on Tuesday.

USD/CAD attracts some buyers for the third straight day and climbs to a fresh YTD peak.Reduced Fed rate cut bets, along with geopolitical risks, benefit the USD and lend support.An uptick in Oil prices underpins the Loonie and keeps a lid on further gains for the major.The USD/CAD pair builds on last week's breakout momentum through the 1.3600-1.3610 supply zone and gains some positive traction for the fifth successive day on Tuesday. Spot prices climb to the 1.3815 region, or the highest level since November 14 during the Asian session and remain well supported by the underlying strong bullish sentiment surrounding the US Dollar (USD). The USD Index (DXY), which tracks the Greenback against a basket of currencies, climbs to over a five-month top in the wake of expectations that the Federal Reserve (Fed) will delay cutting interest rates amid sticky inflation. Adding to this, the upbeat US Retail Sales figures released on Monday indicated that strong consumer spending could underpin inflation and force the Fed to keep interest rates higher for longer. The hawkish outlook, meanwhile, remains supportive of elevated US Treasury bond yields, which is seen acting as a tailwind for the buck. Apart from this, a generally weaker tone around the equity markets, amid persistent geopolitical tensions, turns out to be another factor benefitting the safe-haven Greenback and lending support to the USD/CAD pair. Meanwhile, Israel's military chief said that his country would respond to Iran's weekend missile and drone attack, raising the risk of a further escalation of conflicts in the Middle East. This assists Crude Oil prices to build on the overnight bounce from a two-week low, which could underpin the commodity-linked Loonie and cap the major. Market participants now look to the release of the Canadian consumer inflation figures, due later during the early North American session. Meanwhile, the US economic docket features the release of housing market data and Industrial Production figures. Apart from this, speeches by influential FOMC, including Fed Chair Jerome Powell, and the broader risk sentiment will drive the USD demand. This, along with Oil price dynamics, should provide some meaningful impetus to the USD/CAD pair and allow traders to grab short-term opportunities. USD/CAD Overview Today last price 1.3798 Today Daily Change 0.0010 Today Daily Change % 0.07 Today daily open 1.3788 Trends Daily SMA20 1.3594 Daily SMA50 1.3544 Daily SMA100 1.3486 Daily SMA200 1.3517 Levels Previous Daily High 1.3794 Previous Daily Low 1.3725 Previous Weekly High 1.3787 Previous Weekly Low 1.3547 Previous Monthly High 1.3614 Previous Monthly Low 1.342 Daily Fibonacci 38.2% 1.3767 Daily Fibonacci 61.8% 1.3751 Daily Pivot Point S1 1.3744 Daily Pivot Point S2 1.3701 Daily Pivot Point S3 1.3676 Daily Pivot Point R1 1.3813 Daily Pivot Point R2 1.3837 Daily Pivot Point R3 1.3881

08:14 FX option expiries for Apr 16 NY cut
FX option expiries for Apr 16 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0610 492m 1.0620 495m 1.0650 801m 1.0670 1b 1.0700 1.3b - USD/JPY: USD amounts 154.05 401m - USD/CHF: USD amounts 0.9140 475m - AUD/USD: AUD amounts 0.6500 1.1b - USD/CAD: USD amounts 1.3700 691m 1.3715 471m .

FX option expiries for Apr 16 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0610 492m 1.0620 495m 1.0650 801m 1.0670 1b 1.0700 1.3b - USD/JPY: USD amounts 154.05 401m - USD/CHF: USD amounts 0.9140 475m - AUD/USD: AUD amounts 0.6500 1.1b - USD/CAD: USD amounts 1.3700 691m 1.3715 471m

08:05 WTI trims gains amid market caution after Iran’s attack on Israel, remains above $85.00
West Texas Intermediate (WTI) Oil price edges higher to near $85.30 per barrel during the Asian trading hours on Tuesday.

WTI price received upward support as investors expect Israel to respond to Iran’s assault.Israeli Prime Minister Benjamin Netanyahu has called upon his war cabinet to formulate a response to Iran's direct attack on Israel.The crude Oil prices hold ground in the face of mixed Chinese data.West Texas Intermediate (WTI) Oil price edges higher to near $85.30 per barrel during the Asian trading hours on Tuesday. The crude Oil prices receive upward support due to concerns about the escalating tensions between Israel and Iran, particularly in the wake of Iran's missile and drone attacks on Saturday. Furthermore, Israeli Prime Minister Benjamin Netanyahu convened his war cabinet for the second time in less than 24 hours on Monday to assess how to respond to Iran's direct attack on Israel, according to Reuters. Additionally, Israel's military chief stated that his country would retaliate against the assault, with reports suggesting that they are targeting strategic sites in Iran. Iran, as a significant member of the Organization of the Petroleum Exporting Countries (OPEC), produces over 3 million barrels of crude Oil per day. Any escalation of tensions between Israel and Iran could potentially trigger a broader conflict in the Middle East. On the demand side, crude Oil prices appear to be holding steady in the face of mixed data released by the world's largest oil importer on Tuesday. China's Gross Domestic Product (GDP) for the first quarter of 2024 expanded by 1.6% quarter-on-quarter, surpassing the previous quarter's growth of 1.0%. Year-on-year GDP growth came at 5.3%, exceeding expectations of 5.0% and surpassing the 5.2% figure from the previous period. However, China's Industrial Production (YoY) in March increased by 4.5%, falling short of market expectations of 5.4% and the previous reading of 7.0%. Meanwhile, according to an African industry official speaking to Reuters, the Organization of the Petroleum Exporting Countries and Russia (OPEC+) considers Namibia for potential membership, given its projected status as Africa's fourth-largest Oil producer by the next decade. The primary aim initially would be for Namibia to become a part of OPEC+'s Charter of Cooperation, a coalition focused on conducting ongoing discussions about energy market dynamics. WTI US OIL Overview Today last price 85.32 Today Daily Change 0.17 Today Daily Change % 0.20 Today daily open 85.15 Trends Daily SMA20 83.63 Daily SMA50 79.97 Daily SMA100 76.66 Daily SMA200 79.44 Levels Previous Daily High 85.31 Previous Daily Low 83.54 Previous Weekly High 87.03 Previous Weekly Low 84.01 Previous Monthly High 83.05 Previous Monthly Low 76.5 Daily Fibonacci 38.2% 84.63 Daily Fibonacci 61.8% 84.22 Daily Pivot Point S1 84.02 Daily Pivot Point S2 82.9 Daily Pivot Point S3 82.25 Daily Pivot Point R1 85.79 Daily Pivot Point R2 86.43 Daily Pivot Point R3 87.56

07:46 Gold price holds steady below $2,400 mark, bullish potential seems intact
Gold price (XAU/USD) struggles to capitalize on the overnight goodish bounce from the $2,325-2,324 area, or a multi-day low, and oscillates in a narrow trading band during the Asian session on Tuesday.

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The precious metal, meanwhile, remains within striking distance of the all-time peak touched last Friday and continues to draw support from persistent geopolitical tensions stemming from the ongoing conflicts in the Middle East. Apart from this, a modest pullback in the US Treasury bond yields is seen as another factor acting as a tailwind for the yellow metal. That said, expectations that the Federal Reserve (Fed) will delay cutting interest rates in the wake of still-resilient US economic and sticky inflation should act as a tailwind for the US bond yields. Furthermore, hawkish Fed expectations lift the US Dollar (USD) to its highest level since early November, which, in turn, contributes to capping the upside for the non-yielding Gold price. Traders now look forward to speeches by influential FOMC members, including Fed Chair Jerome Powell, to grab short-term opportunities later during the early North American session. Daily Digest Market Movers: Gold price continues to draw support from persistent geopolitical tensions The global risk sentiment remains fragile amid the worsening Middle East crisis and speculations that the Federal Reserve will keep rates higher for longer, which, in turn, acts as a tailwind for the Gold price. Investors have been pushing back their expectations about the timing of the first interest rate cut by the Fed to September from June in the wake of concerns about sticky inflation and a resilient US economy. The bets were reaffirmed by stronger-than-expected US Retail Sales data released on Monday, which indicated that consumer spending remains strong and could underpin inflation in the coming months. The US Census Bureau reported that Retail Sales rose by 0.7% MoM in March as compared to consensus estimates for a 0.3% increase and the previous month's upwardly revised growth of 0.9%. The yield on the benchmark 10-year US government bond shot to the highest level since November, though the disappointing release of the Empire State Manufacturing Index capped the upside. The US Dollar prolongs its recent upward trajectory and climbs to over a five-month peak, which might hold back bulls from placing fresh bets and keep a lid on any further gains for the XAU/USD. Tuesday's US economic docket features the release of housing market data and Industrial Production figures, which along with Fedspeak, might provide some impetus to the non-yielding yellow metal. Technical Analysis: Gold price bulls still have the upper hand while above the $2,325-2,324 support zone From a technical perspective, the overnight bounce validated the $2,325-2,324 support zone, which should now act as a key pivotal point. A convincing break below has the potential to drag the Gold price to the $2,300 round figure. Some follow-through selling will suggest that the precious metal has topped out in the near term and set the stage for some meaningful depreciating move towards the $2,220 zone with some intermediate support near the $2,250 region. On the flip side, bulls might now wait for strength beyond the $2,400 mark before placing fresh bets and positioning for a move back towards retesting the record peak, around the $2,431-2,432 region touched last Friday. Given that the Relative Strength Index (RSI) on the daily chart is still flashing overbought conditions, the Gold price could pause near the all-time peak before resuming its recent well-established uptrend witnessed over the past three weeks or so. Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

06:30 NZD/USD depreciates amid risk aversion due to geopolitical tensions, trades below 0.5900
NZD/USD depreciates to near 0.5880 during the Asian trading session on Tuesday, as investors turn toward the US Dollar (USD) seeking refuge amid escalated geopolitical tensions in the Middle East.

NZD/USD extends its losing streak as traders adopt cautious stance amid anticipation of Israel's response to Iran's assault.US Retail Sales (MoM) rose by 0.7% in March, against the expected 0.3% and 0.9% prior.US Dollar extends gains on amplified expectations of the Fed maintaining higher policy rates for an extended period.NZD/USD depreciates to near 0.5880 during the Asian trading session on Tuesday, as investors turn toward the US Dollar (USD) seeking refuge amid escalated geopolitical tensions in the Middle East. Traders await Israel’s response to Iran’s airstrike over the weekend. Additionally, traders are awaiting New Zealand's Consumer Price Index (CPI) data for the first quarter of 2024, scheduled for release on Wednesday. Market expectations suggest a slight uptick to 0.6% quarter-on-quarter, compared to the previous period's 0.5%. The Chinese and Iranian foreign ministers recently engaged in a phone conversation, during which the Iranian foreign minister conveyed Iran's willingness to exercise restraint and expressed no desire to escalate the current situation further, as per Chinese state media. Additionally, China vehemently condemns and firmly opposes the recent attack on the Iranian embassy in Syria, deeming it a serious breach of international law and categorizing it as 'unacceptable'. The New Zealand Dollar (NZD) fails to take any response from the mixed Chinese data, considering the two nations are close trading partners. China’s Gross Domestic Product (GDP) rose by 1.6% QoQ in the first quarter of 2024, against the previous quarter’s increase of 1.0%. GDP year-over-year rose by 5.3%, exceeding the expected 5.0% and 5.2% prior. Meanwhile, China’s Industrial Production (YoY) increased by 4.5% in March, against the market expectations of 5.4% and 7.0% prior On the other side, the US Dollar (USD) gained strength as Retail Sales surpassed expectations, denting hopes for potential monetary policy easing by the Federal Reserve (Fed). March's Retail Sales (MoM) surged by 0.7%, outpacing forecasts of 0.3%. February's figure was also revised upward from 0.6% to 0.9%. The Retail Sales Control Group climbed by 1.1%, marking a substantial increase from the previous 0.3%. Investors are now eyeing upcoming US housing data due on Tuesday, as well as Fed Chair Jerome Powell's speech at the Washington Forum. NZD/USD Overview Today last price 0.5875 Today Daily Change -0.0029 Today Daily Change % -0.49 Today daily open 0.5904 Trends Daily SMA20 0.6002 Daily SMA50 0.6079 Daily SMA100 0.6134 Daily SMA200 0.6063 Levels Previous Daily High 0.5954 Previous Daily Low 0.5898 Previous Weekly High 0.6079 Previous Weekly Low 0.5933 Previous Monthly High 0.6218 Previous Monthly Low 0.5956 Daily Fibonacci 38.2% 0.5919 Daily Fibonacci 61.8% 0.5933 Daily Pivot Point S1 0.5884 Daily Pivot Point S2 0.5863 Daily Pivot Point S3 0.5828 Daily Pivot Point R1 0.594 Daily Pivot Point R2 0.5975 Daily Pivot Point R3 0.5996

06:01 GBP/USD slides to its lowest level since November, eyes 1.2400 ahead of UK jobs data
The GBP/USD pair drifts lower for the third straight day on Tuesday – also marking the fourth day of a negative move in the previous five – and drops to its lowest level since November 17 during the Asian session.

GBP/USD drops to a fresh YTD low and is pressured by a combination of factors.Bets for more aggressive policy easing by the BoE continue to weigh on the GBP.Reduced Fed rate cut bets underpin the USD and also contribute to the downfall.The GBP/USD pair drifts lower for the third straight day on Tuesday – also marking the fourth day of a negative move in the previous five – and drops to its lowest level since November 17 during the Asian session. Spot prices currently trade around the 1.2420 region as traders now look to the UK monthly employment details for a fresh impetus. According to the consensus estimates, the number of people claiming unemployment-related benefits are expected to rise to 17.2K from 16.8K previous and the jobless rate is seen edging higher from 3.9% to 4% during the three months to March. This could offer more evidence that the jobs market is cooling and reinforce bets for at least four rate cuts by the Bank of England (BoE) this year, starting in June, which should weigh on the British Pound (GBP) and drag the GBP/USD pair lower. Meanwhile, the immediate market reaction to a surprisingly stronger report is more likely to be limited in the wake of a strong bullish sentiment surrounding the US Dollar (USD), bolstered by hawkish Federal Reserve (Fed) expectations. Investors pushed back their expectations for the first interest rate cut by the Fed to September from June following the release of hotter-than-expected US consumer inflation figures. This keeps the US Treasury bond yields elevated and underpins the buck. Apart from this, persistent geopolitical tensions stemming from the ongoing conflicts in the Middle East turn out to be another factor that benefits the Greenback's relative safe-haven status. This, in turn, suggests that the path of least resistance for the GBP/USD pair is to the downside and any attempted recovery might now be seen as a selling opportunity. Traders on Tuesday will further take cues from the US macro data and speeches by FOMC members, including Fed Chair Jerome Powell. GBP/USD Overview Today last price 1.2423 Today Daily Change -0.0023 Today Daily Change % -0.18 Today daily open 1.2446 Trends Daily SMA20 1.2615 Daily SMA50 1.2653 Daily SMA100 1.2667 Daily SMA200 1.2582 Levels Previous Daily High 1.2499 Previous Daily Low 1.2436 Previous Weekly High 1.2709 Previous Weekly Low 1.2427 Previous Monthly High 1.2894 Previous Monthly Low 1.2575 Daily Fibonacci 38.2% 1.246 Daily Fibonacci 61.8% 1.2475 Daily Pivot Point S1 1.2421 Daily Pivot Point S2 1.2397 Daily Pivot Point S3 1.2358 Daily Pivot Point R1 1.2484 Daily Pivot Point R2 1.2523 Daily Pivot Point R3 1.2547

06:00 South Korea Money Supply Growth rose from previous 4.3% to 4.5% in February
South Korea Money Supply Growth rose from previous 4.3% to 4.5% in February

05:44 Japanese Yen languishes near 34-year low against USD despite intervention warnings
The Japanese Yen (JPY) struggles to gain any meaningful traction during the Asian session on Tuesday and languishes near the 34-year low touched against its American counterpart the previous day.

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A report on Monday suggested that the Bank of Japan (BoJ) will place less emphasis on inflation and shift to a more discretionary approach in setting monetary policy. Meanwhile, BoJ Governor Kazuo Ueda said that after ending negative rates in March, the central bank would revert to a normal monetary policy that lets various data guide the future rate hike path. This adds to the BoJ's uncertain outlook for future rate hikes and continues to undermine the JPY. In contrast, the markets pushed back expectations for the first interest rate cut by the Federal Reserve (Fed) following the release of the hotter-than-expected US consumer inflation figures for March. This suggests that the large rate differential between the two countries will stay for some time, which, along with a bullish US Dollar (USD), acts as a tailwind for the USD/JPY pair. Meanwhile, the recent jawboning by Japanese authorities and a softer risk tone could help limit losses for the safe-haven JPY. This, in turn, might hold back traders from placing fresh bullish bets around the currency pair amid overbought technical indicators on the daily chart. Daily Digest Market Movers: Japanese Yen continues losing ground amid divergent BoJ-Fed policy expectations The Japanese Yen continues to be weighed down by the Bank of Japan's dovish outlook, indicating that it is in no rush in terms of policy normalization, which, along with a bullish US Dollar, keeps the USD/JPY pair pinned near a 34-year peak. The incoming US data pointed to a still-resilient economy and sticky inflation, raising doubts over how aggressively the Federal Reserve will be able to cut interest rates this year and pushing the US Treasury bond yields to a five-month high. The US Census Bureau reported on Monday that Retail Sales rose 0.7% in March as compared to market expectations of a 0.3%increase and the previous month's reading was revised higher to show a growth of 0.9% vs. 0.6% reported originally. This, to a larger extent, helps offset the disappointing release of the Empire State Manufacturing Index, which improved less than expected to -14.3 in April from -20.9 and indicated continued weakness in the manufacturing business activity. The markets are now pricing in less than two interest rate cuts by the end of 2024 as compared to three projected by the Fed, which lifts the US Dollar to its highest level since November and continues to act as a tailwind for the USD/JPY pair. Japanese Finance Minister Shunichi Suzuki reiterated on Tuesday that he is closely watching FX moves and will take all possible measures, though refrained from commenting on whether the recent FX moves are too rapid or excessive. Japan's Chief Cabinet Secretary Yoshimasa Hayashi said that it is important for currencies to move in a stable manner, reflecting fundamentals and excessive FX volatility is undesirable, though it does little to provide any respite to the JPY bulls. Expectations that the Fed will keep rates higher for longer, along with the risk of a further escalation of conflicts in the Middle East, weigh on investors' sentiment and lend support to the safe-haven JPY, capping gains for the USD/JPY pair. Traders now look to the US macro data – Building Permits, Housing Starts and Industrial Production figures – and speeches by influential FOMC members, including Fed Chair Jerome Powell, for some meaningful impetus later this Tuesday. Technical Analysis: USD/JPY bulls not ready to give up yet, overbought RSI on the daily chart warrants some caution From a technical perspective, the recent breakout through a short-term trading range hurdle near the 152.00 round figure and the subsequent move up was seen as a fresh trigger for bullish traders. That said, the Relative Strength Index (RSI) on the daily chart is flashing overbought conditions, making it prudent to wait for some near-term consolidation or a modest pullback before positioning for any further gains. Meanwhile, any meaningful corrective slide below the 154.00 mark is likely to attract fresh buyers and remain limited near the 153.40-153.35 region. This is followed by the overnight swing low or levels just below the 153.00 mark. Some follow-through selling could pave the way for deeper losses and drag the USD/JPY pair further toward the 152.60-152.55 zone en route to the 152.00 resistance-turned-support. On the flip side, momentum beyond the mid-154.00s has the potential to lift spot prices further towards the 155.00 psychological mark. Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The current BoJ ultra-loose monetary policy, based on massive stimulus to the economy, has caused the Yen to depreciate against its main currency peers. This process has exacerbated more recently due to an increasing policy divergence between the Bank of Japan and other main central banks, which have opted to increase interest rates sharply to fight decades-high levels of inflation. How does the differential between Japanese and US bond yields impact the Japanese Yen? The BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supports a widening of the differential between the 10-year US and Japanese bonds, which favors the US Dollar against the Japanese Yen. How does broader risk sentiment impact the Japanese Yen? The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

05:39 Australian Dollar attempts to pare losses after mixed Chinese data amid stronger US Dollar
The Australian Dollar (AUD) extends losses for the third consecutive session on Tuesday, possibly due to the risk aversion as investors cautiously await Israel’s response to Iran’s unprecedented air assault on Saturday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Australian Dollar loses ground on risk aversion as traders await Israel’s response to Iran’s attack.Australian currency faces challenges due to differing monetary policy outlooks between the RBA and the Fed.US Dollar receives support as stronger-than-expected US Retail Sales figures have diminished sentiment regarding the Fed’s rate cuts.The Australian Dollar (AUD) extends losses for the third consecutive session on Tuesday, possibly due to the risk aversion as investors cautiously await Israel’s response to Iran’s unprecedented air assault on Saturday. However, the AUD/USD pair pares losses after mixed data from China. The Australian Dollar faces hurdles amid concerns that the Reserve Bank of Australia (RBA) might need to lower interest rates ahead of the United States (US). According to the Financial Review, the ongoing high inflation in the world's largest economy raises uncertainty about whether the Federal Reserve can take any action this year. Traditionally, as the world's most influential central bank due to the scale of the financial markets it oversees, the Fed typically leads global rate-cutting cycles. The US Dollar Index (DXY) remains on an upward trajectory, likely influenced by the rise in US Treasury yields. The stronger-than-anticipated US Retail Sales data has added to the diminishing sentiment regarding the Federal Reserve's (Fed) potential monetary policy easing, thereby bolstering the US Dollar (USD). Investors are likely to monitor the US housing data slated for release on Tuesday, alongside Fed Chair Jerome Powell's speech at the Washington Forum. Daily Digest Market Movers: Australian Dollar depreciates on risk aversion Australia’s Consumer Inflation Expectations released on Thursday, showed an increase of 4.6% in April against the previous increase of 4.3%. Australian labor market data is due on Thursday, including seasonally adjusted Employment Change and Unemployment Rate for March. China’s Gross Domestic Product (GDP) rose by 1.6% QoQ in the first quarter of 2024, against the previous quarter’s increase of 1.0%. GDP year-over-year rose by 5.3%, exceeding the expected 5.0% and 5.2% prior. China’s Industrial Production (YoY) increased by 4.5% in March, against the market expectations of 5.4% and 7.0% prior Chinese Retail Sales increased by 3.1% in March, as compared to February’s rise of 5.5%. The market was expecting a 4.5% increase. Federal Reserve (Fed) Bank of San Francisco President Mary Daly has emphasized that although there has been significant progress regarding inflation, there is still more to be done. She stressed the necessity of being assured that inflation is heading towards the target before making any decisions. According to the CME FedWatch Tool, the likelihood of interest rates remaining unchanged in the June meeting has been increased to 77.5% from the previous week of 48.5%. US Retail Sales (MoM) increased by 0.7% in March, exceeding the market expectations of 0.3%. The previous reading was revised to 0.9% from 0.6% in February. US Retail Sales Control Group rose by 1.1% against the previous increase of 0.3%. US yields on 2-year and 10-year Treasury bonds stand at 4.92% and 4.61%, respectively, at the time of writing. Technical Analysis: Australian Dollar could test the psychological support of 0.6400 The Australian Dollar trades around 0.6420 on Tuesday. The 14-day Relative Strength Index (RSI) suggests a bearish sentiment for the AUD/USD pair as it is positioned below the 50 level. Key support appears at the psychological level of 0.6400. A break below this level could exert downward pressure on the AUD/USD pair to approach the major support at 0.6350, followed by November’s low at 0.6318. On the upside, the AUD/USD pair could find the key resistance at the major level of 0.6450, followed by the 23.6% Fibonacci retracement level of 0.6464. A breakthrough above the latter could support the pair to test the nine-day Exponential Moving Average (EMA) at 0.6499, aligned with the psychological level of 0.6500. AUD/USD: Daily ChartAustralian Dollar price today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the weakest against the US Dollar. USDEURGBPCADAUDJPYNZDCHFUSD 0.16% 0.19% 0.18% 0.47% 0.10% 0.43% 0.19%EUR-0.16% 0.03% -0.01% 0.28% -0.05% 0.28% 0.01%GBP-0.19% -0.02% -0.01% 0.29% -0.07% 0.25% -0.01%CAD-0.17% 0.00% 0.03% 0.29% -0.07% 0.26% 0.01%AUD-0.44% -0.28% -0.25% -0.27% -0.32% 0.01% -0.26%JPY-0.10% 0.03% 0.06% 0.07% 0.33% 0.31% 0.06%NZD-0.44% -0.28% -0.26% -0.28% -0.01% -0.34% -0.27%CHF-0.18% -0.02% 0.01% 0.00% 0.27% -0.06% 0.27% 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 Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote). Australian Dollar FAQs What key factors drive the Australian Dollar? One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate, and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe havens (risk-off) – is also a factor, with risk-on positive for AUD. How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive. How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs. How does the price of Iron Ore impact the Australian Dollar? Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD. How does the Trade Balance impact the Australian Dollar? The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.

05:35 China’s NBS: China's consumer inflation will recover mildly
Following the publication of the high-impact China’s activity data for March, the National Bureau of Statistics (NBS) expressed its outlook on the economy during its press conference on Tuesday.

Following the publication of the high-impact China’s activity data for March, the National Bureau of Statistics (NBS) expressed its outlook on the economy during its press conference on Tuesday. Key quotes (via Reuters) China's consumer inflation will recover mildly.developing story ...

05:01 China Gross Domestic Product (QoQ) up to 1.6% in 1Q from previous 1%
China Gross Domestic Product (QoQ) up to 1.6% in 1Q from previous 1%

05:01 Breaking: China’s GDP expands 5.3% YoY in Q1 2024 vs. 5.0% expected
China’s economy expanded 5.3% over the year in the first quarter of 2024, as against a 5.2%% growth in the final quarter of 2023, the official data released by the National Bureau of Statistics (NBS) showed on Tuesday.

China’s economy expanded 5.3% over the year in the first quarter of 2024, as against a 5.2%% growth in the final quarter of 2023, the official data released by the National Bureau of Statistics (NBS) showed on Tuesday. The market consensus was 5.0% in the reported period. On a quarterly basis, Chinese Gross Domestic Product (GDP) rate increased by 1.6% in Q1 2024 vs. 1.0% registered in the previous quarter. more to come ....

05:01 China Industrial Production (YoY) came in at 4.5%, below expectations (5.4%) in March
China Industrial Production (YoY) came in at 4.5%, below expectations (5.4%) in March

05:00 China Fixed Asset Investment (YTD) (YoY) came in at 4.5%, above forecasts (4.3%) in March
China Fixed Asset Investment (YTD) (YoY) came in at 4.5%, above forecasts (4.3%) in March

05:00 China Gross Domestic Product (YoY) came in at 5.3%, above expectations (5%) in 1Q
China Gross Domestic Product (YoY) came in at 5.3%, above expectations (5%) in 1Q

05:00 China Retail Sales (YoY) came in at 3.1%, below expectations (4.5%) in March
China Retail Sales (YoY) came in at 3.1%, below expectations (4.5%) in March

04:53 Iran’s Foreign Minister: Iran willing to exercise restraint, has no intention of further escalation
Following his meeting with the Chinese counterpart, Iranian Foreign Minister Hossein Amir-Abdollahian said that “Iran is willing to exercise restraint and has no intention of further escalating the situation.” In a phone call with Iran’s Foreign Minister, China's Foreign Minister noted that 'It is believed that Iran will be able to grasp the situation well and avoid further instability while safeguarding Iran's sovereignty and dignity.” Market reaction Despite a thaw in the Israel-Iran conflict, the

04:30 China House Price Index fell from previous -1.4% to -2.2% in March
China House Price Index fell from previous -1.4% to -2.2% in March

04:24 EUR/USD falls toward 1.0600 on higher expectations of the Fed prolonging higher rates
EUR/USD continues to lose ground for the sixth successive session, trading near 1.0610 during the Asian hours on Tuesday.

EUR/USD extends its losing streak as the Fed is expected to maintain higher interest rates for an extended period.US Retail Sales (MoM) experienced a 0.7% increase in March, against the expected 0.3% and 0.9% prior.The dovish remarks from the ECB’s officials contribute to downward pressure on the Euro.EUR/USD continues to lose ground for the sixth successive session, trading near 1.0610 during the Asian hours on Tuesday. The elevated US Dollar (USD) is exerting pressure on the EUR/USD pair, potentially influenced by the higher US Treasury yields. Furthermore, better-than-expected Retail Sales figures from the United States (US) have amplified expectations that the Federal Reserve (Fed) may maintain higher interest rates for an extended period. US Dollar Index (DXY) extends its gains to near 106.20, with 2-year and 10-year yields on US Treasury bonds standing at 4.92% and 4.60%, respectively, at the time of writing. Escalating geopolitical tensions in the Middle East are prompting investors to flock towards the safe-haven US Dollar (USD) as a refuge. US Retail Sales (MoM) increased by 0.7% in March, exceeding the market expectations of 0.3%. The previous reading was revised to 0.9% from 0.6% in February. Retail Sales Control Group rose by 1.1% against the previous increase of 0.3%. Federal Reserve (Fed) Bank of San Francisco President Mary Daly recently stated that while there has been notable progress on inflation, there is still further ground to cover. She emphasized the importance of being confident that inflation is on a path toward the target before taking action. Daly also highlighted that the economy is experiencing solid growth, the labor market remains robust, and inflation is currently above the target level. The Euro depreciates following dovish remarks from European Central Bank (ECB) officials on Monday. Gediminas Šimkus, a member of the ECB Governing Council, stated that there is a greater than 50% likelihood of witnessing more than three rate cuts this year, according to Reuters. Additionally, ECB Chief Economist Philip Lane highlighted that there has been notably less progress concerning domestic inflation compared to broader inflation measures. Despite potential near-term fluctuations in the inflation outlook, the projected convergence of inflation to the target by 2025 remains supported. EUR/USD Overview Today last price 1.0614 Today Daily Change -0.0010 Today Daily Change % -0.09 Today daily open 1.0624 Trends Daily SMA20 1.0801 Daily SMA50 1.0821 Daily SMA100 1.0864 Daily SMA200 1.0828 Levels Previous Daily High 1.0665 Previous Daily Low 1.062 Previous Weekly High 1.0885 Previous Weekly Low 1.0622 Previous Monthly High 1.0981 Previous Monthly Low 1.0768 Daily Fibonacci 38.2% 1.0637 Daily Fibonacci 61.8% 1.0648 Daily Pivot Point S1 1.0608 Daily Pivot Point S2 1.0592 Daily Pivot Point S3 1.0563 Daily Pivot Point R1 1.0653 Daily Pivot Point R2 1.0682 Daily Pivot Point R3 1.0698

04:16 PBoC sets USD/CNY reference rate at 7.1028 vs 7.0979 previous
The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Tuesday at 7.1028 as compared to the previous day's of 7.0979 and 7.2475 Reuters estimates.

The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Tuesday at 7.1028 as compared to the previous day's of 7.0979 and 7.2475 Reuters estimates.

04:09 Japan's Hayashi: Prepared to take all measures on FX
Japan's Chief Cabinet Secretary Yoshimasa Hayashi is out with comments on Tuesday, saying that is important for currencies to move in a stable manner reflecting fundamentals.

Japan's Chief Cabinet Secretary Yoshimasa Hayashi is out with comments on Tuesday, saying that is important for currencies to move in a stable manner reflecting fundamentals. Additional Quotes: Won't comment on forex levels, currency intervention
Excessive FX volatility is undesirable.
Closely watching FX moves.
Prepared to take all measures on FX. Market Reaction: The Japanese Yen (JPY) is seen consolidating its recent slump to a 34-year low against its American counterpart, with the USD/JPY pair holding steady above the 154.00 mark during the Asian session on Tuesday.

03:56 Japan's Suzuki: Closely watching FX moves; will take all possible measures
Japanese Finance Minister Shunichi Suzuki reiterated on Tuesday that he is closely watching FX moves and will take all possible measures.

Japanese Finance Minister Shunichi Suzuki reiterated on Tuesday that he is closely watching FX moves and will take all possible measures. Suzuki added that he is aware that FX is not set as an agenda item at the G20 meeting, but it may be brought up in conversation at the meeting and it is not appropriate to comment on whether FX moves too rapid or excessive. Market Reaction: The comments do little to provide any respite to the Japanese Yen (JPY), which remains depressed in the wake of divergent Bank of Japan (BoJ)-Federal Reserve (Fed) policy expectations. Meanwhile, the USD/JPY pair languishes near a 34-year low and holds steady above the 154.00 mark during the Asian session on Tuesday.

03:47 Fed's Daly: Worst thing to do is act urgently when urgency isn't necessary
Federal Reserve (Fed) Bank of San Francisco President Mary Daly crossed the wires in the last hour, saying that the progress on inflation has been significant, but we are still not there yet.

Federal Reserve (Fed) Bank of San Francisco President Mary Daly crossed the wires in the last hour, saying that the progress on inflation has been significant, but we are still not there yet. Key Quotes: Recent inflation data was not surprising.
Inflation bumps along the way aren't particularly surprising.
Don't want to end up with a too-strong, or too-weak policy response.
Need to be confident that inflation is on the way to target before acting.
Can't just look at published information, that's backwards-looking.
The economy growing at a solid rate, the labor market is still strong, and inflation is above target.
The worst thing to do is act urgently when urgency isn't necessary. Market Reaction: The hawkish-sounding remarks reinforce market expectations that the Fed will delay cutting interest rates, which has been a key factor behind the recent US Dollar (USD) rally to its highest level since early November.

01:27 Silver Price Analysis: XAG/USD remains bullish, eyeing $29.00
Silver's price rose past $28.00, extending its gains close to the $29.00 threshold, which was briefly pierced last Friday, but buyers failed to hold the price above that level.

.fxs-related-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-related-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}.fxs-related-module-related-link a{text-decoration:none;color:#1b1c23;font-weight:700;font-size:16px;font-style:normal;line-height:20px}.fxs-related-module-related-link a:hover,.fxs-related-module-related-link:hover,.fxs-related-module-related-link:hover a{color:#e4871b}.fxs-related-module-related-link a:hover{text-decoration:none}@media (min-width:680px){.fxs-related-module-title{font-size:19.2px;line-height:27.2px}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}}XAG/USD climbs 3.61%, nearing $29.00 due to robust demand in the precious metals sector.Technical analysis suggests further upside potential, with aims at the April 12 high of $29.79 and the key $30.00 level.Key supports are at the May 18, 2021, high of $28.75, the June 10, 2021, high of $28.28, and the crucial $28.00 psychological level.Silver's price rose past $28.00, extending its gains close to the $29.00 threshold, which was briefly pierced last Friday, but buyers failed to hold the price above that level. At the time of writing, XAG/USD trades at $28.85, up by 3.61%. XAG/USD Price Analysis: Technical outlook Silver’s daily chart portrays the grey metal is bullish, shy of reclaiming the $29.00 handle. Once cleared, the next resistance would be the April 12 high of $29.79 before aiming toward the $30.00 threshold, last seen in February 2013. The next resistance would be February’s monthly high at $32.15. Conversely, XAG/USD’s first support would be the May 18, 2021, high turned support at $28.75, followed by the June 10, 2021, high at $28.28. Once those two levels are surpassed, the $28.00 psychological level will be next. Related newsSilver Price Forecast: XAG/USD recovers above $28.50 despite multiple tailwinds Gold bucks trend and surges in face of US economic strength, geopolitical woes Forex Today: Focus remains on geopolitics and central banks divergenceXAG/USD Price Action – Daily ChartXAG/USD Overview Today last price 28.96 Today Daily Change 1.08 Today Daily Change % 3.87 Today daily open 27.88 Trends Daily SMA20 26.1 Daily SMA50 24.34 Daily SMA100 23.95 Daily SMA200 23.6 Levels Previous Daily High 29.8 Previous Daily Low 27.88 Previous Weekly High 29.8 Previous Weekly Low 26.88 Previous Monthly High 25.77 Previous Monthly Low 22.51 Daily Fibonacci 38.2% 28.61 Daily Fibonacci 61.8% 29.07 Daily Pivot Point S1 27.24 Daily Pivot Point S2 26.6 Daily Pivot Point S3 25.32 Daily Pivot Point R1 29.16 Daily Pivot Point R2 30.44 Daily Pivot Point R3 31.08

01:13 NZD/USD Price Analysis: Bears maintain control, upwards correction signals emerge
The NZD/USD pair is currently trading at around 0.5903, suggesting a stronghold of the sellers in the market.

The daily RSI reveals a negative trend for NZD/USD, suggesting prevalent selling pressure.As the RSI stands near oversold conditions, the daily chart hints at a potential consolidation in the next sessions.Indicators on the hourly chart corroborate the selling bias, while subtly highlighting signs of imminent recovery.The NZD/USD pair is currently trading at around 0.5903, suggesting a stronghold of the sellers in the market. The pair's tendency to trade below the short-term Simple Moving Averages (SMAs) indicates a short-term bearish outlook. However, with the oversold conditions looming, a possible reversal may not be too far off. On the daily chart, the Relative Strength Index (RSI) readings have remained under a negative trend with the RSI sitting at 35, indicating a nearing oversold condition. This suggests that sellers have dominated the market in recent sessions. The negative momentum is also represented by the fresh red bar of the Moving Average Convergence Divergence (MACD), suggesting a current bearish bias. However, the nearing oversold condition signals the possibility of a trend reversal. NZD/USD daily chart Comparing this to the hourly chart, it is observed that the RSI values are still in the negative range and dangerously near the oversold threshold. The MACD histogram presents a flat red bar, indicating negative momentum, and essentially reaffirms the conclusion drawn from the daily charts, that the market has a prevalent selling bias, but there are signs of potential recovery. NZD/USD hourly chart Inspecting the broader outlook, the NZD/USD shows a negative outlook as it sits below its 20,100 and 200-day Simple Moving Average (SMA). In conclusion, both the daily and the hourly technical outlooks suggest a bearish bias for the NZD/USD pair. However, traders should remain cautious of potential reversals given the nearing oversold condition based on the RSI readings. NZD/USD Overview Today last price 0.5905 Today Daily Change -0.0075 Today Daily Change % -1.25 Today daily open 0.598 Trends Daily SMA20 0.6011 Daily SMA50 0.6082 Daily SMA100 0.6136 Daily SMA200 0.6065 Levels Previous Daily High 0.6011 Previous Daily Low 0.5933 Previous Weekly High 0.6079 Previous Weekly Low 0.5933 Previous Monthly High 0.6218 Previous Monthly Low 0.5956 Daily Fibonacci 38.2% 0.5963 Daily Fibonacci 61.8% 0.5981 Daily Pivot Point S1 0.5938 Daily Pivot Point S2 0.5897 Daily Pivot Point S3 0.586 Daily Pivot Point R1 0.6016 Daily Pivot Point R2 0.6053 Daily Pivot Point R3 0.6094

00:00 South Korea Import Price Growth (YoY) down to -0.7% in March from previous -0.2%
South Korea Import Price Growth (YoY) down to -0.7% in March from previous -0.2%

00:00 South Korea Export Price Growth (YoY) declined to 2.6% in March from previous 4.2%
South Korea Export Price Growth (YoY) declined to 2.6% in March from previous 4.2%

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Forex News Timeline

12:58 China to ease further in H2 2024 to stimulate economic growth – Standard Chartered Economists at Standard Chartered offer their afterthoughts on China’s quarterly growth numbers released on Tuesday.

12:54 Canada headline CPI to bounce to 3% in March – TD Securities Analysts at TD Securities expect the Consumer Price Index in Canada to rise 3% in March.

12:40 Our new baseline has 75bp of ECB cuts in 2024 – Deutsche Bank Analysts at Deutsche Bank share their revised outlook for the European Central Bank's (ECB) monetary policy.

12:22 Silver price today: Silver falls, according to FXStreet data Silver prices (XAG/USD) fell on Tuesday, according to FXStreet data.

12:08 India Gold price today: Gold rises, according to MCX data Gold prices rose in India on Tuesday, according to data from India's Multi Commodity Exchange (MCX).

12:04 German ZEW Economic Sentiment Index climbs to 42.9 in April vs. 35.1 expected The headline German ZEW Economic Sentiment Index jumped from 31.7 in March to 42.9 in April, beating the market expectations of 35.1.

12:03 AUD/JPY falls to near 99.00 amid market caution, awaits Israel’s reaction to Iran’s attack AUD/JPY relinquishes its recent gains, likely attributable to risk aversion as investors await Israel’s reaction to Iran’s air strike on Saturday with caution.

12:02 Italy Trade Balance EU dipped from previous €-0.376B to €-0.851B in February Italy Trade Balance EU dipped from previous €-0.376B to €-0.851B in February

12:02 Italy Global Trade Balance registered at €6.034B above expectations (€3.44B) in February Italy Global Trade Balance registered at €6.034B above expectations (€3.44B) in February

12:01 Eurozone ZEW Survey – Economic Sentiment above forecasts (37.2) in April: Actual (43.9) Eurozone ZEW Survey – Economic Sentiment above forecasts (37.2) in April: Actual (43.9)

12:01 Eurozone Trade Balance s.a. dipped from previous €28.1B to €17.9B in February Eurozone Trade Balance s.a. dipped from previous €28.1B to €17.9B in February

12:00 Germany ZEW Survey – Economic Sentiment above forecasts (35.1) in April: Actual (42.9) Germany ZEW Survey – Economic Sentiment above forecasts (35.1) in April: Actual (42.9)

12:00 Germany ZEW Survey – Current Situation up to -79.2 in April from previous -80.5 Germany ZEW Survey – Current Situation up to -79.2 in April from previous -80.5

12:00 Eurozone Trade Balance n.s.a. climbed from previous €11.4B to €23.6B in February Eurozone Trade Balance n.s.a. climbed from previous €11.4B to €23.6B in February

11:59 Spain 3-Month Letras Auction dipped from previous 3.626% to 3.597% Spain 3-Month Letras Auction dipped from previous 3.626% to 3.597%

11:59 Spain 9-Month Letras Auction: 3.507% vs previous 3.555% Spain 9-Month Letras Auction: 3.507% vs previous 3.555%

11:18 ECB's Rehn: We could cut interest rates in June If the macroeconomic assessment in June confirms an inflation convergence toward the European Central Bank's (ECB) target, key rates could be lowered in June, European Central Bank (ECB) policymaker Olli Rehn said on Tuesday.

11:16 Silver Price Forecast: XAG/USD plummets to $28.40 as uncertainty over Fed rate cut timing deepens Silver price (XAG/USD) slumps to $28.40 in Tuesday’s European session.

11:07 USD/CHF stays above 0.9100 nearing the highs since October USD/CHF recovers its recent losses registered in the previous session, trading near 0.9120 during the early European hours on Tuesday.

11:02 Italy Consumer Price Index (EU Norm) (MoM) meets expectations (1.2%) in March Italy Consumer Price Index (EU Norm) (MoM) meets expectations (1.2%) in March

11:02 Italy Consumer Price Index (EU Norm) (YoY) registered at 1.2%, below expectations (1.3%) in March Italy Consumer Price Index (EU Norm) (YoY) registered at 1.2%, below expectations (1.3%) in March

11:02 Italy Consumer Price Index (YoY) below forecasts (1.3%) in March: Actual (1.2%) Italy Consumer Price Index (YoY) below forecasts (1.3%) in March: Actual (1.2%)

11:01 Italy Consumer Price Index (MoM) registered at 0%, below expectations (0.1%) in March Italy Consumer Price Index (MoM) registered at 0%, below expectations (0.1%) in March

11:00 Canada CPI Preview: Inflation expected to accelerate in March, snapping two-month downtrend Canada is set to disclose the latest inflation figures on Tuesday, with Statistics Canada releasing the Consumer Price Index (CPI) for March.

10:52 EUR/USD Forecast: Euro shows no signs of life despite oversold conditions Following a short-lasting recovery attempt during the European trading hours, EUR/USD lost its traction and closed the first trading day of the week in negative territory.

10:24 EUR/GBP seems vulnerable around 0.8530 despite weak UK Employment data The EUR/GBP pair struggles to hold an auction above the immediate support of 0.8530 in the early European session on Tuesday.

09:38 Forex Today: US Dollar stretches higher ahead of Fedspeak, housing data Here is what you need to know on Tuesday, April 16: The US Dollar (USD) continues to gather strength early Tuesday after outperforming its major rivals on Monday.

09:02 EUR/USD Price Analysis: Holds above psychological level of 1.0600 amid a bearish sentiment EUR/USD continues its losing streak for the sixth successive session on Tuesday, hovering near 1.0620 during the Asian trading hours.

09:01 United Kingdom ILO Unemployment Rate (3M) came in at 4.2%, above expectations (4%) in February United Kingdom ILO Unemployment Rate (3M) came in at 4.2%, above expectations (4%) in February

09:01 United Kingdom Claimant Count Change registered at 10.9K, below expectations (17.2K) in March United Kingdom Claimant Count Change registered at 10.9K, below expectations (17.2K) in March

09:01 UK Unemployment Rate climbs to 4.2% in quarter to February vs. 4.0% expected The United Kingdom’s (UK) ILO Unemployment Rate came in at 4.2% in the three months to February, rising from 3.9% in the previous period, data published by the Office for National Statistics (ONS) showed Tuesday.

09:00 United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) dipped from previous 6.1% to 6% in February United Kingdom Average Earnings Excluding Bonus (3Mo/Yr) dipped from previous 6.1% to 6% in February

09:00 United Kingdom Average Earnings Including Bonus (3Mo/Yr) above forecasts (5.5%) in February: Actual (5.6%) United Kingdom Average Earnings Including Bonus (3Mo/Yr) above forecasts (5.5%) in February: Actual (5.6%)

09:00 United Kingdom Employment Change: -156K (February) vs previous -21K United Kingdom Employment Change: -156K (February) vs previous -21K

08:15 USD/CAD stands tall near 1.3800, highest since November as traders look to Canadian CPI The USD/CAD pair builds on last week's breakout momentum through the 1.3600-1.3610 supply zone and gains some positive traction for the fifth successive day on Tuesday.

08:05 WTI trims gains amid market caution after Iran’s attack on Israel, remains above $85.00 West Texas Intermediate (WTI) Oil price edges higher to near $85.30 per barrel during the Asian trading hours on Tuesday.

07:46 Gold price holds steady below $2,400 mark, bullish potential seems intact Gold price (XAU/USD) struggles to capitalize on the overnight goodish bounce from the $2,325-2,324 area, or a multi-day low, and oscillates in a narrow trading band during the Asian session on Tuesday.

06:30 NZD/USD depreciates amid risk aversion due to geopolitical tensions, trades below 0.5900 NZD/USD depreciates to near 0.5880 during the Asian trading session on Tuesday, as investors turn toward the US Dollar (USD) seeking refuge amid escalated geopolitical tensions in the Middle East.

06:00 South Korea Money Supply Growth rose from previous 4.3% to 4.5% in February South Korea Money Supply Growth rose from previous 4.3% to 4.5% in February

05:44 Japanese Yen languishes near 34-year low against USD despite intervention warnings The Japanese Yen (JPY) struggles to gain any meaningful traction during the Asian session on Tuesday and languishes near the 34-year low touched against its American counterpart the previous day.

05:35 China’s NBS: China's consumer inflation will recover mildly Following the publication of the high-impact China’s activity data for March, the National Bureau of Statistics (NBS) expressed its outlook on the economy during its press conference on Tuesday.

05:01 China Gross Domestic Product (QoQ) up to 1.6% in 1Q from previous 1% China Gross Domestic Product (QoQ) up to 1.6% in 1Q from previous 1%

05:01 Breaking: China’s GDP expands 5.3% YoY in Q1 2024 vs. 5.0% expected China’s economy expanded 5.3% over the year in the first quarter of 2024, as against a 5.2%% growth in the final quarter of 2023, the official data released by the National Bureau of Statistics (NBS) showed on Tuesday.

05:01 China Industrial Production (YoY) came in at 4.5%, below expectations (5.4%) in March China Industrial Production (YoY) came in at 4.5%, below expectations (5.4%) in March

05:00 China Fixed Asset Investment (YTD) (YoY) came in at 4.5%, above forecasts (4.3%) in March China Fixed Asset Investment (YTD) (YoY) came in at 4.5%, above forecasts (4.3%) in March

05:00 China Gross Domestic Product (YoY) came in at 5.3%, above expectations (5%) in 1Q China Gross Domestic Product (YoY) came in at 5.3%, above expectations (5%) in 1Q

05:00 China Retail Sales (YoY) came in at 3.1%, below expectations (4.5%) in March China Retail Sales (YoY) came in at 3.1%, below expectations (4.5%) in March

04:30 China House Price Index fell from previous -1.4% to -2.2% in March China House Price Index fell from previous -1.4% to -2.2% in March

04:24 EUR/USD falls toward 1.0600 on higher expectations of the Fed prolonging higher rates EUR/USD continues to lose ground for the sixth successive session, trading near 1.0610 during the Asian hours on Tuesday.

04:16 PBoC sets USD/CNY reference rate at 7.1028 vs 7.0979 previous The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Tuesday at 7.1028 as compared to the previous day's of 7.0979 and 7.2475 Reuters estimates.

04:09 Japan's Hayashi: Prepared to take all measures on FX Japan's Chief Cabinet Secretary Yoshimasa Hayashi is out with comments on Tuesday, saying that is important for currencies to move in a stable manner reflecting fundamentals.

03:56 Japan's Suzuki: Closely watching FX moves; will take all possible measures Japanese Finance Minister Shunichi Suzuki reiterated on Tuesday that he is closely watching FX moves and will take all possible measures.

03:47 Fed's Daly: Worst thing to do is act urgently when urgency isn't necessary Federal Reserve (Fed) Bank of San Francisco President Mary Daly crossed the wires in the last hour, saying that the progress on inflation has been significant, but we are still not there yet.

01:27 Silver Price Analysis: XAG/USD remains bullish, eyeing $29.00 Silver's price rose past $28.00, extending its gains close to the $29.00 threshold, which was briefly pierced last Friday, but buyers failed to hold the price above that level.

01:13 NZD/USD Price Analysis: Bears maintain control, upwards correction signals emerge The NZD/USD pair is currently trading at around 0.5903, suggesting a stronghold of the sellers in the market.

00:00 South Korea Import Price Growth (YoY) down to -0.7% in March from previous -0.2% South Korea Import Price Growth (YoY) down to -0.7% in March from previous -0.2%

00:00 South Korea Export Price Growth (YoY) declined to 2.6% in March from previous 4.2% South Korea Export Price Growth (YoY) declined to 2.6% in March from previous 4.2%

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