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16 Apr 2024

Forex Today: Risk aversion continues to dominate the FX space

Further gains saw the Greenback clinch new highs against the backdrop of higher yields and firmer speculation of a Fed’s rate cut by year end. In the meantime, persistent geopolitical concerns kept the price action in the risk complex depressed.

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

The Greenback retained its bullish stance and surged to fresh highs for 2024, reaching approximately 106.50 on the USD Index (DXY). On April 17, the usual weekly Mortgage Applications tracked by MBA, the Fed’s Beige Book and Net Long-term TIC Flows are all due.

EUR/USD extended its bearish note to the boundaries of the 1.0600 level, hitting new lows for the year. The final Inflation Rate in the broader euro bloc will take centre stage on April 17.

GBP/USD exchanged gains with losses and approached the 1.2400 region, or fresh YTD lows. In the UK, the Inflation Rate for the month of March is scheduled for April 17.

USD/JPY rose to new highs near 154.80 amidst higher US yields and the slight uptick in the Dollar. In Japan, the Reuters Tankan Index and Balance of Trade readings come on April 17.

AUD/USD dropped for the third session in a row, briefly breaking below the 0.6400 support. The Leading Index gauged by Westpac is due on April 17.

WTI kept the choppiness well in place, always amidst the multi-session consolidative theme around $85.00 per barrel.

Prices of Gold added to Monday’s uptick and flirted with the $2,400 mark per troy ounce. Silver, in the meantime, could not sustain a move to the $29.00 zone per ounce and ended the session with marked losses.

Apr 16, 2024

NZD/USD drops to fresh below 0.5900 on hawkish Powell and risk-off markets

The risk-averse sentiment on concerns about an escalation of the Middle East conflict is hammering the Kiwi this week.
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Apr 16, 2024

Gold price rises amid Fed Powell’s comments, Middle East tensions

Gold prices edged higher late in Tuesday’s North American session, gaining 0.22% following a hawkish tilt by Federal Reserve Chair Jerome Powell.
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