Forex News Timeline

20:13 United States 5-Year Note Auction rose from previous 4.235% to 4.659%
United States 5-Year Note Auction rose from previous 4.235% to 4.659%

20:01 Canadian Dollar gives back recent gains, Canada Retail Sales disappoint
The Canadian Dollar (CAD) is broadly softer on Wednesday, paring back recent gains and falling back against all of its major currency peers as the single worst-performing currency for the mid-week market session.

19:52 US Dollar sees slight uptick following Durable Goods Orders
The US Dollar Index (DXY) is trading mildly higher at 105.90, buoyed by high US yields amidst hawkish bets on the Federal Reserve (Fed).

19:43 Mexican Peso declines amid mixed inflation data, strong US economic report
The Mexican Peso weakens on Wednesday as the North American session begins, following a mixed inflation report for the first half of April.

19:00 Russia Industrial Output below forecasts (4.2%) in March: Actual (4%)
Russia Industrial Output below forecasts (4.2%) in March: Actual (4%)

17:50 AUD/USD continues rising after inflation in Q1 proves stickier-than-expected
AUD/USD trades off the highs of the day just below 0.6500 on Wednesday, after peaking at 0.6530 overnight following the release of stickier-than-expected Australian inflation data, which showed price gains were higher in Q1 than economists had predicted.

AUD/USD continues its recovery after Australian Q1 CPI data shows inflation stickier-than-forecast. The result is likely to keep interest rates in Australia higher for a longer time than other G10 nations. Bullish reversal signs are increasing on charts, suggesting the possibility of a trend reversal in the making. AUD/USD trades off the highs of the day just below 0.6500 on Wednesday, after peaking at 0.6530 overnight following the release of stickier-than-expected Australian inflation data, which showed price gains were higher in Q1 than economists had predicted. The Q1 Consumer Price Index (CPI) data rose by 3.6% instead of the 3.4% the market had expected, and the price stickiness reflected in the data suggests the Reserve Bank of Australia (RBA) will be even less likely to cut interest rates in the near-term. The CPI data was a catalyst for an extension of the recovery in AUD/USD since the expectations of interest rates remaining high for longer is positive for the Australian Dollar. Higher interest rates mean more foreign capital inflows, boosting demand for AUD. AUD/USD leads major currencies after CPI data AUD/USD has seen three up-days in a row on Wednesday (so far), and it is the strongest performing G10 currency over a five-day view. Due to persistent inflation, of which Wednesday’s CPI data is further evidence, the RBA is seen as the last major G10 central bank to cut interest rates, according to Rabobank. This in turn is likely to provide a backwind for the Aussie Dollar. “Ahead of this morning’s release of Australian Q1 CPI inflation data, the market was already of the view that the RBA would be one of the last G10 central banks to cut rates this cycle. Today’s stronger than expected readings reinforces this risk and highlights Rabobank’s house view that the RBA’s forthcoming easing cycle is likely to be extremely shallow,” Rabobank said in a note on Wednesday. The higher-than-expected inflation rate in Q1 is likely to force the RBA to revise up its inflation forecasts at the May meeting. Taken together with the weak US PMI data on Tuesday, which dented the myth of US economic exceptionalism, Rabobank are of the view that AUD/USD will continue higher. “This week’s US and Australia data releases have reinforced our view that AUD/USD is likely to trend higher later in the year and into 2025.” The RBA is now unlikely to make its first rate cut until November, says the bank. “Market implied policy rates are currently pointing to a very small increase in the cash rate on a 6-month view, which reflects the rise in skepticism about the ability of the RBA to cut rates at all this year. Rabobank’s view is that the RBA will cut rates only twice in the forthcoming cycle starting in November,” Rabobank said. An RBA cut in November now unlikely, says TD Securities Analysts at TD Securities go further and scrap their call for the RBA to cut interest rates in November, seeing a rate cut now not materializing till February 2025. “We now expect the RBA to deliver its first cut in Feb’25. The RBA is likely to adopt a more hawkish stance, but one that it's loath to act upon. Paying Aug'24 RBA OIS as insurance makes sense,” says TD Securities. If they are right then this is likely to fuel an even stronger rise in AUD/USD. AUD/USD still unlikely to rise unless US yields fall – Societe Generale It is important to consider the other side of the AUD/USD pair too – the US Dollar.

AUD/USD will remain stuck even after the stickier Q1 data unless US yields provide a helping hand by also falling, according to analysts at Societe Generale.

“It would still take a retracement in US yields for AUD/USD to gain traction above 0.6500, even if the RBA is less likely to cut rates this year,” they comment. Technical Analysis: AUD/USD showing signs of a bullish reversal AUD/USD is showing some early technical signs that point to a possible bullish reversal. This is especially the case on the 4-hour and daily charts. The AUD/USD daily chart below shows a bullish Dragonfly Doji candlestick reversal pattern (circled) at the recent Friday April 19 lows. This was followed by a green up day on Monday, providing bullish confirmation. The inference is that AUD/USD is undergoing a reversal, albeit one of short duration. AUD/USD Daily Chart
If Wednesday ends as a green up-candle as looks likely it will provide further evidence the trend is reversing, since according to technical analysts three consecutive up-days are a sign of trend reversal. AUD/USD’s 4-hour chart is also showing bullish reversal insignia and it could be argued the trend in the short-term has now reversed. 4-hour Chart
The pair has risen above the last lower high of the downtrend at 0.6452 and has broken above the 50-4hr SMA. These are both quite bullish signs. In addition, the accompanying MACD, during the recovery from the April 19 lows, has been strongly bullish, rising more quickly than it fell over a similar timespan. This shows bullish enthusiasm and potentially institutional buyers could be participating. The MACD has also now risen above the zero line adding more bullish evidence to the argument. AUD/USD Weekly Chart
The weekly chart is the least-bullish looking chart of the three. AUD/USD looks like it has probably formed a bearish three-wave Measured Move pattern, with waves labeled A, B and C. If this is the case, the pair looks to be in the middle of unfolding its C-wave. Once C is complete, price is likely to undergo a reversal or, at least, a correction. Wave C is normally equal to the length of wave A or more conservatively a Fibonacci 0.618 ratio of A. If the latter is the case, wave C may have already completed. This would add weight to the bullish reversal thesis. If not, wave C probably has further to fall. Whilst finding out whether the current week ends on a bearish or bullish note will be crucial to interpreting the chart, simply going by the patterning, it seems risk of more downside is still very much alive.

17:47 GBP/USD Price Analysis: Poised to resume downtrend, despite ‘morning star’ formation
The Pound Sterling is experiencing slight losses against the US Dollar, largely due to the influence of high US Treasury yields that are bolstering the Greenback.

GBP/USD dips slightly as higher US Treasury yields bolster the US Dollar, following upbeat US data.Technical analysis shows GBP/USD at a pivotal point, with the potential to rise toward 1.2500 if it breaks past the April 23 high of 1.2458.Key downside risks include a retreat to 1.2400 and possibly further to the April 22 low of 1.2299 if current resistance holds firm.The Pound Sterling is experiencing slight losses against the US Dollar, largely due to the influence of high US Treasury yields that are bolstering the Greenback. This trend was fueled by the release of economic data, which showed that Durable Goods exceeded expectations, leading to a surge in US yields and a favorable environment for the USD. The GBP/USD is currently trading at 1.2444, reflecting a 0.04% decrease. GBP/USD Price Analysis: Technical outlook After forming a ‘morning star,’ the GBP/USD is set to continue to print gains, but traders must decisively clear the April 23 high at 1.2458, which would pave the way toward 1.2500. Up next, the first crucial resistance level would be the 200-day moving average (DMA) at 1.2561, followed by 1.2600. On the other hand, if GBP/USD remains constrained by the April 23 high, that could pave the way for a retracement to 1.2400. A decisive break would expose April 22 low at 1.2299, which, once surpassed, could open the door to test an upslope support trendline drawn from March 2023 lows that pass at around 1.2250/60. GBP/USD Price Action – Daily ChartGBP/USD Overview Today last price 1.2441 Today Daily Change -0.0008 Today Daily Change % -0.06 Today daily open 1.2449 Trends Daily SMA20 1.2538 Daily SMA50 1.2629 Daily SMA100 1.2652 Daily SMA200 1.2563 Levels Previous Daily High 1.2459 Previous Daily Low 1.2332 Previous Weekly High 1.2499 Previous Weekly Low 1.2367 Previous Monthly High 1.2894 Previous Monthly Low 1.2575 Daily Fibonacci 38.2% 1.241 Daily Fibonacci 61.8% 1.238 Daily Pivot Point S1 1.2368 Daily Pivot Point S2 1.2287 Daily Pivot Point S3 1.2241 Daily Pivot Point R1 1.2495 Daily Pivot Point R2 1.254 Daily Pivot Point R3 1.2621

17:42 USD/CAD bounces back to 1.3700 after weak Canadian Retail Sales data
The USD/CAD pair witnesses strong buying interest and rises to 1.3700 as the Statistics Canada has posted weaker-than-expected Retail Sales data for March.

USD/CAD recovers to near 1.3700 as the Canadian Retail Sales surprisingly contracted by 0.1% in March.Weak Retail Sales data would prompt expectations of early rate cuts by the BoC.The US Dollar struggles for a strong recovers due to weak S&P Global PMI report for April.The USD/CAD pair witnesses strong buying interest and rises to 1.3700 as the Statistics Canada has posted weaker-than-expected Retail Sales data for March. Sales at retail stores contracted at a slower pace of 0.1% against 0.3% in February. However, investors forecasted that Retail Sales will rose by 0.1%. The Retail Sales is a leading indicator of consumer spending that signifies households’ demand. Lower Retail Sales suggest weak demand by households, which force factory owners to reduce prices of goods and services at their factory gates. This leads to a decline in the consumer price inflation, which would allow the Bank of Canada (BoC) to start reducing interest rates earlier. Currently, financial markets anticipate that the BoC will start reducing interest rates from the June meeting. Meanwhile, the US Dollar struggles to recover above the immediate resistance of 105.80. It seems that investors have not shrugged off the impact of weak S&P Global preliminary PMI report for April, released on Tuesday. The S&P PMI report showed that the Manufacturing PMI drops below the 50.0 threshold and the Services PMI falls sharply to 50.9. Going forward, the US Dollar will dance to the tunes of the Q1 Gross Domestic Product (GDP) and the core Personal Consumption Expenditure Price Index (PCE) data for March, which will be published on Thursday and Friday. The economic data will impact speculation for timing of rate cuts by the Federal Reserve (Fed), which are currently expected from the September meeting. USD/CAD Overview Today last price 1.3708 Today Daily Change 0.0045 Today Daily Change % 0.33 Today daily open 1.3663 Trends Daily SMA20 1.365 Daily SMA50 1.3576 Daily SMA100 1.3497 Daily SMA200 1.3534 Levels Previous Daily High 1.3714 Previous Daily Low 1.3656 Previous Weekly High 1.3846 Previous Weekly Low 1.3724 Previous Monthly High 1.3614 Previous Monthly Low 1.342 Daily Fibonacci 38.2% 1.3678 Daily Fibonacci 61.8% 1.3692 Daily Pivot Point S1 1.3641 Daily Pivot Point S2 1.362 Daily Pivot Point S3 1.3583 Daily Pivot Point R1 1.37 Daily Pivot Point R2 1.3736 Daily Pivot Point R3 1.3758

17:31 United States EIA Crude Oil Stocks Change came in at -6.368M below forecasts (1.6M) in April 19
United States EIA Crude Oil Stocks Change came in at -6.368M below forecasts (1.6M) in April 19

17:21 AUD/USD to face resistance at 200-day SMA at 0.6529 – Rabobank
Analysts at Rabobank share their short-term outlook for AUD/USD.

Analysts at Rabobank share their short-term outlook for AUD/USD. Fed is likely to start cutting rates in September "Measured on a 5-day view, the AUD is the best performing G10 currency. Not only has firmer AUD price data created some unease about the RBA’s potential to cut rates, but softer US PMI data this week has provided some reassurance about the ability of the Fed to ease in the coming months. The USD has consequently fallen back against the majority of G10 currencies." "In Rabo’s view, the Fed is likely to start cutting rates in September. This suggests the prospect of a softer USD from the summer. This week’s US and Australia data releases have reinforced our view that AUD/USD is likely to trend higher later in the year and into 2025. However, near-term the AUD/USD may find it difficult to extent this week gains. This is likely to depend on the releases of US GDP and PCE inflation later this week. The 200 days Simple Moving Average (SMA) is likely to offer resistance at AUD/USD 0.6529."

16:45 USD/CHF Price Analysis: Trades close to six-month high around 0.9150
The USD/CHF pair hovers around the six-month high of 0.9150 in Wednesday’s early American session.

USD/CHF oscillates near a six-month high around 0.9150, exhibiting strength ahead of crucial US data.The SNB is expected to extend the rate-cut cycle in June.The Fed sees the current interest rate policy framework as appropriate.The USD/CHF pair hovers around the six-month high of 0.9150 in Wednesday’s early American session. The near-term outlook of the Swiss Franc asset remains bullish, with expectations of further escalation in policy divergence between the Federal Reserve (Fed) and the Swiss National Bank (SNB). The Fed is expected to keep interest rates at their current levels for a longer period, given the strength in the United States labor market and stubbornly higher inflation due to strong consumer spending. The SNB will reduce interest rates again in the June policy meeting. The SNB kicked off the global rate-cut cycle after lowering borrowing rates by 25 basis points (bps) to 1.5% in the March meeting. The inflation in the Swiss economy has softened below the 2% target from a longer period, allowing the SNB to slice key interest rates further. Meanwhile, investors await the crucial US Q1 Gross Domestic Product (GDP) and the core Personal Consumption Expenditure Price Index (PCE) data for March, which will be published on Thursday and Friday. The economic data will impact market expectations for Fed rate cuts, which are currently expected in the September meeting.USD/CHF trades back-and-forth in a tight range near the crucial resistance of 0.9110, which is plotted from 1 November 2023 high plotted on a daily timeframe. The asset is expected to extend its upside as the upward-sloping 20-day Exponential Moving Average (EMA) near 0.9075 suggests an upbeat near-term outlook. The 14-period Relative Strength Index (RSI) oscillates in the bullish range of 60.00-80.00, indicating that a bullish momentum is still active. Going forward, an upside move above intraday high of 0.9153 will drive the asset towards the round-level support of 0.9200. A breach of the latter will push the asset further to 4 October 2023 high at 0.9232. In an alternate scenario, fresh downside would appear if the asset breaks below the psychological support of 0.9000, which will expose it to March 22 low at 0.8966, followed by March 1 high at 0.8893. USD/CHF daily chartUSD/CHF Overview Today last price 0.9125 Today Daily Change 0.0005 Today Daily Change % 0.05 Today daily open 0.912 Trends Daily SMA20 0.9077 Daily SMA50 0.8936 Daily SMA100 0.878 Daily SMA200 0.8839 Levels Previous Daily High 0.913 Previous Daily Low 0.9087 Previous Weekly High 0.9152 Previous Weekly Low 0.9012 Previous Monthly High 0.9072 Previous Monthly Low 0.873 Daily Fibonacci 38.2% 0.9104 Daily Fibonacci 61.8% 0.9114 Daily Pivot Point S1 0.9095 Daily Pivot Point S2 0.9069 Daily Pivot Point S3 0.9051 Daily Pivot Point R1 0.9138 Daily Pivot Point R2 0.9156 Daily Pivot Point R3 0.9181

15:42 EUR/GBP Price Analysis: Downmove reaches critical support level
EUR/GBP price has reversed and fallen to a key support level at around 0.8590, where it is currently consolidating.

EUR/GBP price has fallen to support from the top of a multi-month range at 0.8590. Despite bearish signs the pair could yet rally as the short-term trend remains technically bullish. A decisive break below the support level, however, would indicate deeper decline back into the range. EUR/GBP price has reversed and fallen to a key support level at around 0.8590, where it is currently consolidating. During volatile trading on April 19 the pair broke out of its multi-month range and rose up to a peak of 0.8645, however, it quickly reversed and fell back down. EUR/GBP Daily Chart
EUR/GBP hit its initial conservative target for the range breakout at the 0.618 Fibonacci extrapolation of the height of the range higher. This could mean there will be no further upside. However, if the pair reaches the optimistic target for the breakout it could still rally up to roughly 0.8660. The pair formed a bearish Tweezer Top Japanese candlestick pattern at the highs (circled) which occurs when two consecutive days have similar candle wicks (the thin upper part of the candle) and these wicks end at similar highs. It is a fairly reliable reversal sign. The support level currently holding up price is the top of a range that began in February. It is likely to be a tough nut for bears to crack and push price lower. A decisive break below the top of the range would be required to confirm more weakness possible to a target at 0.8530. “Decisive” means a break by a long red candlestick that closes near its low or a break by three consecutive red candlesticks. 4-hour Chart The 4-hour chart shows that a bearish M-shaped Double Top pattern formed at the highs of April 22-23. The pattern subsequently broke below its neckline (gray line at 0.8622) and plummeted. It has reached its price target which is equivalent to the height of the pattern extrapolated lower. This suggests a waning in bearish momentum. The pair is not technically in a short-term downtrend despite recent weakness. Ideally it would need to form a more consistent trend of falling peaks and troughs before it could be said to be in a downtrend. Since there remains a chance EUR/GBP could still be in an uptrend, and that support from the top of the range has not yet been broken, the materialization of further upside is still a very real possibility. The level of the neckline of the Double Top at 0.8622 is likely to present resistance if an upmove evolves.

15:35 US Durable Goods Orders rise 2.6% in March to $283.4 billion
Durable Goods Orders in the US rose 2.6%, or $7.3 billion, to $283.4 billion in March, the US Census Bureau reported on Wednesday.

Durable Goods Orders in the US increase $7.3 billion in March.US Dollar Index clings to small daily gains below 106.00.Durable Goods Orders in the US rose 2.6%, or $7.3 billion, to $283.4 billion in March, the US Census Bureau reported on Wednesday. This reading followed the 0.7% increase (revised from 1.4%) recorded in February. "Excluding transportation, new orders increased 0.2%," the US Census Bureau said in the press release. "Excluding defense, new orders increased 2.3%. Transportation equipment, also up two consecutive months, led the increase, $6.8 billion or 7.7%, to $95.9 billion." Market reaction These figures don't seem to be having a significant impact on the US Dollar Index, which was last seen rising 0.15% on the day at 105.85.

15:31 United States Durable Goods Orders ex Transportation came in at 0.2%, below expectations (0.3%) in March
United States Durable Goods Orders ex Transportation came in at 0.2%, below expectations (0.3%) in March

15:30 Canada Retail Sales ex Autos (MoM) came in at -0.3%, below expectations (0%) in February
Canada Retail Sales ex Autos (MoM) came in at -0.3%, below expectations (0%) in February

15:30 Canada Retail Sales (MoM) came in at -0.1% below forecasts (0.1%) in February
Canada Retail Sales (MoM) came in at -0.1% below forecasts (0.1%) in February

15:30 United States Durable Goods Orders ex Defense below forecasts (2.5%) in March: Actual (2.3%)
United States Durable Goods Orders ex Defense below forecasts (2.5%) in March: Actual (2.3%)

15:30 United States Durable Goods Orders increased to 2.6% in March from previous 1.4%
United States Durable Goods Orders increased to 2.6% in March from previous 1.4%

15:01 Mexico 1st half-month Inflation above expectations (-0.03%) in April: Actual (0.09%)
Mexico 1st half-month Inflation above expectations (-0.03%) in April: Actual (0.09%)

15:01 Mexico 1st half-month Core Inflation meets forecasts (0.16%) in April
Mexico 1st half-month Core Inflation meets forecasts (0.16%) in April

14:38 Silver Price Analysis: Silver price finds floor but is still at risk of more weakness
Silver (XAG/USD) price has found a floor at $26.70 and is consolidating.

Silver price finds support at $26.70 but remains at risk of further weakness. It formed a pattern on the 4-hour chart after touching the top of a four-year consolidation at $30.00. XAG/USD has fallen to an initial target but is vulnerable to further declines – support is at $25.80. Silver (XAG/USD) price has found a floor at $26.70 and is consolidating. This follows a sell off that reversed the short-term uptrend after Silver was rejected by the top of a long-term range at just below $30.00 (green line). The precious metal formed a bullish Hammer candlestick pattern on the daily chart, on Tuesday (circled below). Silver Daily ChartIf the Hammer is followed by a green up candle on Wednesday confirming the bullish change in sentiment, it could signal a possible short-term correction higher. If not Silver price is at risk of more downside. A break below the low of the hammer would provide confirmation of more weakness. The next downside target would probably be at support from the top of the year-long range at around $25.80. The Moving Average Convergence/Divergence (MACD) momentum indicator has crossed below its signal line, indicating more weakness is likely. The signal is reinforced by the fact that MACD has been proven to be a more reliable indicator in markets that are not strongly trending, such as is the case with Silver. A decisive break below $25.80 would return Silver to inside its year-long range and possibly the lower trendline at roughly $23.00. From a bullish perspective, a decisive break above the 2021 high of $30.07 would suggest Silver was going higher, with an initial target at $32.40 where former resistance lies. 4-hour Chart The 4-hour chart which analysts often use to determine the short-term trend, shows in more detail the price dynamics that preceded the fall from the top of the four-year consolidation zone (green line). Silver price formed a multi-shouldered Head and Shoulders (H&S) topping pattern at the $30.00 highs of mid-April. When the pattern broke below its “neckline” at the base, at roughly $28.00, it fell sharply to an initial target at $26.70. This target is the conservative estimate for the pattern, calculated by taking the height of the H&S and extrapolating the distance by a 0.618 Fibonacci ratio from the neckline lower. If the pattern falls further to its optimistic target, which lies at the full distance of the height of the pattern extrapolated lower (Fib.1.000), it will reach a target at roughly the same level as the top of the year-long range at around $25.80.

14:30 Natural Gas holds near two-month high as more US sanctions on Iranian Oil sector loom
Natural Gas (XNG/USD) holds onto recent gains on Wednesday after a two-day rally sparked by a possible escalation of tensions in the Middle East as the US is set to extend sanctions on Iran’s Oil sector.

14:19 USD/JPY extends upside to 155.00 amid caution ahead of US data, BoJ policy
The USD/JPY pair advances to historic highs of 155.00 in Wednesday’s London session.

USD/JPY moves higher to 155.00 as US Dollar bounces back.Investors await the US Data to get cues about when the Fed will pivot to interest rate cuts.The BoJ is projected to raise interest rates only one more time by year-end.The USD/JPY pair advances to historic highs of 155.00 in Wednesday’s London session. The asset strengthens as the US Dollar finds support amid uncertainty ahead of the United States Q1 Gross Domestic Product (GDP) and the core Personal Consumption Expenditure Price Index (PCE) data for March, which will be published on Thursday and Friday. The economic data will significantly influence market expectations about when the Fed will start reducing interest rates. The market sentiment is asset-specific as S&P 500 futures have added some gains in the European session, while risk-perceived currencies drop against the US Dollar. The US Dollar Index (DXY) adds some gains after discovering buying interest near 105.70. On Tuesday, the US Dollar corrected sharply after the S&P Global reported a weak US preliminary PMI report for April. The agency reported that the Manufacturing PMI remains below the 50.0 threshold that indicates a contraction and the Services PMI falls sharply. This has suggested that strong US economic outlook is losing some heat. In today’s session, investors will keenly watch the Durable Goods Orders for March. Orders for Durable Goods rose by 1.4% in February. Durable Goods Orders include those products that have life span of three years or more. Strong Durable Goods Orders indicate a stubborn inflation outlook. Meanwhile, the Japanese Yen weakens as investors expect that the Bank of Japan (BoJ) will not continue raising interest rates this week. Last time, the BoJ pushed interest rates to 0%-0.1% after maintaining a super easy monetary policy for 17 years. A Reuters poll showed that the BoJ will tighten policy further once this year and is expected to keep it stable till the June meeting. Fears of Japan’s intervention in the FX domain to support the sliding Japanese Yen deepen. In the early European session Senior Japan Ruling Party Executive Ochi said, "There is no broad consensus right now, but if the yen slides further toward 160 or 170 to the dollar, that may be deemed excessive and could prompt policymakers to consider some action" Reuters reported. USD/JPY Overview Today last price 154.94 Today Daily Change 0.11 Today Daily Change % 0.07 Today daily open 154.83 Trends Daily SMA20 152.88 Daily SMA50 151.07 Daily SMA100 148.31 Daily SMA200 147.82 Levels Previous Daily High 154.88 Previous Daily Low 154.55 Previous Weekly High 154.79 Previous Weekly Low 152.98 Previous Monthly High 151.97 Previous Monthly Low 146.48 Daily Fibonacci 38.2% 154.68 Daily Fibonacci 61.8% 154.75 Daily Pivot Point S1 154.63 Daily Pivot Point S2 154.43 Daily Pivot Point S3 154.31 Daily Pivot Point R1 154.95 Daily Pivot Point R2 155.07 Daily Pivot Point R3 155.27

14:07 Gold price weakens further ahead of key US macro data
Gold price (XAU/USD) retreats to $2,315 in Wednesday’s European session while attempting to extend recovery above $2,320.

14:00 United States MBA Mortgage Applications down to -2.7% in April 19 from previous 3.3%
United States MBA Mortgage Applications down to -2.7% in April 19 from previous 3.3%

13:49 Mexican Peso gains after weak manufacturing PMI data hits peers
The Mexican Peso (MXN) trades higher in most pairs midweek following widespread weakness among the majors after the release of disappointing Manufacturing Purchasing Manager Index (PMI) data weighed, especially on the US Dollar (USD).

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Manufacturing PMI data out on Tuesday was lower than expected across the board. USD/MXN’s short-term trend has probably reversed from bullish to bearish. The Mexican Peso (MXN) trades higher in most pairs midweek following widespread weakness among the majors after the release of disappointing Manufacturing Purchasing Manager Index (PMI) data weighed, especially on the US Dollar (USD). Mexican Peso benefits from subdued Manufacturing data in US, Europe The Mexican Peso gained its key pairs – USD/MXN, EUR/MXN and GBP/MXN – after the release of PMI data showed cracks in most developed economies. The Manufacturing PMI gauges were particularly low, and in the US it fell unexpectedly into contraction territory below 50.0, clocking in at 49.9, which was well below the estimated 52.0 and March’s print at 51.9. In the UK, the manufacturing PMI also fell below 50, coming in at 48.7, from 50.3 previously, while in the Eurozone it fell to 45.6, missing estimates of an increase to 46.5. Conversely, services sector PMIs rose by a greater-than-expected margin in most countries – bar the US. Despite this, markets dialed forward their expectations for interest rate cuts by major central banks, especially the Federal Reserve (Fed). Markets may be being optimistic about rate cuts, however, according to analysts at Rabobank, who quote a paragraph in the PMI reports stating that factory-cost pressures remain elevated. “Yesterday’s manufacturing PMIs shouted ‘stagflation’, even if some heard ‘rate cuts’,” the Rabobank note said. “..but its (the PMI report’s) fine print said: ‘Manufacturing has now registered the steeper rate of price increases in three of the past four months, with factory cost pressures intensifying in April amid higher raw material and fuel prices, contrasting with the wage-related services-led price pressures seen throughout much of 2023’,” the Rabobank note continues, suggesting the impact on FX could be short-lived. Mexican Inflation data on tap Mexican mid-month inflation data for April, out on Wednesday at 12:00 GMT, could adjust expectations for the Banxico’s policy approach going forward, given its insistence on data-dependency, as revealed in the last meeting’s minutes. Mexican 1st half-month inflation in March is expected to steady at 4.48% on a year-over-year basis. On month, prices are expected to decline by 0.03% after rising 0.27% in the previous reading. 1st half-month core inflation is forecast to decline to 4.39% YoY in March from 4.69% previously. On a monthly basis, inflation is set to fall to 0.16% from 0.33%. A higher-than-previous result is likely to further lower the probability of the central bank following up the March rate cut with another cut in the near term, and vice versa for a lower-than-previous result. Higher interest rates generally appreciate a currency by attracting more inflows of foreign capital and the opposite for lower interest rates. Technical Analysis: USD/MXN short-term trend now likely down USD/MXN has probably reversed its short-term uptrend after breaking below the key 17.00 hurdle, the previous higher low – and more weakness is now expected as bears take control. USD/MXN 4-hour Chart The next key support level lies at 16.86, where a major Moving Average also sits, providing dynamic support on a higher time frame chart. A decisive break below could usher in further weakness to 16.50 and then the April 9 lows at 16.26. It will now take a decisive break above the major trendline for the long-term downtrend at roughly 17.45 to give bulls renewed confidence, and activate an upside target at roughly 18.15. A decisive break would be one characterized by a longer-than-average green daily candlestick that pierces above the trendline and closes near its high, or three green candlesticks in a row that pierce above the level. Economic Indicator 1st half-month Inflation The 1st half-month core inflation index released by the Bank of Mexico is a measure of price movements by the comparison between the retail prices of a representative shopping basket of goods and services. The purchase power of Mexican Peso is dragged down by inflation. The inflation index is a key indicator since it is used by the central bank to set interest rates. Generally speaking, a high reading is seen as positive (or bullish) for the Mexican Peso, while a low reading is seen as negative (or Bearish). Read more. Next release: Wed Apr 24, 2024 12:00 Frequency: MonthlyConsensus: -0.03%Previous: 0.27%Source: National Institute of Statistics and Geography of Mexico

13:41 US Dollar edges up, paring some losses from PMI data miss
The US Dollar (USD) is trying to recover on Wednesday after trading firmly in the red on Tuesday. The miss on the US Purchasing Managers Index (PMI) for both the Services and

12:50 Germany 10-y Bond Auction: 2.54% vs 2.38%
Germany 10-y Bond Auction: 2.54% vs 2.38%

12:06 USD/CAD sticks to modest recovery gains, remains below 1.3700 ahead of US data
USD/CAD rebounds from a two-week low and draws support from a combination of factors.

USD/CAD rebounds from a two-week low and draws support from a combination of factors.Weaker Oil prices undermine the Loonie and act as a tailwind amid renewed USD buying.Traders look forward to important US macro releases before placing fresh directional bets.The USD/CAD pair attracts some buyers in the vicinity of mid-1.3600s, or a two-week low touched earlier this Wednesday and for now, seems to have snapped a five-day losing streak. Spot prices stick to modest intraday gains through the first half of the European session and currently trade near the 1.3675-1.3680 region or the top end of the daily range.Crude Oil prices struggle to capitalize on the previous day's goodish rebound from the 50-day Simple Moving Average (SMA) support amid easing geopolitical tensions and concerns about slowing economic growth in China. This, along with expectations that the Bank of Canada (BoC) will cut interest rates in the summer amid declining inflation and slower economic growth, is seen undermining the commodity-linked Loonie and acting as a tailwind for the USD/CAD pair amid the emergence of some US Dollar (USD) dip-buying. Investors now seem convinced that the Federal Reserve (Fed) is unlikely to begin cutting interest rates before September and have also scaled back their expectations about the number of rate cuts in 2024 to two amid still sticky inflation. The hawkish outlook, meanwhile, remains supportive of elevated US Treasury bond yields and helps revive the USD demand. That said, a generally positive risk tone might hold back traders from placing fresh bullish bets around the safe-haven buck and act as a headwind for the USD/CAD pair. Investors might also prefer to wait on the sidelines ahead of this week's important US macro data, starting with Durable Goods Orders later during the North American session. Apart from this, the Advance US Q1 GDP report and the Personal Consumption Expenditures (PCE) Price Index on Thursday and Friday, respectively, might provide fresh cues about the Fed's rate cut path. This, in turn, will play a key role in influencing the near-term USD price dynamics and help determine the next leg of a directional move for the USD/CAD pair. USD/CAD Overview Today last price 1.368 Today Daily Change 0.0017 Today Daily Change % 0.12 Today daily open 1.3663 Trends Daily SMA20 1.365 Daily SMA50 1.3576 Daily SMA100 1.3497 Daily SMA200 1.3534 Levels Previous Daily High 1.3714 Previous Daily Low 1.3656 Previous Weekly High 1.3846 Previous Weekly Low 1.3724 Previous Monthly High 1.3614 Previous Monthly Low 1.342 Daily Fibonacci 38.2% 1.3678 Daily Fibonacci 61.8% 1.3692 Daily Pivot Point S1 1.3641 Daily Pivot Point S2 1.362 Daily Pivot Point S3 1.3583 Daily Pivot Point R1 1.37 Daily Pivot Point R2 1.3736 Daily Pivot Point R3 1.3758

11:58 Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.

11:42 EUR/JPY sets to capture 166.00 on Japanese Yen’s persistent underperformance
The EUR/JPY pair aims to extend its upside to 166.00 due to persistent weakness in the Japanese Yen.

EUR/JPY eyes more upside amid uncertainty over BoJ’s neat rate hike.Japan Ochi expects that an intervention is possible if the Yen slides further to 160 or 170 vs. the US Dollar.The speculation for ECB pivoting to interest rate cuts in June remains firm.The EUR/JPY pair aims to extend its upside to 166.00 due to persistent weakness in the Japanese Yen. The cross consolidates near multi-year highs but is expected to rise further as investors expect that the Bank of Japan (BoJ) will struggle to tighten its monetary policy further due to absence of significant wage growth spiral. Apart from that, Japan has raised bar for USD/JPY where the administration could do a stealth intervention has also weighed on the Japanese Yen. In Wednesday’s early European session, Senior Japan Ruling Party Executive Ochi said, "There is no broad consensus right now, but if the yen slides further toward 160 or 170 to the dollar, that may be deemed excessive and could prompt policymakers to consider some action" Reuters reported. Earlier, investors were speculating that Japan will intervene in the FX domain when the Japanese Yen will drop to 155.00 against the US Dollar. But now higher targets for the major have exposed the Japanese Yen to more downside. Going forward, investors will focus on the BoJ’s interest rate decision, which will be announced on Friday. A Reuters poll in the April 11-17 period showed that none of the economists have predicted a rate hike move before June. The survey also showed that economists are anticipating that the BoJ will raise interest rates one more time. The survey lacks clear consensus on when exactly the move would come. Meanwhile, the Euro performs relatively weaker against other currencies as the European Central Bank (ECB) is widely anticipated to cut interest rates in the June meeting. ECB policymaker Villeroy de Galhau said last week that they could cut rates in the next meeting, barring a major surprise. Villeroy emphasized on returning to structural transformation as inflation is receding. Also, ECB Joachim Nagel said in Wednesday’s European session that a June interest rate cut may not be necessarily followed up by a series of rate cuts. The statement clearly indicates that he is comfortable with a rate cut move in June. EUR/JPY Overview Today last price 165.51 Today Daily Change -0.18 Today Daily Change % -0.11 Today daily open 165.69 Trends Daily SMA20 164.19 Daily SMA50 163.26 Daily SMA100 160.88 Daily SMA200 159.79 Levels Previous Daily High 165.74 Previous Daily Low 164.63 Previous Weekly High 165.03 Previous Weekly Low 162.67 Previous Monthly High 165.36 Previous Monthly Low 160.22 Daily Fibonacci 38.2% 165.32 Daily Fibonacci 61.8% 165.05 Daily Pivot Point S1 164.97 Daily Pivot Point S2 164.24 Daily Pivot Point S3 163.85 Daily Pivot Point R1 166.08 Daily Pivot Point R2 166.47 Daily Pivot Point R3 167.2

11:20 NZD/USD Price Analysis: Could break into the symmetrical triangle, rises to near 0.5950
NZD/USD advances for the third consecutive session on Wednesday, trading around 0.5940 during the European session.

NZD/USD extends gains despite the prevailing bearish sentiment for the pair.A break below 0.5900 could lead the pair to test the rebound support level of 0.5863.A break into the triangle around the level of 0.5963 has the potential to weaken the bearish sentiment.NZD/USD advances for the third consecutive session on Wednesday, trading around 0.5940 during the European session. The pair is testing the lower boundary of the daily symmetrical triangle around the level of 0.5963. A breach into the triangle could potentially weaken the bearish sentiment. However, analysis of the lagging indicator Moving Average Convergence Divergence (MACD) suggests a downward trend for the NZD/USD pair. This is indicated by the placement of the MACD line below the centerline and the signal line. Additionally, the 14-day Relative Strength Index (RSI) remains below the 50 level, further confirming the bearish sentiment. This could prompt NZD/USD to approach the psychological level of 0.5900. A break below this level may lead the pair to test the rebound support region around the levels of 0.5863 and 0.5850. Alternatively, If the NZD/USD pair breaks into the symmetrical triangle, it might target the psychological barrier of 0.6000. A breakthrough above this level could support the pair's momentum to test the 50-day Exponential Moving Average (EMA) at 0.6023, which aligns with the upper boundary of the triangle around 0.6030. NZD/USD: Daily ChartNZD/USD Overview Today last price 0.5937 Today Daily Change 0.0004 Today Daily Change % 0.07 Today daily open 0.5933 Trends Daily SMA20 0.5965 Daily SMA50 0.6055 Daily SMA100 0.6119 Daily SMA200 0.6051 Levels Previous Daily High 0.5949 Previous Daily Low 0.5902 Previous Weekly High 0.5954 Previous Weekly Low 0.5851 Previous Monthly High 0.6218 Previous Monthly Low 0.5956 Daily Fibonacci 38.2% 0.5931 Daily Fibonacci 61.8% 0.592 Daily Pivot Point S1 0.5907 Daily Pivot Point S2 0.5881 Daily Pivot Point S3 0.586 Daily Pivot Point R1 0.5954 Daily Pivot Point R2 0.5975 Daily Pivot Point R3 0.6001

11:20 EUR/USD recovers after US economic myth dented
EUR/USD trades just shy of 1.0700 on Wednesday after weaker-than-expected private sector growth and US business activity dent the myth of US economic exceptionalism, weighing on the US Dollar (USD).

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Weaker-than-expected US PMI data on Tuesday undermined the US Dollar and fueled the recovery. EUR/USD’s Bear Flag pattern deforms, bringing into doubt its validity. EUR/USD trades just shy of 1.0700 on Wednesday after weaker-than-expected private sector growth and US business activity dent the myth of US economic exceptionalism, weighing on the US Dollar (USD). EUR/USD gains a further small bump after the release of positive German economic sentiment IFO survey data for April shows a greater-than-expected rise in the Business Climate (89.4) and Current Assessment (88.9) components, whilst Expectations increases to 89.9 in line with estimates. EUR/USD recovers on weaker-than-expected US data EUR/USD broke above the top of its seven-day range early on Wednesday after the Greenback lost favor with traders. The Euro (EUR), meanwhile, maintained its value on the back of growth in the Services sector revealed in Tuesday’s better-than-expected HCOB Eurozone Services PMI data for April. In comparison, the PMI indexes from the US fell for both Services and Manufacturing in April, which took investors by surprise and suggested the economy is not coping as well as previously thought under the yoke of relatively high interest rates. Stubborn price momentum in the services sector in both the US and Europe have delayed the time by which both the Federal Reserve (Fed) and European Central Bank (ECB) are expected to cut interest rates. Whilst ECB officials seem fairly united in wanting to cut the ECB’s base lending rate in June, Fed officials have become increasingly vague about when they might consider cutting interest rates. Since the expectation of lower interest rates depreciates a currency, the lack of commitment of Fed officials compared to their ECB colleagues has been the main catalyst behind the US Dollar’s outperformance over recent weeks, and EUR/USD’s bearish momentum. The higher-than-expected preliminary Services PMI data in the Eurozone revealed on Tuesday, however, introduces some doubt into confidence that the ECB will in fact go ahead with rate cuts in June. On Wednesday, ECB governing council member and Bundesbank President Joachim Nagel reflected this doubt, saying “Services inflation remains high, driven by continued strong wage growth,” and because of this he was not convinced inflation was falling in a sustainable manner and, therefore, could not “pre-commit to a particular rate path.” It means more weight will be given to the defining data point for the decision, which is – according to the ECB President Christine Lagarde – first quarter Eurozone wage growth data. EUR/USD traders will now assess commentary from ECB officials on Wednesday. Meanwhile in the US, Durable Goods data will pad out the portrait of how well “Captain American Economy” is doing when it is released during the US session. Technical Analysis: EUR/USD pierces top of short-term range EUR/USD breaks out of the box-like range it had been trading in for the last seven days and pierces above the key 1.0700 level to bring into doubt the durability of the short-term downtrend. It is now less certain EUR/USD is forming a Bear Flag price pattern as had previously been assumed. The pattern has quite bearish connotations with a potential downside target in the 1.0400s, so if it fails to activate the pair could reverse on the disappointment, with some short-covering adding fuel to the recovery. EUR/USD 4-hour ChartWith the short-term downtrend in doubt more upside is possible, with the next target at resistance from the previous lower high providing an initial target at 1.0758. After that, the 50-day and 200-day Simple Moving Averages (SMA) provide resistance at 1.0807 on the daily chart (not shown). A break below the 1.0601 April 16 low, however, would prove the Bear Flag hypothesis valid in the end and signal the start of a decline. According to technical lore, the expected move out of a Bear Flag usually equals the length of the “pole” or steep decline preceding the box-like formation of the flag square, or a Fibonacci ratio of the pole. The Fibonacci 0.618 ratio of the pole extrapolated lower provides the most reliable conservative target. This gives a price objective at 1.0503. After that, the next concrete target is at 1.0446 – the October 2023 low. A fall of equal length to the pole would take EUR/USD down to 1.0403. Economic Indicator IFO – Business Climate This German business sentiment index released by the CESifo Group is closely watched as an early indicator of current conditions and business expectations in Germany. The Institute surveys more than 7,000 enterprises on their assessment of the business situation and their short-term planning. The positive economic growth anticipates bullish movements for the EUR, while a low reading is seen as negative (or bearish). Read more. Last release: Wed Apr 24, 2024 08:00 Frequency: MonthlyActual: 89.4Consensus: 88.9Previous: 87.8Source: IFO Institute

11:17 Pound Sterling holds strength on improved UK economic outlook
The Pound Sterling (GBP) turns sideways at around 1.2450 against the US Dollar (USD) in Wednesday’s European session after bouncing back strongly from a five-month low at around 1.2300 earlier in the week.

11:07 India Gold price today: Gold recovers, according to MCX data
Gold prices rose in India on Wednesday, according to data from India's Multi Commodity Exchange (MCX).

11:02 Italy Business Confidence below expectations (89.5) in April: Actual (87.6)
Italy Business Confidence below expectations (89.5) in April: Actual (87.6)

11:02 German IFO Business Climate Index improves further to 89.4 in April vs. 88.9 expected
The headline German IFO Business Climate Index came in at 89.4 in April, way higher than the March reading of 87.9.

German IFO Business Climate Index surpasses estimates with 89.4 in April.IFO Current Economic Assessment improved to 88.9 in the reported month.The headline German IFO Business Climate Index came in at 89.4 in April, way higher than the March reading of 87.9. The market forecast was for an 88.9 print. Meanwhile, the Current Economic Assessment Index rose from 88.1 in March to 88.9 in the same period, beating estimates of 88.7. The IFO Expectations Index – indicating firms’ projections for the next six months, improved to 89.9 in April vs. 87.7 seen in March while surpassing the expected 88.9 figure. Market reaction to the German IFO Survey EUR/USD fails to find inspiration from the upbeat German IFO survey. At the time of writing, the pair is trading 0.09% lower at 1.0688 amid resurgent US Dollar demand. About German IFO The headline IFO business climate index was rebased and recalibrated in April after the IFO Research Institute changed the series from the base year of 2000 to the base year of 2005 as of May 2011 and then changed series to include services as of April 2018. The survey now includes 9,000 monthly survey responses from firms in the manufacturing, service sector, trade and construction.

11:01 Italy Consumer Confidence below expectations (96.9) in April: Actual (95.2)
Italy Consumer Confidence below expectations (96.9) in April: Actual (95.2)

11:01 Germany IFO – Expectations registered at 89.9 above expectations (88.9) in April
Germany IFO – Expectations registered at 89.9 above expectations (88.9) in April

11:01 Switzerland ZEW Survey – Expectations: 17.6 (April) vs 11.5
Switzerland ZEW Survey – Expectations: 17.6 (April) vs 11.5

11:01 Germany IFO – Current Assessment above expectations (88.7) in April: Actual (88.9)
Germany IFO – Current Assessment above expectations (88.7) in April: Actual (88.9)

11:00 Germany IFO – Business Climate came in at 89.4, above forecasts (88.9) in April
Germany IFO – Business Climate came in at 89.4, above forecasts (88.9) in April

10:34 Indonesia Bank Indonesia Rate above forecasts (6%): Actual (6.25%)
Indonesia Bank Indonesia Rate above forecasts (6%): Actual (6.25%)

10:23 ECB’s Nagel: June rate cut not necessarily followed up by a series of rate cuts
European Central Bank (ECB) policymaker and Bundesbank Chief Joachim Nagel said on Wednesday that a June interest rate cut may not be necessarily followed up by a series of rate cuts.

10:16 USD/CHF holds steady around the 0.9150, in line with six-month highs
USD/CHF hovers near 0.9140 during early European trading hours on Wednesday, maintaining its position close to the six-month high of 0.9152 reached on April 15.

USD/CHF remains bullish due to disparities in expected policy trajectories between the Fed and SNB.The Swiss Franc is under downward pressure as the SNB is anticipated to implement another rate cut in June.The US Dollar has rebounded, potentially driven by the higher 10-year yield on US Treasury bond.USD/CHF hovers near 0.9140 during early European trading hours on Wednesday, maintaining its position close to the six-month high of 0.9152 reached on April 15. The Swiss Franc (CHF) faces challenges due to the notable disparities in expected monetary policy trajectories between the US Federal Reserve (Fed) and the Swiss National Bank (SNB). Swiss annual inflation dropped to a more than two-year low of 1% in March, emphasizing the SNB's assertion that underlying inflation has moderated. This, coupled with pessimistic Business Confidence indicators and a decline in Retail Sales, has strengthened market expectations that the SNB may implement another rate cut in June. The CHF had already experienced significant depreciation after the Swiss National Bank unexpectedly reduced its main interest rate by 25 basis points to 1.50% in March, becoming the first major central bank to reverse course on tighter monetary policy. Compared to the Federal Reserve, the probability of maintaining interest rates unchanged in the June meeting has risen to 84.6%, up from the previous week's 82.7%, according to the CME FedWatch Tool.The US Dollar Index (DXY), which measures the US Dollar (USD) against six major currencies, has rebounded due to a higher 10-year yield on US Treasury bonds, standing at 4.62%, up by 0.54% at the time of writing. However, disappointing US Purchasing Managers Index (PMI) data is weighing on the Greenback, thereby limiting the advance of the USD/CHF pair. In April, the preliminary S&P Global Composite PMI for the US declined to 50.9 from the previous reading of 52.1. Additionally, the Manufacturing PMI fell to 49.9 from 51.9 in the previous reading, below the estimated 52.0. Similarly, the Services PMI decreased to 50.9, compared to the prior 51.7, falling short of the expected 52.0. USD/CHF Overview Today last price 0.9137 Today Daily Change 0.0017 Today Daily Change % 0.19 Today daily open 0.912 Trends Daily SMA20 0.9077 Daily SMA50 0.8936 Daily SMA100 0.878 Daily SMA200 0.8839 Levels Previous Daily High 0.913 Previous Daily Low 0.9087 Previous Weekly High 0.9152 Previous Weekly Low 0.9012 Previous Monthly High 0.9072 Previous Monthly Low 0.873 Daily Fibonacci 38.2% 0.9104 Daily Fibonacci 61.8% 0.9114 Daily Pivot Point S1 0.9095 Daily Pivot Point S2 0.9069 Daily Pivot Point S3 0.9051 Daily Pivot Point R1 0.9138 Daily Pivot Point R2 0.9156 Daily Pivot Point R3 0.9181

09:56 Forex Today: US Dollar consolidates losses ahead of mid-tier data
Here is what you need to know on Wednesday, April 24: After weakening against its major rivals in the American session on Tuesday, the US Dollar (USD) seems to have stabilized in the European morning on Wednesday.

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IFO sentiment data from Germany will be watched closely by market participants midweek. Later in the day, the US economic docket will feature Durable Goods Orders for March. The USD Index turned south in the second half of the day on Tuesday and closed the day 0.4% lower after the data from the US showed that the business activity in the private sector expanded at a softening pace in early April. The S&P Global Composite PMI declined to 50.9 from 52.1 in March, while the S&P Global Manufacturing PMI fell into the contraction territory, arriving at 49.9. Early Wednesday, the USD Index fluctuates in a narrow range below 106.00 and the benchmark 10-year US Treasury bond yield clings to modest daily gains above 4.6%. After Wall Street's main indexes registered gains for the second consecutive day on Tuesday, US stock index futures trade in positive territory in the European morning. US Dollar price this week The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the weakest against the Australian Dollar. USDEURGBPCADAUDJPYNZDCHFUSD -0.35% -0.57% -0.50% -1.31% 0.19% -0.65% 0.30%EUR0.35% -0.21% -0.14% -0.94% 0.54% -0.27% 0.65%GBP0.56% 0.21% 0.07% -0.74% 0.74% -0.07% 0.85%CAD0.50% 0.15% -0.07% -0.81% 0.67% -0.14% 0.79%AUD1.29% 0.93% 0.74% 0.80% 1.42% 0.66% 1.59%JPY-0.19% -0.54% -0.76% -0.67% -1.49% -0.81% 0.11%NZD0.66% 0.28% 0.06% 0.14% -0.67% 0.77% 0.89%CHF-0.29% -0.65% -0.86% -0.79% -1.61% -0.11% -0.92% 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). During the Asian trading hours, the data from Australia showed that inflation, as measured by the change in the Consumer Price Index (CPI), softened to 3.6% on a yearly basis in the first quarter from 4.1%. This reading, however, came in above the market expectation of 3.4%. On a quarterly basis, the CPI rose 1% in Q1. AUD/USD gathered bullish momentum following the inflation data and was last seen rising nearly 0.5% on the day above 0.6500.Australian Dollar holds position due to risk-on sentiment amid stable US Dollar.EUR/USD rose 0.5% on Tuesday and climbed above 1.0700 for the first time in over a week. The pair stays relatively quiet near 1.0700 in the European morning.GBP/USD benefited from the broad USD weakness on Tuesday and gained 0.8%, snapping a three-day losing streak. The pair holds steady at around 1.2450 early Wednesday.USD/JPY ignored the selling pressure surrounding the USD and extended its sideways action on Tuesday. The pair trades within a few pips of 155.00 in the European session.Japanese Yen hangs near multi-decade low against USD, close to 155.00 mark.After registering its largest one-day loss of the year by falling more than 2.5% on Monday, Gold continued to push lower and declined below $2,300 for the first time in nearly three weeks on Tuesday. Although XAU/USD managed to stage a rebound later in the day, it failed to gather momentum. Early Wednesday, the pair trades in a narrow band at around $2,320.Gold price ticks higher amid modest USD weakness, positive risk tone might cap gains.Economic Indicator Durable Goods Orders The Durable Goods Orders, released by the US Census Bureau, measures the cost of orders received by manufacturers for durable goods, which means goods planned to last for three years or more, such as motor vehicles and appliances. As those durable products often involve large investments they are sensitive to the US economic situation. The final figure shows the state of US production activity. Generally speaking, a high reading is bullish for the USD. Read more. Last release: Tue Mar 26, 2024 12:30 Frequency: MonthlyActual: 1.4%Consensus: 1.3%Previous: -6.1%Source: US Census Bureau

09:42 Silver Price Forecast: XAG/USD remains on the defensive below $27.50 on easing Middle East tensions
Silver price (XAG/USD) trades on a softer note near $27.30 during the early European session on Wednesday.

Silver price turns red around $27.30 on Wednesday, despite the weaker USD. A relaxation in Middle East geopolitical tensions drags silver price to a two-week low. The rising demand for white metal in industrial uses supports the XAG/USD. Silver price (XAG/USD) trades on a softer note near $27.30 during the early European session on Wednesday. The easing of tensions in the Middle East and the risk-on environment cap the upside of the white metal.

Geopolitical tensions in the Middle East, particularly in Israel and Iran, have boosted the price of precious metals in recent weeks. However, those fears have largely dissipated as Iran and Israel have signaled they are not interested in a wider war after attacks earlier this month. This, in turn, leads traders to reduce their precious metal positions and favor riskier assets.

Furthermore, the robust economy and rising inflation pressures in the United States have triggered the expectation that the US Fed might delay its easing cycle this year, which weighs on the US Dollar-denominated silver. Investors will take more cues about inflation trajectory and interest rate outlook from the US Q1 Gross Domestic Product (GDP) number on Thursday and the Core Personal-Consumption Expenditures (PCE) Price Index, the Federal Reserve's (Fed) preferred gauge of underlying inflation, due later on Friday.

On the other hand, rising demand for silver, driven by its industrial uses in photovoltaics, semiconductors, and electric vehicle charging, along with a significant deficit in silver supply, might boost the white metal for the time being. According to the Silver Institute, industrial demand for silver set a record in 2023 of 654.4 million ounces, owing to sustained structural gains from green economy applications. XAG/USD Overview Today last price 27.29 Today Daily Change -0.02 Today Daily Change % -0.07 Today daily open 27.31 Trends Daily SMA20 27.19 Daily SMA50 25.12 Daily SMA100 24.18 Daily SMA200 23.74 Levels Previous Daily High 27.38 Previous Daily Low 26.67 Previous Weekly High 29.02 Previous Weekly Low 27.62 Previous Monthly High 25.77 Previous Monthly Low 22.51 Daily Fibonacci 38.2% 27.11 Daily Fibonacci 61.8% 26.94 Daily Pivot Point S1 26.86 Daily Pivot Point S2 26.41 Daily Pivot Point S3 26.15 Daily Pivot Point R1 27.57 Daily Pivot Point R2 27.83 Daily Pivot Point R3 28.28

08:51 FX option expiries for Apr 24 NY cut
FX option expiries for Apr 24 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0550 565m 1.0575 400m 1.0600 440m 1.0610 1.1b 1.0650 1.1b 1.0700 2.3b 1.0705 645m 1.0725 860m - GBP/USD: GBP amounts 1.2450 613m - USD/JPY: USD amounts 153.00 452m 153.50 1.5b 154.00 902m 155.40 1b - USD/CHF: USD amounts 0.9150 765m - AUD/USD: AUD amounts 0.6325 500m 0.6400 472m 0.65425 335m - USD/CAD: USD amounts 1.3600 600m 1.3650 625m 1.3680 914m - EUR/GBP: EUR amounts 0.8600 351m .

FX option expiries for Apr 24 NY cut at 10:00 Eastern Time, via DTCC, can be found below - EUR/USD: EUR amounts 1.0550 565m 1.0575 400m 1.0600 440m 1.0610 1.1b 1.0650 1.1b 1.0700 2.3b 1.0705 645m 1.0725 860m - GBP/USD: GBP amounts 1.2450 613m - USD/JPY: USD amounts 153.00 452m 153.50 1.5b 154.00 902m 155.40 1b - USD/CHF: USD amounts 0.9150 765m - AUD/USD: AUD amounts 0.6325 500m 0.6400 472m 0.65425 335m - USD/CAD: USD amounts 1.3600 600m 1.3650 625m 1.3680 914m - EUR/GBP: EUR amounts 0.8600 351m

08:20 EUR/USD Price Analysis: The first upside target is seen at the 1.0710–1.0715 region
The EUR/USD pair trades in positive territory for the fourth consecutive day near 1.0705 on Wednesday during the early European trading hours.

EUR/USD holds positive ground around 1.0705 in Wednesday’s early European session. The pair keeps the bearish vibe unchanged below the key EMA.The first upside barrier is seen at the 1.0710–1.0715 region; the first downside target is located at 1.0638.The EUR/USD pair trades in positive territory for the fourth consecutive day near 1.0705 on Wednesday during the early European trading hours. The recovery of the major pair is bolstered by the downbeat US April PMI data, which weighs on the Greenback. Later in the day, Germany’s IFO business sentiment index and Expectations will be published. On the US docket, the US March Durable Goods Orders will be released.

Technically, the bearish trend of EUR/USD remains intact on the four-hour chart, as the major pair is below the key 100-period Exponential Moving Average (EMA). In the event that the EUR/USD pair crosses above the key 100-period EMA, it will resume its upside. It’s worth noting that the Relative Strength Index (RSI) stands in bullish territory around 66, suggesting that further upside cannot be ruled out.

A decisive break above the upper boundary of the Bollinger Band and the 100-period EMA in the 1.0710-1.0715 zone will see a rally to a high of April 11 at 1.0756. The next key upside barrier is seen at the confluence of a low of March 22 and a psychological level at 1.0800. The additional upside filter to watch is a high of April 4 at 1.0875.

On the other hand, the first downside target is located near a low of April 23 at 1.0638. Any follow-through selling below the latter will see a drop to the lower limit of the Bollinger Band at 1.0625. A breach of this level will expose a low of November 2 at 1.0565.EUR/USD four-hour chartEUR/USD Overview Today last price 1.0705 Today Daily Change 0.0003 Today Daily Change % 0.03 Today daily open 1.0702 Trends Daily SMA20 1.0742 Daily SMA50 1.0808 Daily SMA100 1.085 Daily SMA200 1.0812 Levels Previous Daily High 1.0711 Previous Daily Low 1.0639 Previous Weekly High 1.069 Previous Weekly Low 1.0601 Previous Monthly High 1.0981 Previous Monthly Low 1.0768 Daily Fibonacci 38.2% 1.0684 Daily Fibonacci 61.8% 1.0666 Daily Pivot Point S1 1.0656 Daily Pivot Point S2 1.0611 Daily Pivot Point S3 1.0584 Daily Pivot Point R1 1.0729 Daily Pivot Point R2 1.0757 Daily Pivot Point R3 1.0802

08:10 WTI flat lines around $83.25 area, downside seems limited amid positive demand outlook
West Texas Intermediate (WTI) US crude Oil prices struggle to build on the overnight bounce from the 50-day Simple Moving Average (SMA) support near the $80.75 area and oscillate in a range during the Asian session on Wednesday.

WTI consolidates in a narrow range and is influenced by a combination of diverging forces.Easing geopolitical risks acts as a headwind, though improving demand outlook lends support.Traders look to US Durable Goods Orders and the official US inventory data for a fresh impetus.West Texas Intermediate (WTI) US crude Oil prices struggle to build on the overnight bounce from the 50-day Simple Moving Average (SMA) support near the $80.75 area and oscillate in a range during the Asian session on Wednesday. The commodity currently trades around the $83.25 region, nearly unchanged for the day, and is influenced by a combination of diverging forces. Concerns about a further escalation of geopolitical tensions in the Middle East eased after Iran signaled that it has no plans to retaliate against the Israeli limited-scale missile strike. This reduces the risk premium from markets and acts as a headwind for Crude Oil prices. That said, the Israel-Hamas war, so far, has shown little signs of abating, keeping risks of Middle Eastern geopolitics in play and lending some support to the black liquid. Adding to this, expectations that major central banks will cut interest rates to support economic growth, which, in turn, will boost fuel consumption, and a surprise drop in US crude inventories last week help limit the downside for Crude Oil prices. In fact, the American Petroleum Institute (API) reported on Tuesday that US oil inventories fell by 3.2 million barrels during the week to April 19 and added to the optimism over improving demand. Meanwhile, the US Dollar (USD) languishes near its lowest level in over a week in the wake of Tuesday's disappointing US PMI prints for April and further seems to lend support to the commodity. That said, expectations that the Federal Reserve (Fed) will keep rates higher for longer support prospects for the emergence of some USD dip-buying and warrants caution before positioning for any further near-term appreciating move for Crude Oil prices. Traders now look forward to the official US crude inventory data for confirmation of the big drawdown and some meaningful impetus. Apart from this, the release of the US Durable Goods Orders might influence the USD and produce short-term trading opportunities around Crude Oil prices. The focus, however, remains on the Advance US Q1 GDP report and the Personal Consumption Expenditures (PCE) Price Index on Thursday and Friday, respectively. WTI US OIL Overview Today last price 83.24 Today Daily Change 0.03 Today Daily Change % 0.04 Today daily open 83.21 Trends Daily SMA20 83.98 Daily SMA50 80.88 Daily SMA100 77.1 Daily SMA200 79.67 Levels Previous Daily High 83.28 Previous Daily Low 80.76 Previous Weekly High 85.67 Previous Weekly Low 81.05 Previous Monthly High 83.05 Previous Monthly Low 76.5 Daily Fibonacci 38.2% 82.32 Daily Fibonacci 61.8% 81.73 Daily Pivot Point S1 81.55 Daily Pivot Point S2 79.9 Daily Pivot Point S3 79.04 Daily Pivot Point R1 84.07 Daily Pivot Point R2 84.93 Daily Pivot Point R3 86.59

08:10 GBP/USD Price Analysis: Rises to near 1.2450 despite the bearish sentiment
GBP/USD has been on the rise for the second consecutive day, trading around 1.2450 in Asian trading on Wednesday.

GBP/USD tests the major level of 1.2450 despite the bearish sentiment shown by the technical analysis.The pair continues to trade below the pullback resistance level at 1.2518, positioned near the lower boundary of the descending triangle.The breach into the descending channel around the level of 1.2490 may lead to a weakening of the bearish sentiment.GBP/USD has been on the rise for the second consecutive day, trading around 1.2450 in Asian trading on Wednesday. However, the pair is still below the pullback resistance at 1.2518, which coincides with the lower boundary of the descending triangle at 1.2510. Furthermore, the 14-day Relative Strength Index (RSI) is below the 50 level, indicating a bearish sentiment. Additionally, the Moving Average Convergence Divergence (MACD) confirms this bearish trend, with the MACD line below the centerline and the signal line. Looking ahead, GBP/USD could encounter significant support around the psychological level of 1.2400. If this level is breached, the pair may test the five-month low of 1.2300. On the upside, breaching the descending triangle around the level of 1.2490, along with surpassing the psychological level of 1.2500, could potentially weaken the bearish sentiment. Further resistance is anticipated around the pullback resistance level at 1.2518 and the 38.2% Fibonacci retracement level at 1.2527, drawn between 1.2894 and 1.2300. A breakthrough above the latter resistance region might signify a shift towards a bullish sentiment. In such a scenario, GBP/USD could aim to test the upper boundary of the descending triangle around 1.2565. GBP/USD: Daily ChartGBP/USD Overview Today last price 1.2455 Today Daily Change 0.0006 Today Daily Change % 0.05 Today daily open 1.2449 Trends Daily SMA20 1.2538 Daily SMA50 1.2629 Daily SMA100 1.2652 Daily SMA200 1.2563 Levels Previous Daily High 1.2459 Previous Daily Low 1.2332 Previous Weekly High 1.2499 Previous Weekly Low 1.2367 Previous Monthly High 1.2894 Previous Monthly Low 1.2575 Daily Fibonacci 38.2% 1.241 Daily Fibonacci 61.8% 1.238 Daily Pivot Point S1 1.2368 Daily Pivot Point S2 1.2287 Daily Pivot Point S3 1.2241 Daily Pivot Point R1 1.2495 Daily Pivot Point R2 1.254 Daily Pivot Point R3 1.2621

07:18 Gold price struggles to lure buyers amid positive risk tone, reduced Fed rate cut bets
Gold price (XAU/USD) struggles to capitalize on the previous day's bounce from over a two-week low – levels just below the $2,300 mark – and oscillates in a narrow range during the Asian session on Wednesday.

06:48 USD/CAD remains subdued around 1.3650 due to higher crude prices, disappointing US PMI
USD/CAD continues its losing streak that began on April 17, trading around 1.3660 during the Asian session on Wednesday.

USD/CAD faces challenges due to improved risk sentiment, driven by easing geopolitical tensions in the Middle East.The US Dollar lost ground after the release of downbeat US PMI data released on Tuesday.The Canadian Dollar receives support from the uptick in crude Oil prices.USD/CAD continues its losing streak that began on April 17, trading around 1.3660 during the Asian session on Wednesday. The pair receives downward pressure due to the downbeat US Dollar (USD), which could be attributed to the disappointing Purchasing Managers Index (PMI) data from the United States (US) released on Tuesday. In April, the preliminary S&P Global Composite PMI for the US declined to 50.9 from the previous reading of 52.1. Additionally, the Manufacturing PMI fell to 49.9 from 51.9 in the previous reading, below the estimated 52.0. Similarly, the Services PMI decreased to 50.9, compared to the prior 51.7, falling short of the expected 52.0. In Canada, the uptick in crude Oil prices contributes upward support to the Canadian Dollar (CAD), given the fact that Canada is the largest crude Oil exporter to the United States (US). West Texas Intermediate (WTI) Oil price trades around $83.20 per barrel, by the press time. Crude Oil prices have advanced following industry data indicating an unexpected decrease in US crude stocks last week, signaling positive demand dynamics. Attention has shifted away from tensions in the Middle East. The American Petroleum Institute (API) reported a 3.23 million barrels decline in weekly crude Oil stocks for the week ending April 19, contrary to the expected increase of 1.80 million barrels and the previous week's increase of 4.09 million barrels. Canadian Industrial Product Price Index rose by 0.8% in March, in line with expectations and slightly lower than the previous month's upwardly revised figure of 1.1%. Additionally, the New Housing Price Index remained unchanged in March, against forecasts of a 0.1% increase, with the year-over-year NHPI declining by 0.4%. Investors will keep an eye on Canadian Retail Sales data due on Wednesday. USD/CAD Overview Today last price 1.3664 Today Daily Change 0.0001 Today Daily Change % 0.01 Today daily open 1.3663 Trends Daily SMA20 1.365 Daily SMA50 1.3576 Daily SMA100 1.3497 Daily SMA200 1.3534 Levels Previous Daily High 1.3714 Previous Daily Low 1.3656 Previous Weekly High 1.3846 Previous Weekly Low 1.3724 Previous Monthly High 1.3614 Previous Monthly Low 1.342 Daily Fibonacci 38.2% 1.3678 Daily Fibonacci 61.8% 1.3692 Daily Pivot Point S1 1.3641 Daily Pivot Point S2 1.362 Daily Pivot Point S3 1.3583 Daily Pivot Point R1 1.37 Daily Pivot Point R2 1.3736 Daily Pivot Point R3 1.3758

06:17 USD/INR rebounds amid firmer US Dollar, hawkish Fed stance
Indian Rupee (INR) is losing its recovery momentum on Wednesday amid US Dollar (USD) demand from importers and bets that US Federal Reserve (Fed) rate cuts are not imminent.

06:08 Australian Dollar rises on upbeat CPI figures, subdued US Dollar
The Australian Dollar (AUD) extends its winning streak for the third successive day after the release of the better-than-expected Consumer Price Index (CPI) data on Wednesday.

.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 Australian Dollar appreciates after the release of stronger-than-expected CPI data released on Wednesday.The Australian Dollar receives upward support due to the improved risk appetite, along with the higher ASX 200 Index.The US Dollar faced challenges after the downbeat PMI data was released on Tuesday.The Australian Dollar (AUD) extends its winning streak for the third successive day after the release of the better-than-expected Consumer Price Index (CPI) data on Wednesday. The upbeat inflation figures have the potential to fuel a hawkish sentiment regarding the Reserve Bank of Australia’s (RBA) monetary policy outlook. This has contributed to the strength of the Australian Dollar (AUD), thereby supporting the AUD/USD pair. The Australian Dollar (AUD) advances, tracking the higher ASX 200 Index, with notable contributions from the technology and healthcare sectors. Australian stocks are mirroring the positive momentum observed on Wall Street, driven by strong corporate earnings reports that have bolstered market sentiment. The US Dollar Index (DXY), gauging the US Dollar (USD) against six major currencies, experiences downward pressure amid a decrease in US Treasury yields. Furthermore, disappointing Purchasing Managers Index (PMI) data from the United States (US) weighed on the US Dollar (USD), thereby supporting the AUD/USD pair. Nevertheless, inflation reports indicate that business activity in the United States continued to expand in April, albeit at a slower pace compared to March. Daily Digest Market Movers: Australian Dollar appreciates on upbeat consumer inflation data Australia’s Consumer Price Index (CPI) rose by 1.0% QoQ in the first quarter of 2024, against the expected 0.8% and 0.6% prior. CPI (YoY) increased by 3.6% compared to the forecasted 3.4% for Q1 and 4.1% prior. Australia’s Monthly Consumer Price Index (YoY) rose by 3.5% in March, against the market expectations and the previous reading of 3.4%. On Tuesday, the US preliminary S&P Global Composite PMI fell to 50.9 in April from the previous reading of 52.1. Meanwhile, the Manufacturing PMI dropped to 49.9 from 51.9 in the previous reading, weaker than the estimation of 52.0. The Services PMI decreased to 50.9, compared to 51.7 prior, worse than the 52.0 expected. Australia's Judo Bank Composite Purchasing Managers Index (PMI) released on Tuesday, showed a surge to a 24-month high of 53.6 in April, marking an improvement from the previous month's 53.3. Manufacturing PMI rose to an eight-month high of 49.9 in April, compared to March's 47.3. Services PMI declined to a 2-month low of 54.2 compared to the previous reading of 54.4. The China Securities Journal reported on Tuesday that the People's Bank of China (PBoC) will decrease the Medium-term Lending Facility (MLF) rate, aiming to lower funding costs. The next MLF rate setting is scheduled for May 15. This decision could potentially influence the Australian market, given the close trade relationship between the two countries. The likelihood of the Federal Reserve's (Fed) interest rates remaining unchanged in the June meeting has risen to 84.6%, up from the previous week's 82.7%, according to the CME FedWatch Tool. Technical Analysis: Australian Dollar moves above the psychological level of 0.6500 The Australian Dollar trades around 0.6520 on Wednesday. The pair has breached into the symmetrical triangle, indicating a shift towards bullish sentiment. Furthermore, the 14-day Relative Strength Index (RSI) is above the 50-level, supporting this bullish outlook. The AUD/USD pair may aim for the psychological level of 0.6600 and attempt to reach the upper boundary of the symmetrical triangle near 0.6639, potentially reinforcing the bullish sentiment. In terms of the downside, immediate support is anticipated around the psychological level of 0.6500, aligned with the lower boundary of the triangle. A breach below this channel could exert downward pressure on the AUD/USD pair, with the next significant support level at 0.6456. Further support is located at April’s low of 0.6362. AUD/USD: Daily ChartAustralian Dollar price today The table below shows the percentage change of the Australian Dollar (AUD) against listed major currencies today. The Australian Dollar was the strongest against the US Dollar. USDEURGBPCADAUDJPYNZDCHFUSD -0.08% -0.05% -0.01% -0.45% 0.04% -0.13% 0.00%EUR0.07% 0.02% 0.06% -0.36% 0.11% -0.07% 0.04%GBP0.05% -0.02% 0.05% -0.38% 0.09% -0.08% 0.04%CAD0.01% -0.06% -0.05% -0.43% 0.05% -0.13% -0.01%AUD0.45% 0.34% 0.38% 0.41% 0.41% 0.30% 0.42%JPY-0.05% -0.13% -0.08% -0.04% -0.48% -0.13% -0.05%NZD0.16% 0.07% 0.10% 0.12% -0.30% 0.13% 0.13%CHF0.01% -0.04% -0.04% 0.00% -0.42% 0.07% -0.12% 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.

05:33 NZD/USD sticks gains near mid-0.5900s, over one-week high amid positive risk tone
NZD/USD gains positive traction for the third straight day amid a softer USD.

NZD/USD gains positive traction for the third straight day amid a softer USD.Tuesday’s disappointing US PMIs and a positive risk tone undermine the buck.Reduced Fed rate cut bets should help limit the USD losses and cap the major.The NZD/USD pair attracts follow-through buying for the third successive day on Wednesday and climbs to over a one-week high, around mid-0.5900s during the Asian session amid a modest US Dollar (USD) weakness. Weaker US PMI prints released on Tuesday indicated that the economic upturn lost momentum at the start of the second quarter. Furthermore, easing geopolitical tensions in the Middle East remains supportive of a generally positive tone around the equity markets and undermines the safe-haven buck, which, in turn, is seen benefitting the risk-sensitive Kiwi. That said, hawkish Federal Reserve (Fed) expectations help limit the downside for the USD and keep a lid on the NZD/USD pair. Market participants now seem convinced that the Fed is unlikely to begin its rate-cutting cycle in June and have also scaled back their expectations about the total number of rate cuts in 2024 to less than two, or around 40 basis points. The hawkish outlook, meanwhile, remains supportive of elevated US Treasury bond yields and is likely to act as a tailwind for the Greenback. This, in turn, might hold back traders from placing aggressive bullish bets around the NZD/USD pair and cap the upside. Investors now look forward to the release of the US Durable Goods Orders for some impetus later during the North American session. The focus, however, will remain glued to the Advance US Q1 GDP print and the US Personal Consumption Expenditures (PCE) Price Index on Thursday and Friday, respectively. This will influence market expectations about the Fed's future policy decisions, which will drive the USD demand and help in determining the near-term trajectory for the NZD/USD pair. NZD/USD Overview Today last price 0.5946 Today Daily Change 0.0013 Today Daily Change % 0.22 Today daily open 0.5933 Trends Daily SMA20 0.5965 Daily SMA50 0.6055 Daily SMA100 0.6119 Daily SMA200 0.6051 Levels Previous Daily High 0.5949 Previous Daily Low 0.5902 Previous Weekly High 0.5954 Previous Weekly Low 0.5851 Previous Monthly High 0.6218 Previous Monthly Low 0.5956 Daily Fibonacci 38.2% 0.5931 Daily Fibonacci 61.8% 0.592 Daily Pivot Point S1 0.5907 Daily Pivot Point S2 0.5881 Daily Pivot Point S3 0.586 Daily Pivot Point R1 0.5954 Daily Pivot Point R2 0.5975 Daily Pivot Point R3 0.6001

05:07 AUD/JPY extends winning streak on upbeat Australian CPI data
AUD/JPY extends its winning streak for the third successive day after paring intraday losses on Wednesday.

.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}}AUD/JPY gains ground due to the stronger-than-expected Australian consumer inflation data.The ASX 200 Index appreciates, primarily fueled by advancements in technology and healthcare stocks.The Japanese Yen faces challenges as the yield gap widens between Japan and other major countries.AUD/JPY extends its winning streak for the third successive day after paring intraday losses on Wednesday. Additionally, the Australian Bureau of Statistics (ABS) released the better-than-expected Consumer Price Index (CPI) data on Wednesday, guiding the outlook for the Reserve Bank of Australia’s (RBA) monetary policy. This has bolstered the Australian Dollar (AUD), consequently, underpinning the AUD/JPY cross. The Australian Dollar (AUD) receives upward support due to the improved risk appetite, along with the higher ASX 200 Index, particularly driven by gains in technology and healthcare stocks. Australian shares followed the positive trend seen on Wall Street, buoyed by robust corporate earnings reports, which have lifted market sentiment. Additionally, diminishing tensions in the Middle East have contributed to a positive market atmosphere. The Japanese Yen (JPY) encounters difficulties due to the widening yield gap between Japan and numerous other major countries, leading traders to borrow JPY and seek higher yields in other assets. Despite this trend, intervention by Japanese authorities to buy Yen has not yet occurred. With the Bank of Japan (BoJ) commencing its two-day policy meeting on Thursday, Tokyo may refrain from intervening in the currency market until at least next week. Daily Digest Market Movers: AUD/JPY appreciates on stronger CPI, risk-on mood Australia’s Consumer Price Index (CPI) rose by 1.0% QoQ in the first quarter of 2024, against the expected 0.8% and 0.6% prior. CPI (YoY) increased by 3.6% compared to the forecasted 3.4% for Q1 and 4.1% prior. Australia’s Monthly Consumer Price Index (YoY) rose by 3.5% in March, against the market expectations and the previous reading of 3.4%. On Tuesday, Australia's Judo Bank Composite Purchasing Managers Index (PMI) showed a surge to a 24-month high of 53.6 in April, marking an improvement from the previous month's 53.3. Manufacturing PMI rose to an eight-month high of 49.9 in April, compared to March's 47.3. Services PMI declined to a 2-month low of 54.2 compared to the previous reading of 54.4. Japan’s Jibun Bank Manufacturing PMI improved to 49.9 in April as data showed on Tuesday, compared to the expected reading of 48.0 and 48.2 prior. Meanwhile, Services PMI rose to 54.6 from the previous reading of 54.1. Reuters reported that Bank of Japan (BoJ) Governor Kazuo Ueda reiterated on Tuesday that the central bank would raise interest rates again if trend inflation accelerates toward its 2% target, in line with its forecast. Ueda also said that it is hard to predict in advance the ideal timeframe for the Bank of Japan (BoJ) to gather sufficient data before considering a policy change. Japan's Finance Minister Shunichi Suzuki stated on Tuesday that last week's trilateral meeting with his counterparts from the US and South Korea likely established a foundation for Tokyo to undertake necessary measures in the foreign exchange market, according to a Reuters report. The China Securities Journal reported on Tuesday that the People's Bank of China (PBoC) will decrease the Medium-term Lending Facility (MLF) rate, aiming to lower funding costs. The next MLF rate setting is scheduled for May 15. This decision could potentially influence the Australian market, given the close trade relationship between the two countries. Technical Analysis: AUD/JPY rises to the psychological level of 101.00 The AUD/JPY trades around 100.90 on Wednesday. The currency cross moves above April’s high of 100.81. The daily ascending channel, coupled with the 14-day Relative Strength Index (RSI) reacting above the 50 level, indicates a strengthening bullish sentiment. The immediate barrier appears at the psychological level of 101.00. A breakthrough above this level could prompt the AUD/JPY cross to test the upper boundary of the ascending channel at 101.50. On the downside, the AUD/JPY cross could find key support at the major level of 100.50. A break below this level could lead the currency cross to the support level of 99.65, followed by the lower boundary of the ascending channel around the level of 99.00. AUD/JPY: Daily ChartAustralian Dollar price today The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Canadian Dollar. USDEURGBPCADAUDJPYNZDCHFUSD -0.05% -0.05% 0.00% -0.56% 0.03% -0.10% -0.01%EUR0.05% -0.01% 0.04% -0.49% 0.08% -0.08% 0.01%GBP0.05% 0.01% 0.05% -0.48% 0.09% -0.08% 0.03%CAD0.01% -0.04% -0.05% -0.54% 0.04% -0.13% -0.02%AUD0.53% 0.45% 0.48% 0.54% 0.53% 0.40% 0.51%JPY-0.04% -0.09% -0.10% -0.04% -0.57% -0.12% -0.06%NZD0.13% 0.09% 0.09% 0.12% -0.45% 0.13% 0.13%CHF0.02% -0.01% -0.03% 0.02% -0.52% 0.07% -0.11% 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.

04:55 Japanese Yen extends its consolidative price move near multi-decade low against USD
The Japanese Yen (JPY) continues with its struggle to register any meaningful recovery and languishes near a multi-decade low against its American counterpart during the Asian session on Wednesday.

04:31 Australia RBA Trimmed Mean CPI (QoQ) came in at 1%, above forecasts (0.8%) in 1Q
Australia RBA Trimmed Mean CPI (QoQ) came in at 1%, above forecasts (0.8%) in 1Q

04:31 Australia Consumer Price Index (YoY) above forecasts (3.4%) in 1Q: Actual (3.6%)
Australia Consumer Price Index (YoY) above forecasts (3.4%) in 1Q: Actual (3.6%)

04:30 Australia RBA Trimmed Mean CPI (YoY) came in at 4%, above forecasts (3.8%) in 1Q
Australia RBA Trimmed Mean CPI (YoY) came in at 4%, above forecasts (3.8%) in 1Q

04:30 Australia Consumer Price Index (QoQ) came in at 1%, above forecasts (0.8%) in 1Q
Australia Consumer Price Index (QoQ) came in at 1%, above forecasts (0.8%) in 1Q

04:16 PBoC sets USD/CNY reference rate at 7.1048 vs 7.1059 previous
On Wednesday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1048 as compared to the previous day's fix of 7.1059 and 7.2363 Reuters estimates.

On Wednesday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1048 as compared to the previous day's fix of 7.1059 and 7.2363 Reuters estimates.

04:05 70% of Japanese companies will implement pay-scale increases in FY 2024
A survey by the Finance Ministry showed on Monday that about 70% of companies in Japan will raise pay scale in fiscal year 2024, per Japan Times.

03:15 EUR/USD holds above 1.0700 on weaker US Dollar, upbeat Eurozone PMI
The EUR/USD pair holds above the 1.0700 psychological barrier during the early Asian session on Wednesday.

EUR/USD hovers around 1.0700 on Wednesday amid the weaker US Dollar. The Eurozone flash PMI showed the economy gained recovery momentum in April. S&P Global suggested US business activity continue to expand in April, albeit at a softer pace than in March.The EUR/USD pair holds above the 1.0700 psychological barrier during the early Asian session on Wednesday. The weaker-than-expected US PMI data for April drags the Greenback lower and creates a tailwind for EUR/USD. Investors will take more cues from Germany’s IFO business sentiment index and Expectations, along with the US March Durable Goods Orders.

Overall business activity in the Eurozone expanded at its fastest pace in almost a year in April, with a robust rebound in the bloc's major service sector, according to the HCOB's latest Purchasing Managers Index (PMI) survey released on Tuesday. The HCOB Eurozone PMI Composite improved to 51.4 in April from March’s reading of 50.3, better than the estimation of 50.8. The reading registered the highest level in nine months.

Meanwhile, the bloc’s Services PMI hit a fresh eleven-month high, rising to 52.9 in April from 51.5 in March, beating market expectations of 51.8. The Eurozone Manufacturing PMI came in at 45.6 in April, compared to the 46.1 reading in March, weaker than the 46.5 expected. In response to the data, the Euro (EUR) attracts some buyers against the Greenback. However, the dovish stance of the European Central Bank (ECB) might limit the major pair’s upside.

The ECB policymakers emphasized the need to cut interest rates multiple times this year, even though elevated US inflation delays a pivot to looser policy by the US Federal Reserve (Fed) and tensions in the Middle East keep oil prices high. The ECB President Christine Lagarde suggested that the central bank may cut its deposit rate from a record-high 4% in June, but has kept its options open for further action.

On Tuesday, the US preliminary S&P Global Composite PMI, which tracks both the manufacturing and services sectors, fell to 50.9 in April from the previous reading of 52.1. Meanwhile, the Manufacturing PMI dropped to 49.9 in April from 51.9 in the previous reading, weaker than the estimation of 52.0. The Services PMI decreased to 50.9, compared to 51.7 prior, worse than the 52.0 expected. The reports indicated that business activity in the United States continued to expand in April, albeit at a softer pace than in March. The downbeat data weighs on the US Dollar (USD) and caps the upside of EUR/USD. EUR/USD Overview Today last price 1.0702 Today Daily Change 0.0000 Today Daily Change % 0.00 Today daily open 1.0702 Trends Daily SMA20 1.0742 Daily SMA50 1.0808 Daily SMA100 1.085 Daily SMA200 1.0812 Levels Previous Daily High 1.0711 Previous Daily Low 1.0639 Previous Weekly High 1.069 Previous Weekly Low 1.0601 Previous Monthly High 1.0981 Previous Monthly Low 1.0768 Daily Fibonacci 38.2% 1.0684 Daily Fibonacci 61.8% 1.0666 Daily Pivot Point S1 1.0656 Daily Pivot Point S2 1.0611 Daily Pivot Point S3 1.0584 Daily Pivot Point R1 1.0729 Daily Pivot Point R2 1.0757 Daily Pivot Point R3 1.0802

02:50 Japan Corporate Service Price Index (YoY): 2.3% (March) vs 2.1%
Japan Corporate Service Price Index (YoY): 2.3% (March) vs 2.1%

02:14 GBP/USD posts modest gains above 1.2450, BoE policymaker dampens hopes of summer rates cut
The GBP/USD pair recovers to 1.2450 on Wednesday during the early Asian session.

GBP/USD trades on a stronger note near 1.2450 amid softer USD on Wednesday. US flash S&P Global Manufacturing and Services PMI came in weaker than expectations in April. BoE’s Pill said inflation must be squeezed out of the UK economy and cautioned against cutting too soon.The GBP/USD pair recovers to 1.2450 on Wednesday during the early Asian session. The downbeat US April PMI data and increasing appetite for the risk-linked space exert some selling pressure on the US Dollar (USD). Later in the day, the US Durable Goods Orders and weekly Mortgage Applications will be released.

Business activity in the United States slowed in April to a four-month low owing to lower demand, according to the S&P Global report on Tuesday. The flash Manufacturing PMI came in weaker than the expectation, dropping to 49.9 in April from 51.9 in the previous reading. Meanwhile, the Services PMI declined to 50.9 from 51.7, below the market consensus of 52.0. Finally, the Composite PMI, which tracks both the manufacturing and services sectors, fell to 50.9 in April from 52.1 in March. The Greenback has attracted some sellers in response to the US economic data.

The Federal Reserve (Fed) officials look for signs that the economy is ebbing enough to bring inflation down further, even though the data in recent weeks showed hotter-than-expected inflation and employment readings. The US central bank will schedule the monetary policy meeting next week, and markets expect the Fed to leave its policy rate unchanged in the current 5.25%–5.50% range. Several Fed policymakers signaled at least one rate cut this year and indicated that monetary policy needs to be restrictive for longer. This, in turn, continues to lift the USD and cap the upside of GBP/USD.

On the other hand, the speculation that the Bank of England (BoE) will cut interest rates in summer declined as the UK chief economist reiterated the need for “restrictive” monetary policy. On Tuesday, BoE Chief Economist Huw Pill said that easing in headline inflation was not enough of a reason to ease policy, adding that there were greater risks from cutting the rates too quickly, rather than too late. These comments provide some support to the Pound Sterling (GBP) against the USD. GBP/USD Overview Today last price 1.245 Today Daily Change 0.0100 Today Daily Change % 0.81 Today daily open 1.235 Trends Daily SMA20 1.2547 Daily SMA50 1.2632 Daily SMA100 1.2654 Daily SMA200 1.2566 Levels Previous Daily High 1.2392 Previous Daily Low 1.23 Previous Weekly High 1.2499 Previous Weekly Low 1.2367 Previous Monthly High 1.2894 Previous Monthly Low 1.2575 Daily Fibonacci 38.2% 1.2335 Daily Fibonacci 61.8% 1.2357 Daily Pivot Point S1 1.2302 Daily Pivot Point S2 1.2255 Daily Pivot Point S3 1.221 Daily Pivot Point R1 1.2395 Daily Pivot Point R2 1.244 Daily Pivot Point R3 1.2488

01:54 New Zealand's annualized Trade Balance declines $-9.87 billion after a rise in MoM Exports
New Zealand's Trade Balance in NZD terms fell $-9.87 billion through the year ended in March, slightly less than the previous YoY period, which declined $-12.06 billion, a slight downside revision from the initial print of $-11.99 billion.

New Zealand's Trade Balance in NZD terms fell $-9.87 billion through the year ended in March, slightly less than the previous YoY period, which declined $-12.06 billion, a slight downside revision from the initial print of $-11.99 billion. New Zealand's Exports rose to a 10-month high of 6.5 billion in March, lifting from the previous month's $5.79 billion (revised slightly from $5.89 billion). New Zealand's Imports in March fell slightly, printing at $5.91 billion versus February's $6.1 billion, which was also revised slightly from $6.11 billion. Market reaction Reaction to New Zealand Trade Balance figures is muted as markets gear up for the early Wednesday market section in the Pacific. The NZD/USD is trading tightly near 0.5935. About New Zealand's Trade Balance Trade balance, released by Statistics New Zealand, is the difference between the value of country's exports and imports, over a period of year. A positive balance means that exports exceed imports, a negative ones means the opposite. Positive trade balance illustrates high competitiveness of country's economy.

01:46 New Zealand Trade Balance NZD (YoY) rose from previous $-11.99B to $-9.87B in March
New Zealand Trade Balance NZD (YoY) rose from previous $-11.99B to $-9.87B in March

01:46 New Zealand Imports dipped from previous $6.11B to $5.91B in March
New Zealand Imports dipped from previous $6.11B to $5.91B in March

01:45 New Zealand Exports climbed from previous $5.89B to $6.5B in March
New Zealand Exports climbed from previous $5.89B to $6.5B in March

01:45 New Zealand Trade Balance NZD (MoM) increased to $588M in March from previous $-218M
New Zealand Trade Balance NZD (MoM) increased to $588M in March from previous $-218M

01:33 AUD/USD rises to two-day high ahead of Aussie CPI
The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected.

.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}}AUD/USD extends gains, influenced by disappointing S&P Global PMIs from the US, suggesting possible Fed easing.US Dollar weakens as Treasury yields fall and equity markets respond positively to the potential shift in Fed policy.Upcoming Australian CPI data could influence the Reserve Bank of Australia's policy stance.The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected. That spurred speculations that the Federal Reserve could put rate cuts back on the table, following last week's hawkish rhetoric. The AUD/USD trades at 0.6488, up by 0.01% as Wednesday’s Asian session begins. Aussie Dollar capitalizes softer US PMIs amid increasing Fed rate cut hopes S&P Global revealed that manufacturing activity in the US contracted slightly to 49.9, down from 51.9 in March. The Services and Composite PMIs cling to expansionary territory, but both fell from 51.7 to 50.9 and from 52.1 to 50.9. Following the data, US equities rose, US Treasury yields fell, and the Greenback posted losses. The US Dollar Index (DXY), which tracks the buck’s performance against the six other currencies, dropped 0.44% and stayed at 105.68. The AUD/USD rose from daily lows around 0.6440s toward the day’s high at 0.6490. Other data shows that New Home Sales surged to a six-month high, indicating robust demand in the housing market. However, Building Permits continued to show contraction, albeit with a slight improvement, as the initial decline of -4.3% was revised to -3.7%. On the Aussie’s front, the Consumer Price Index (CPI) for the first quarter is expected to edge lower, from 4.1% to 3.4% YoY. On a quarterly basis, it is expected to tick higher from 0.6% to 0.8%, while monthly figures are foreseen to remain unchanged at 3.4%. ANZ analysts commented that the Reserve Bank of Australia wouldn’t likely change their stance, noting, “Looking ahead to the next RBA Board decision on 7 May, we don’t think slightly higher inflation than the RBA is expecting will prompt a shift back to an overt tightening bias.” Related newsAustralia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade AUD/USD Forecast: Further up comes the 200-day SMA AUD/USD Price Analysis: Despite signs this is probably not a bullish reversalAUD/USD Price Analysis: Technical outlook From a technical perspective, the AUD/USD turned bullish in the short term, following the formation of a ‘morning star’ chart pattern, but downside risks look. Buyers need to clear the 0.6500 hurdle and surpass the confluence of the 50 and 200-day moving averages (DMAs) at 0.6527/32, which formed a ‘death cross.’ If cleared, that would extend the rally to 0.6600. On the other hand, a reversal and a daily close below 0.6440, could pave the way to re-test year-to-date (YTD) lows of 0.6362.AUD/USD Overview Today last price 0.6488 Today Daily Change 0.0039 Today Daily Change % 0.60 Today daily open 0.6449 Trends Daily SMA20 0.6508 Daily SMA50 0.6533 Daily SMA100 0.659 Daily SMA200 0.6532 Levels Previous Daily High 0.6455 Previous Daily Low 0.6414 Previous Weekly High 0.6493 Previous Weekly Low 0.6362 Previous Monthly High 0.6667 Previous Monthly Low 0.6478 Daily Fibonacci 38.2% 0.644 Daily Fibonacci 61.8% 0.643 Daily Pivot Point S1 0.6424 Daily Pivot Point S2 0.6399 Daily Pivot Point S3 0.6383 Daily Pivot Point R1 0.6465 Daily Pivot Point R2 0.6481 Daily Pivot Point R3 0.6506

01:30 Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade
An Australian inflation update takes the spotlight this week ahead of critical United States (US) macroeconomic data.

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.fxs-event-module-header{font-size:12.8px;line-height:17px}.fxs-event-module-read-more{display:flex;align-items:center;align-content:center;gap:4px;color:#e4871b;font-size:12.8px;font-family:Roboto;font-style:normal;font-weight:700;line-height:17px;text-decoration:none}.fxs-event-module-read-more svg{width:16px;height:16px}.fxs-event-module-read-more:hover span{text-decoration:underline}.fxs-event-module-release{margin:0;display:flex;flex-direction:column;gap:2px}.fxs-event-module-release>p{font-size:12.8px;font-family:Roboto;font-style:normal;line-height:17px;margin:0}.fxs-event-module-release>p>strong{color:#8c8d91;font-weight:700}.fxs-event-module-release>p>span{color:#8c8d91;font-weight:400}.fxs-event-module-release>p>a{color:#e4871b;font-weight:700;text-decoration:none}.fxs-event-module-release>p>a:hover>span{text-decoration:underline}.fxs-event-module-inner-calendar .fxs-event-module-container{margin:16px 0 0 0;border-top:1px solid #ececf1;padding:12px 0 0 0}@media (min-width:680px){.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:14.72px;line-height:20px}.fxs-event-module-release p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}The Australian Monthly Consumer Price Index is foreseen steady at 3.4% YoY in March.Quarterly CPI inflation is expected to have ticked higher in the first quarter of the year.The Reserve Bank of Australia is confident the economy would dodge a hard landing.The Australian Dollar is correcting higher, but is still under bears’ control. An Australian inflation update takes the spotlight this week ahead of critical United States (US) macroeconomic data. The Australian Bureau of Statistics (ABS) will release two different inflation gauges on Wednesday. The ABS will release the quarterly Consumer Price Index (CPI) for the first quarter of 2024 and the March Monthly CPI, an annual figure that compares price pressures over the previous twelve months. Also, the quarterly report includes the Trimmed Mean Consumer Price Index, the Reserve Bank of Australia's (RBA) favorite inflation gauge. The RBA met on March 18-19 and decided to keep the Cash Rate steady at 4.35%. In the accompanying statement, the Board scrapped references to possible rate hikes, triggering an Australian Dollar (AUD) sell-off. The central bank will meet again on May 6-7, and CPI figures will definitely guide such a decision. What to expect from Australia’s inflation rate numbers? The ABS is expected to report that the Monthly CPI rose by 3.4% in the year to March, matching the previous annual figure reported in February. The quarterly CPI is foreseen rising 0.8% QoQ and up 3.4% YoY in the three months to March. Finally, the RBA Trimmed Mean CPI, the central bank’s preferred gauge, is expected to rise by 3.8% YoY in March against the previous reading of 4.2%. Market players built confidence in easing price pressures but have learned the lesson: rate cuts are not a priority for policymakers. Moreover, considering authorities from most major economies, Australia included, believe they can dodge a hard landing. However, officials involved in setting the monetary policy are more worried about trimming interest rates too early than about the impact of tight monetary conditions on the economy. An exception to this rule could be the Eurozone and the European Central Bank (ECB), but that’s a story for another moment. Back to Australian inflation, the anticipated figures would support the RBA’s decision to hold rates and slowly pave the way for a shift in monetary policy. In the Statement on Monetary Policy released after the March meeting, policymakers stated: “Inflation is falling but is still high. It is important to bring inflation down because high inflation hurts all Australians. The Board’s interest rate decision supports the gradual return of inflation to the midpoint of our 2–3 per cent target range.” Additionally, inflation is expected to decline to 3.2% in 2024 and continue dropping towards 2.6% by mid-2026, finally reaching the central bank’s target band of 2% to 3%. Policymakers also anticipate wage growth will peak at 4.1% in mid-2024 before gradually declining to 3.2% in June 2026. Finally, economic growth is foreseen to fall from 1.5% to 1.3% in June 2024 before gradually improving towards 2.3% by the end of 2025. How could the Consumer Price Index report affect AUD/USD? As usual, CPI readings will have a significant impact on the Australian Dollar (AUD) as the figures will guide the RBA's upcoming monetary policy meetings. The figures would be interpreted as how they could affect the Board's decisions. With that in mind, a higher-than-anticipated outcome would force the central bank to keep interest rates at current levels for longer. Market players do not expect higher rates, but policymakers may try to cool down expectations of soon-to-come rate cuts. Generally speaking, higher interest rates tend to provide support to the local currency. On the contrary, below-expected figures could boost rate-cut expectations, undermining demand for the Aussie. From a wider perspective, easing inflationary pressures should be understood as better odds for economic progress and benefit the AUD in the long run. Ahead of the CPI release, AUD/USD trades around 0.6450, recovering from 0.6360, the year-to-date low set this April. The US Dollar (USD) has soared on the back of risk aversion triggered by Middle East woes and decreasing odds for a US Federal Reserve’s (Fed) rate cut in June. The Greenback shed some ground at the start of the week, but its undeniable strength prevails. Valeria Bednarik, FXStreet Chief Analyst, says: “The AUD/USD pair offers a limited bullish potential, according to technical readings in the daily chart. The latest recovery seems corrective, given that the pair is losing upward momentum well below bearish moving averages. Furthermore, technical indicators are developing below their midlines with neutral-to-bearish slopes, suggesting AUD/USD may soon resume its slide.” Bednarik adds: “The pair is currently battling a relevant resistance area, followed by a stronger one at around the 0.6500 threshold. An advance towards the latter won’t affect the dominant bearish case but, on the contrary, provide sellers with fresh opportunities. Near-term support levels come at 0.6400 and 0.6360, while a break below the latter exposes the 0.6320 price zone.” Inflation FAQs What is inflation? Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%. What is the Consumer Price Index (CPI)? The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls. What is the impact of inflation on foreign exchange? Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money. How does inflation influence the price of Gold? Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative. Economic Indicator Monthly Consumer Price Index (YoY) The Monthly Consumer Price Index (CPI), released by the Australian Bureau of Statistics on a monthly basis, measures the changes in the price of a fixed basket of goods and services acquired by household consumers. The indicator was developed to provide inflation data at a higher frequency than the quarterly CPI. The YoY reading compares prices in the reference month to the same month a year earlier. A high reading is seen as bullish for the Australian Dollar (AUD), while a low reading is seen as bearish. Read more. Next release: Wed Apr 24, 2024 01:30 Frequency: MonthlyConsensus: 3.4%Previous: 3.4%Source: Australian Bureau of Statistics

00:47 NZD/USD Price Analysis: Slight bullish momentum noted, long-term bearish bias intact
The NZD/USD trades rose to 0.5930 in Tuesday’s session, marking a slight increase with gains of 0.17%.

The RSI of the NZD/USD on the daily chart shows a slight recovery from the buyers.The hourly chart presents a more positive picture, with RSI remaining above 50, signaling increasing buying momentum.The NZD/USD trades rose to 0.5930 in Tuesday’s session, marking a slight increase with gains of 0.17%. The currency pair continues to be guided by a long-term bearish trend. However, there is an attempt to challenge this bearish supremacy by buyers, albeit modest, and hourly indicators suggest that the momentum picked up is still weak. On the daily chart, the Relative Strength Index (RSI) reveals a slight recovery showing a reading of 43, still within the negative territory, but suggesting a recent shift in bias among traders from negative to possibly a more positive trend. The decreasing red bars of the Moving Average Convergence Divergence (MACD) also support a weakening of the selling traction and a possible shift. NZD/USD daily chart The hourly Relative Strength Index (RSI) presents a more upbeat picture, remaining above the 50 level, with a recent peak close to the 70 level. The latest reading stands at 57.75, providing a boost in momentum. Concurrently, the hourly Moving Average Convergence Divergence (MACD) registers decreasing green bars, indicating weak buying traction. NZD/USD hourly chart In terms of the broader outlook, the NZD/USD resides in a definitive bearish stance as its latest position stays below the key Simple Moving Averages (SMA), of 20, 100, and 200-days SMA. This positioning suggests that the overall trend leans heavily towards the downside. In addition, positive signals were detected on the hourly and daily chart but those signals were not decisive buying signals as the buying momentum remains weak. Buyers must increase their efforts and reclaim the 20-day SMA to start talking. NZD/USD Overview Today last price 0.5933 Today Daily Change 0.0014 Today Daily Change % 0.24 Today daily open 0.5919 Trends Daily SMA20 0.5968 Daily SMA50 0.6058 Daily SMA100 0.6121 Daily SMA200 0.6053 Levels Previous Daily High 0.593 Previous Daily Low 0.5886 Previous Weekly High 0.5954 Previous Weekly Low 0.5851 Previous Monthly High 0.6218 Previous Monthly Low 0.5956 Daily Fibonacci 38.2% 0.5913 Daily Fibonacci 61.8% 0.5903 Daily Pivot Point S1 0.5894 Daily Pivot Point S2 0.5868 Daily Pivot Point S3 0.585 Daily Pivot Point R1 0.5938 Daily Pivot Point R2 0.5956 Daily Pivot Point R3 0.5982

00:27 WTI back over $83 as Crude Oil sees additional volatility
West Texas Intermediate (WTI) US Crude Oil started Tuesday on the low side, falling below $81.00 per barrel before a broad-market recovery in risk appetite dragged barrel bids into a fresh high above $83.00.

Crude Oil gets pulled in both directions on Tuesday.A misfire in US PMIs spark fresh rate cut hopes.Risk assets get pumped higher as markets celebrate softening US economy.West Texas Intermediate (WTI) US Crude Oil started Tuesday on the low side, falling below $81.00 per barrel before a broad-market recovery in risk appetite dragged barrel bids into a fresh high above $83.00. US Purchasing Managers Index (PMI) figures printed much softer than expected, sparking renewed hopes of a weakening US economy forcing the US Federal Reserve (Fed) to begin cutting rates sooner than previously expected. Crude Oil markets remain exposed to downside moves as recent geopolitical tensions ease after Iran announced it would not seek further retaliation against Israel. WTI’s recent climb sparked by ongoing fears of a Middle East conflict spilling over into an all-out war faltered near $87.00 per barrel as cooler heads prevail. US data is set to continue driving financial markets through the rest of the trading week. US Gross Domestic Product (GDP) figures are slated for Thursday, where investors are expecting, or hoping, for US GDP for the annualized first quarter to ease to 2.5% from the previous 3.4%. On Friday, US Personal Consumption Expenditure (PCE) Price Index inflation data will be released, which is forecast to hold steady at 0.3% MoM. WTI technical outlook WTI crossed $83.00 per barrel after recovering from Tuesday’s bottom bids just below $81.00. The day’s late-stage rally brought US Crude Oil prices just above the 200-hour Exponential Moving Average (EMA). Despite Tuesday’s late rally, US Crude Oil remains knocked off of recent gains, with WTI down around 4.5% from April’s swing highs near $87.00 per barrel. On the low side, long-term technical support sits at the 200-day EMA, holding near $79.23. WTI hourly chart WTI daily chart

00:25 United States API Weekly Crude Oil Stock came in at -3.23M below forecasts (1.8M) in April 19
United States API Weekly Crude Oil Stock came in at -3.23M below forecasts (1.8M) in April 19

00:00 South Korea Consumer Sentiment Index: 100.7 (April)
South Korea Consumer Sentiment Index: 100.7 (April)

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Forex News Timeline

20:13 United States 5-Year Note Auction rose from previous 4.235% to 4.659% United States 5-Year Note Auction rose from previous 4.235% to 4.659%

20:01 Canadian Dollar gives back recent gains, Canada Retail Sales disappoint The Canadian Dollar (CAD) is broadly softer on Wednesday, paring back recent gains and falling back against all of its major currency peers as the single worst-performing currency for the mid-week market session.

19:52 US Dollar sees slight uptick following Durable Goods Orders The US Dollar Index (DXY) is trading mildly higher at 105.90, buoyed by high US yields amidst hawkish bets on the Federal Reserve (Fed).

19:43 Mexican Peso declines amid mixed inflation data, strong US economic report The Mexican Peso weakens on Wednesday as the North American session begins, following a mixed inflation report for the first half of April.

19:00 Russia Industrial Output below forecasts (4.2%) in March: Actual (4%) Russia Industrial Output below forecasts (4.2%) in March: Actual (4%)

17:47 GBP/USD Price Analysis: Poised to resume downtrend, despite ‘morning star’ formation The Pound Sterling is experiencing slight losses against the US Dollar, largely due to the influence of high US Treasury yields that are bolstering the Greenback.

17:42 USD/CAD bounces back to 1.3700 after weak Canadian Retail Sales data The USD/CAD pair witnesses strong buying interest and rises to 1.3700 as the Statistics Canada has posted weaker-than-expected Retail Sales data for March.

17:31 United States EIA Crude Oil Stocks Change came in at -6.368M below forecasts (1.6M) in April 19 United States EIA Crude Oil Stocks Change came in at -6.368M below forecasts (1.6M) in April 19

17:21 AUD/USD to face resistance at 200-day SMA at 0.6529 – Rabobank Analysts at Rabobank share their short-term outlook for AUD/USD.

16:45 USD/CHF Price Analysis: Trades close to six-month high around 0.9150 The USD/CHF pair hovers around the six-month high of 0.9150 in Wednesday’s early American session.

15:42 EUR/GBP Price Analysis: Downmove reaches critical support level EUR/GBP price has reversed and fallen to a key support level at around 0.8590, where it is currently consolidating.

15:35 US Durable Goods Orders rise 2.6% in March to $283.4 billion Durable Goods Orders in the US rose 2.6%, or $7.3 billion, to $283.4 billion in March, the US Census Bureau reported on Wednesday.

15:31 United States Durable Goods Orders ex Transportation came in at 0.2%, below expectations (0.3%) in March United States Durable Goods Orders ex Transportation came in at 0.2%, below expectations (0.3%) in March

15:30 Canada Retail Sales ex Autos (MoM) came in at -0.3%, below expectations (0%) in February Canada Retail Sales ex Autos (MoM) came in at -0.3%, below expectations (0%) in February

15:30 Canada Retail Sales (MoM) came in at -0.1% below forecasts (0.1%) in February Canada Retail Sales (MoM) came in at -0.1% below forecasts (0.1%) in February

15:30 United States Durable Goods Orders ex Defense below forecasts (2.5%) in March: Actual (2.3%) United States Durable Goods Orders ex Defense below forecasts (2.5%) in March: Actual (2.3%)

15:30 United States Durable Goods Orders increased to 2.6% in March from previous 1.4% United States Durable Goods Orders increased to 2.6% in March from previous 1.4%

15:01 Mexico 1st half-month Inflation above expectations (-0.03%) in April: Actual (0.09%) Mexico 1st half-month Inflation above expectations (-0.03%) in April: Actual (0.09%)

15:01 Mexico 1st half-month Core Inflation meets forecasts (0.16%) in April Mexico 1st half-month Core Inflation meets forecasts (0.16%) in April

14:38 Silver Price Analysis: Silver price finds floor but is still at risk of more weakness Silver (XAG/USD) price has found a floor at $26.70 and is consolidating.

14:30 Natural Gas holds near two-month high as more US sanctions on Iranian Oil sector loom Natural Gas (XNG/USD) holds onto recent gains on Wednesday after a two-day rally sparked by a possible escalation of tensions in the Middle East as the US is set to extend sanctions on Iran’s Oil sector.

14:19 USD/JPY extends upside to 155.00 amid caution ahead of US data, BoJ policy The USD/JPY pair advances to historic highs of 155.00 in Wednesday’s London session.

14:07 Gold price weakens further ahead of key US macro data Gold price (XAU/USD) retreats to $2,315 in Wednesday’s European session while attempting to extend recovery above $2,320.

14:00 United States MBA Mortgage Applications down to -2.7% in April 19 from previous 3.3% United States MBA Mortgage Applications down to -2.7% in April 19 from previous 3.3%

13:41 US Dollar edges up, paring some losses from PMI data miss The US Dollar (USD) is trying to recover on Wednesday after trading firmly in the red on Tuesday. The miss on the US Purchasing Managers Index (PMI) for both the Services and

12:50 Germany 10-y Bond Auction: 2.54% vs 2.38% Germany 10-y Bond Auction: 2.54% vs 2.38%

12:06 USD/CAD sticks to modest recovery gains, remains below 1.3700 ahead of US data USD/CAD rebounds from a two-week low and draws support from a combination of factors.

11:58 Silver price today: Silver falls, according to FXStreet data Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.

11:42 EUR/JPY sets to capture 166.00 on Japanese Yen’s persistent underperformance The EUR/JPY pair aims to extend its upside to 166.00 due to persistent weakness in the Japanese Yen.

11:20 NZD/USD Price Analysis: Could break into the symmetrical triangle, rises to near 0.5950 NZD/USD advances for the third consecutive session on Wednesday, trading around 0.5940 during the European session.

11:20 EUR/USD recovers after US economic myth dented EUR/USD trades just shy of 1.0700 on Wednesday after weaker-than-expected private sector growth and US business activity dent the myth of US economic exceptionalism, weighing on the US Dollar (USD).

11:17 Pound Sterling holds strength on improved UK economic outlook The Pound Sterling (GBP) turns sideways at around 1.2450 against the US Dollar (USD) in Wednesday’s European session after bouncing back strongly from a five-month low at around 1.2300 earlier in the week.

11:07 India Gold price today: Gold recovers, according to MCX data Gold prices rose in India on Wednesday, according to data from India's Multi Commodity Exchange (MCX).

11:02 Italy Business Confidence below expectations (89.5) in April: Actual (87.6) Italy Business Confidence below expectations (89.5) in April: Actual (87.6)

11:02 German IFO Business Climate Index improves further to 89.4 in April vs. 88.9 expected The headline German IFO Business Climate Index came in at 89.4 in April, way higher than the March reading of 87.9.

11:01 Italy Consumer Confidence below expectations (96.9) in April: Actual (95.2) Italy Consumer Confidence below expectations (96.9) in April: Actual (95.2)

11:01 Germany IFO – Expectations registered at 89.9 above expectations (88.9) in April Germany IFO – Expectations registered at 89.9 above expectations (88.9) in April

11:01 Switzerland ZEW Survey – Expectations: 17.6 (April) vs 11.5 Switzerland ZEW Survey – Expectations: 17.6 (April) vs 11.5

11:01 Germany IFO – Current Assessment above expectations (88.7) in April: Actual (88.9) Germany IFO – Current Assessment above expectations (88.7) in April: Actual (88.9)

11:00 Germany IFO – Business Climate came in at 89.4, above forecasts (88.9) in April Germany IFO – Business Climate came in at 89.4, above forecasts (88.9) in April

10:34 Indonesia Bank Indonesia Rate above forecasts (6%): Actual (6.25%) Indonesia Bank Indonesia Rate above forecasts (6%): Actual (6.25%)

10:23 ECB’s Nagel: June rate cut not necessarily followed up by a series of rate cuts European Central Bank (ECB) policymaker and Bundesbank Chief Joachim Nagel said on Wednesday that a June interest rate cut may not be necessarily followed up by a series of rate cuts.

10:16 USD/CHF holds steady around the 0.9150, in line with six-month highs USD/CHF hovers near 0.9140 during early European trading hours on Wednesday, maintaining its position close to the six-month high of 0.9152 reached on April 15.

09:56 Forex Today: US Dollar consolidates losses ahead of mid-tier data Here is what you need to know on Wednesday, April 24: After weakening against its major rivals in the American session on Tuesday, the US Dollar (USD) seems to have stabilized in the European morning on Wednesday.

09:42 Silver Price Forecast: XAG/USD remains on the defensive below $27.50 on easing Middle East tensions Silver price (XAG/USD) trades on a softer note near $27.30 during the early European session on Wednesday.

08:20 EUR/USD Price Analysis: The first upside target is seen at the 1.0710–1.0715 region The EUR/USD pair trades in positive territory for the fourth consecutive day near 1.0705 on Wednesday during the early European trading hours.

08:10 GBP/USD Price Analysis: Rises to near 1.2450 despite the bearish sentiment GBP/USD has been on the rise for the second consecutive day, trading around 1.2450 in Asian trading on Wednesday.

06:48 USD/CAD remains subdued around 1.3650 due to higher crude prices, disappointing US PMI USD/CAD continues its losing streak that began on April 17, trading around 1.3660 during the Asian session on Wednesday.

06:17 USD/INR rebounds amid firmer US Dollar, hawkish Fed stance Indian Rupee (INR) is losing its recovery momentum on Wednesday amid US Dollar (USD) demand from importers and bets that US Federal Reserve (Fed) rate cuts are not imminent.

06:08 Australian Dollar rises on upbeat CPI figures, subdued US Dollar The Australian Dollar (AUD) extends its winning streak for the third successive day after the release of the better-than-expected Consumer Price Index (CPI) data on Wednesday.

05:33 NZD/USD sticks gains near mid-0.5900s, over one-week high amid positive risk tone NZD/USD gains positive traction for the third straight day amid a softer USD.

05:07 AUD/JPY extends winning streak on upbeat Australian CPI data AUD/JPY extends its winning streak for the third successive day after paring intraday losses on Wednesday.

04:55 Japanese Yen extends its consolidative price move near multi-decade low against USD The Japanese Yen (JPY) continues with its struggle to register any meaningful recovery and languishes near a multi-decade low against its American counterpart during the Asian session on Wednesday.

04:31 Australia RBA Trimmed Mean CPI (QoQ) came in at 1%, above forecasts (0.8%) in 1Q Australia RBA Trimmed Mean CPI (QoQ) came in at 1%, above forecasts (0.8%) in 1Q

04:31 Australia Consumer Price Index (YoY) above forecasts (3.4%) in 1Q: Actual (3.6%) Australia Consumer Price Index (YoY) above forecasts (3.4%) in 1Q: Actual (3.6%)

04:30 Australia RBA Trimmed Mean CPI (YoY) came in at 4%, above forecasts (3.8%) in 1Q Australia RBA Trimmed Mean CPI (YoY) came in at 4%, above forecasts (3.8%) in 1Q

04:30 Australia Consumer Price Index (QoQ) came in at 1%, above forecasts (0.8%) in 1Q Australia Consumer Price Index (QoQ) came in at 1%, above forecasts (0.8%) in 1Q

04:16 PBoC sets USD/CNY reference rate at 7.1048 vs 7.1059 previous On Wednesday, the People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead at 7.1048 as compared to the previous day's fix of 7.1059 and 7.2363 Reuters estimates.

04:05 70% of Japanese companies will implement pay-scale increases in FY 2024 A survey by the Finance Ministry showed on Monday that about 70% of companies in Japan will raise pay scale in fiscal year 2024, per Japan Times.

03:15 EUR/USD holds above 1.0700 on weaker US Dollar, upbeat Eurozone PMI The EUR/USD pair holds above the 1.0700 psychological barrier during the early Asian session on Wednesday.

02:50 Japan Corporate Service Price Index (YoY): 2.3% (March) vs 2.1% Japan Corporate Service Price Index (YoY): 2.3% (March) vs 2.1%

02:14 GBP/USD posts modest gains above 1.2450, BoE policymaker dampens hopes of summer rates cut The GBP/USD pair recovers to 1.2450 on Wednesday during the early Asian session.

01:46 New Zealand Trade Balance NZD (YoY) rose from previous $-11.99B to $-9.87B in March New Zealand Trade Balance NZD (YoY) rose from previous $-11.99B to $-9.87B in March

01:46 New Zealand Imports dipped from previous $6.11B to $5.91B in March New Zealand Imports dipped from previous $6.11B to $5.91B in March

01:45 New Zealand Exports climbed from previous $5.89B to $6.5B in March New Zealand Exports climbed from previous $5.89B to $6.5B in March

01:45 New Zealand Trade Balance NZD (MoM) increased to $588M in March from previous $-218M New Zealand Trade Balance NZD (MoM) increased to $588M in March from previous $-218M

01:33 AUD/USD rises to two-day high ahead of Aussie CPI The Aussie Dollar recorded back-to-back positive days against the US Dollar and climbed more than 0.59% on Tuesday, as the US April S&P PMIs were weaker than expected.

01:30 Australia CPI Preview: Inflation set to remain above target as hopes of early interest-rate cuts fade An Australian inflation update takes the spotlight this week ahead of critical United States (US) macroeconomic data.

00:47 NZD/USD Price Analysis: Slight bullish momentum noted, long-term bearish bias intact The NZD/USD trades rose to 0.5930 in Tuesday’s session, marking a slight increase with gains of 0.17%.

00:27 WTI back over $83 as Crude Oil sees additional volatility West Texas Intermediate (WTI) US Crude Oil started Tuesday on the low side, falling below $81.00 per barrel before a broad-market recovery in risk appetite dragged barrel bids into a fresh high above $83.00.

00:25 United States API Weekly Crude Oil Stock came in at -3.23M below forecasts (1.8M) in April 19 United States API Weekly Crude Oil Stock came in at -3.23M below forecasts (1.8M) in April 19

00:00 South Korea Consumer Sentiment Index: 100.7 (April) South Korea Consumer Sentiment Index: 100.7 (April)

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