Created
: 2024.04.20
2024.04.20 01:42
Another week dominated by bets regarding the most-likely timing of the Fed's start of the easing cycle saw the US Dollar rise to new highs, while conviction of an interest rate cut by the ECB in June remained on the rise... and dragged EUR/USD to as low as the 1.0600 neighbourhood.
It was a choppy week for the Greenback despite reaching new higher around 106.50 when measured by the USD Index (DXY). The Chicago Fed National Activity Index is due on April 22, seconded by flash PMIs and New Home Sales on April 23. In addition, Durable Goods Orders are expected on April 24, while the GDP Growth Rate, Initial Jobless Claims and Pending Home Sales are all due on April 25. The release of inflation tracked by the PCE, Personal Income, Personal Spending and the final Michigan Consumer Sentiment will close the week on April 26.
EUR/USD managed to regain some balance after bottoming out in five-month lows around 1.0600. The European Commission will publish its preliminary Consumer Confidence gauge on April 22, while advanced PMIs in the euro bloc are due on April 23 followed by Germany's IFO Business Climate on April 24. Still in Germany, Consumer Confidence measured by GfK is expected on April 25.
In quite an erratic week, GBP/USD dropped to yearly lows in the sub-1.2400 region just to regain some composure afterwards. In the UK, Public Sector Net Borrowing and flash PMIs are due on April 23 ahead of Gfk's Consumer Confidence on April 26.
USD/JPY extended its consolidative theme north of 154.00 amidst persistent market chatter around FX intervention. The Japanese calendar will see Foreign Bond Investment figures and the final Coincident Index and Leading Economic Index on April 25 prior to the BoJ interest rate decision and Quarterly Outlook Report on April 26.
Further losses saw AUD/USD clinch its second week in a row in the negative territory, breaking below the 0.6300 support for the first time since mid-November. Data-wise, In Australia, the flash Judo Bank PMIs are due on April 23 seconded by the Inflation Rate on April 24.
Created
: 2024.04.20
Last updated
: 2024.04.20
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy