Created
: 2024.05.01
2024.05.01 04:01
Following a negative start to the week, the Greenback managed to regain traction and lifted the USD Index (DXY) back above the 106.00 hurdle sustained by data and cautious trade ahead of the Fed's interest rate decision on Wednesday.
The US Dollar bounced strongly amidst persistent prudence ahead of the imminent FOMC event on Wednesday. On May 1, weekly Mortgage Applications are due in the first turn, seconded by the ADP Employment Change, the final S&P Global Manufacturing PMI, Construction Spending and the ISM Manufacturing PMI. Finally, the FOMC interest rate decision is due ahead of Chair Powell's press conference.
EUR/USD came under strong downside pressure and retreated to multi-day lows near 1.0670. The euro calendar will be closed on May 1.
GBP/USD saw its recent upside trimmed and revisited lows near the 1.2500 region on the back of the stronger Dollar. Across the Channel, Nationwide Housing Prices are expected on May 1 prior to the final S&P Global Manufacturing PMI.
USD/JPY regained buying interest and rapidly surpassed the 157.00 hurdle, as traders seem to have already left behind Monday's suspected FX intervention. There are no scheduled data releases in the Japanese docket on May 1.
AUD/USD collapsed to multi-day lows south of 0.6500 the figure in response to the pick-up in the Dollar and the generalized weakness in the commodity complex. In Oz, the Ai Group Industry Index and the final Judo Bank Manufacturing PMI are due on May 1.
Prices of WTI added to the recent negative price action and broke below the $81.00 mark amidst the firm Dollar and prospects of a tighter-for-longer Fed.
Higher US yields and the intense bounce in the Greenback sponsored the second consecutive daily decline in Gold prices, which revisited the $2,290 region per troy ounce. Silver, in the same line, plummeted nearly 3% and retested the low $26.00s for the first time since early April.
Created
: 2024.05.01
Last updated
: 2024.05.01
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