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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Official Website]: The US dollar is difficult to continue to rebound, and US CPI data will reveal the decline in inflation in March." Hope it will be helpful to you! The original content is as follows:
April 10, after another turbulent day on Wednesday, the market remained cautious on Thursday, and the dollar struggled to maintain its foothold. The U.S. Economic Calendar will include consumer price index (CPI) data for March, as well as weekly first-time unemployment claims. Several Fed policymakers will also speak at the U.S. conference.
The major Wall Street stock indexes opened on Wednesday after China's response to U.S. tariffs, imposing 84% tariffs on U.S. imported goods starting April 10, up from 34% previously announced. Later that day, U.S. President Donald Trump announced that he authorized the suspension of reciprocal tariffs and 10% tariffs for 90 days, effective immediately, but raised China's import tariffs to 125%. Major U.S. stock indexes soared after this development. The Nasdaq Composite Index rose 12% on the day, with the S&P 500 and the Don Jones Industrial Average rising 9.5% and 7.9% respectively. The US dollar index also regained its traction and closed slightly higher on the day.
It has been reported that China is preparing to establish a trade war arsenal against U.S. companies, causing safe-haven funds to flow back to the market. In addition, China's Ministry of Commerce and the Ministry of Foreign Affairs issued a joint statement saying that it will take further measures to oppose US bullying. In early Thursday, U.S. stock index futures traded in negative territory, with the U.S. dollar index falling 0.4% to around 102.50 on the same day. In the United States, annual inflation, measured by changes in CPI, is expected to drop to 2.6% from 2.8% in February.
Data from China showed that CPI fell by 0.4% month-on-month in March. AUD/USD appears to be after rising more than 3% on WednesdayDuring the European period, the consolidation phase entered above 0.6100.
The European Commission said earlier Thursday that it will consult with member states and industry and take the time necessary to assess the latest progress on Trump’s tariffs before deciding on the next step. The euro/dollar accumulated bullish momentum on Thursday and rose more than 0.5% above 1.1000.
GBP/USD closed in the upside for the second consecutive day on Wednesday. The pair continues upside space during the European period, trading above 1.2850.
The US dollar/yen rebounded on Thursday after rising 1% on Wednesday, trading around 146.50, and the daily line fell about 0.9%.
Gold maintained a bullish momentum, rising about 1% on the day to around $3,110.
Euro: The intraday bias of the euro/dollar remains neutral as the consolidation continues below 1.1145. If further retracement is drawn, the downside space should be curbed by the 38.2% retracement level of 1.0775 from 1.0176 to 1.1145. On the plus side, above 1.1145 will resume the rebound from 1.0176 to 1.1213/74 key resistance zone.
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