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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange]: The US dollar index rose slightly, and important US data will come tonight." Hope it will be helpful to you! The original content is as follows:
Finance markets remained relatively calm early on Wednesday after Tuesday's volatility as investors were preparing for the release of high-end data. The European Economic Calendar will include data on GDP for the first quarter of Germany and the euro zone, as well as data on monthly unemployment and consumer price index (CPI) in Germany. In the second half of the day, the U.S. Bureau of Economic Analysis (BEA) will release its first estimate of the GDP and personal consumption expenditure (PCE) price index for the first quarter of March. Investors will also carefully review ADP employment changes data.
After a slight increase in European trading session on Tuesday, the US dollar (USD) index lost its traction and closed slightly higher on the day. Data from the United States showed that JOLTS job openings were 7.19 million in March, lower than market expectations of 7.5 million. In early Wednesday, the U.S. dollar index fluctuated in a narrow channel above 99.00.
In the Asian session on Wednesday, the Australian Bureau of Statistics reported that CPI inflation remained stable at an annual rate of 2.4% in the first quarter. That's higher than analysts' estimates of 2.2%. Commenting on inflation data, Australian Finance Minister Jim Chalmers pointed out that the market expects more rate cuts after the inflation data is released, adding that he believes nothing in these figures will significantly change market expectations
After falling more than 0.7% on Tuesday, the Australian dollar/dollar stabilized around 0.6400 in early European trading.
Euro/USD failed to continue its gains on Monday and closed slightly lower on Tuesday. The pair consolidated below 1.1400 in early European trading. Earlier in the day,Data from the country showed that retail sales fell by 0.2% month-on-month in March.
GBP/USD fluctuated narrowly in the early trading of Europe on Wednesday around 1.3400.
The US dollar/yen gained a foothold after a sharp decline on Monday and recorded a slight gain on Tuesday. The pair continued to rise slightly to 143.00, beginning the European session. Earlier on Thursday, the Bank of Japan will announce its monetary policy decision.
Gold is difficult to accumulate directional momentum and fluctuates up and down in a narrow channel below $3,300 in early Wednesday. Crude oil hovers around USD 59
Study on major currencies:
Euro: The intraday bias of the euro/dollar remains neutral at this point. On the downside, breaking through 1.1306 will expand the correction from 1.1572. But strong support should be seen from the 38.2% retracement level of 1.0176 to 1.1572 at 1.1039 to curb downside space. On the bright side, breaking through 1.1572 will resume a larger upward trend.
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