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Hello everyone, today XM Foreign Exchange will bring you "[XM Official Website]: Powell is likely to hit the sky with an eagle." Hope it will be helpful to you! The original content is as follows:
As market attention turns to the monetary policy announcement of the Federal Reserve (Fed) and a press conference held later in the U.S. time period, the US dollar (USD) has struggled to maintain its flexibility to its competitors. During the European trading hours, the European Statistics Office will release retail sales data for March.
The US dollar index closed in the negative area for the third consecutive trading day on Tuesday. In early Wednesday, the U.S. dollar index fluctuated in a narrow channel below 99.50. Later that day, the market generally expected the Federal Reserve to keep interest rates unchanged at 4.25%-4.5%. Market participants will closely monitor Powell’s comments on inflation and growth prospects. Meanwhile, U.S. stock index futures rose about 0.4% for the last time that day after major Wall Street indexes fell sharply on Tuesday. U.S. Treasury Deputy Secretary Michael Faulkender said late Tuesday that demand for U.S. Treasury bonds and the dollar remained high despite continued market tensions and investors were concerned about stability in the U.S. economy.
Pan Gaosheng, President of the People's Bank of China (PBOC), announced that after meetings with the China Securities Regulatory Commission and the National Financial Regulatory Commission, they decided to lower the reserve requirement ratio (RRR) and the policy interest rate by 50 basis points (bps) and 10 basis points respectively. After this development, the AUD/USD rose to a 2025 high above 0.6500, before falling below that level during the European session.
Euro/USD benefited from a full-scale weakness in the U.S. dollar and rose nearly 0 on Tuesday.5%. The pair consolidated sideways above 1.1350 during the European session on Wednesday.
GBP/USD is ready to go and climbed above 1.3400 on Tuesday. The pair fell slightly in early Wednesday but remained above 1.3350. The Bank of England will announce its policy decision on Thursday.
After nearly 1% on Monday, the US dollar/yen continued to fall and fell by about 1% on Tuesday. The pair rebounded early on Wednesday, trading around 143.00. During the Asian session on Thursday, the Bank of Japan will release minutes of the monetary policy meeting.
Gold price is still more than $100 below the historical high set last month. Brent crude oil futures have fallen about 16% since the tariffs were announced and are now stabilizing at $62.74 a barrel.
Euro: The intraday bias of the euro/dollar remains neutral at present as range trading continues above 1.1265. On the downside, below 1.1265 will resume a correctional decline from the short-term top 1.1572. But the downside space should be bound by the 38.2% retracement level of 1.1039 from 1.0176 to 1.1572. On the plus side, breaking through 1.1424 will indicate that the correction has been completed and the 1.1572 high is retested.
The above content is all about "[XM official website]: Powell is very likely to hit the sky". It was carefully compiled and edited by the XM Forex editor. I hope it will be helpful to your transactions! feelThank you for your support!
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