외환거래 뉴스 타임라인

목요일, 5월 1, 2025

Gold price tanked close to $70, or 2%, on Thursday as risk appetite improved during the North American session. Trade tensions between the United States (US) and its counterparts eased, keeping investors optimistic for the remainder of the week. At the time of writing, XAU/USD trades at $3,226.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Risk appetite rebounds as Trump exempts some auto tariffs, sparking trade deal hopes.Weak US GDP and jobless claims stoke recession fears, but inflation stays near the Fed’s 2% target.Markets price in 90 bps of Fed rate cuts; eyes now on Friday’s Nonfarm Payrolls report.Gold price tanked close to $70, or 2%, on Thursday as risk appetite improved during the North American session. Trade tensions between the United States (US) and its counterparts eased, keeping investors optimistic for the remainder of the week. At the time of writing, XAU/USD trades at $3,226.US-China trade tensions eased as news revealed that Washington was contacting Beijing to begin negotiations. US President Donald Trump's decision to exempt some automotive industry tariffs and advances in deals with India, South Korea, and Japan were cheered by investors who bought the Greenback to the detriment of the precious metal.Data on Wednesday painted a dismal economic outlook for the US as GDP for Q1 2025 contracted and a measure of inflation for the same period jumped. Nevertheless, the Core Personal Consumption Expenditure (PCE) Price Index, sought by the Fed as the preferred inflation gauge, was unchanged, within the 2% handle.Although this was Gold supportive, positive earnings reports of US companies keep sentiment positive. However, Wall Street’s gains remained capped as business activity in the manufacturing sector disappointed traders. This and the rise of Americans filing for unemployment benefits fueled recession fears ahead of Friday's release of the Nonfarm Payrolls report.After the data release, investors rushed to price in 90 basis points of Fed rate cuts, as revealed by data from Prime Market Terminal.Source: Prime Market TerminalAhead in the week, traders are eyeing the release of April Nonfarm Payroll figures.Daily digest market movers: Gold price dips as US Treasury yields jumpRecently released data pushed US bond prices down, increasing US Treasury yields. The US 10-year Treasury note yield rose six basis points, up to 4.229%. At the same time, US real yields increased by six bps to 1.99%, as shown by the US 10-year Treasury Inflation-Protected Securities yields.The Institute for Supply Management (ISM) Manufacturing PMI was higher than estimates of 48 and rose by 48.7, down from the March 49 reading. Timothy Fiore, the ISM Manufacturing Business Survey Committee Chair, revealed that demand and production retreated while layoffs continued. He added, “Price growth accelerated slightly due to tariffs, causing new order placement backlogs, supplier delivery slowdowns, and manufacturing inventory growth.”Initial Jobless Claims for the week ending April 26 rose by 241K, much higher than the 224K expected and up from 223K revealed a week ago.XAU/USD technical outlook: Gold price poised for pullback below $3,250Gold price seems to be undergoing a pullback as buyers failed to defend the April 23 swing low of $3,260, exposing the $3,200 mark. The Relative Strength Index (RSI) is falling towards its neutral line, hinting that sellers are stepping in.Therefore, if XAU/USD clears $3,200, the next support would be the April 3 high, which turned support at $3,167. Once surpassed, the next stop would be the 50-day Simple Moving Average (SMA), at $3,080.Conversely, if buyers lift Gold prices above $3,300, it would clear the path to challenge $3,350, followed by $3,400. Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

The EUR/JPY pair extended its rally on Thursday, pushing toward the 164.00 zone after a strong advance during the European session. The pair sits near the top of the day’s range as it enters the Asian session, reflecting sustained demand despite a flattening in momentum indicators.

EUR/JPY rose toward the 164.00 area, closing in on daily highs ahead of the Asian session.Bullish bias is confirmed by trend indicators despite neutral short-term momentum.Key moving averages and MACD support further upside, with nearby support holding firm.The EUR/JPY pair extended its rally on Thursday, pushing toward the 164.00 zone after a strong advance during the European session. The pair sits near the top of the day’s range as it enters the Asian session, reflecting sustained demand despite a flattening in momentum indicators. While some short-term tools remain neutral, the overall technical structure leans decisively bullish, backed by a solid base of upward-trending averages.From a technical perspective, EUR/JPY is flashing a clear bullish signal. The Moving Average Convergence Divergence shows a buy indication, supporting the recent rally. The Relative Strength Index hovers near 63, a neutral-to-positive level that suggests momentum still has room to grow. Other tools such as the Stochastic RSI Fast and the Average Directional Index remain neutral, highlighting that price action, while strong, isn’t yet overstretched.Trend-following indicators provide the foundation for the bullish stance. The 10-day Exponential and Simple Moving Averages continue to climb and are positioned below the current price. The 20-day, 100-day, and 200-day Simple Moving Averages are similarly aligned in favor of further gains, with all three pointing upward and reinforcing buyers' control over the broader trend.Support is now seen at 162.70, 162.55, and 162.44. A confirmed break above the 164.00 zone could expose further resistance levels in upcoming sessions.Daily Chart

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of currencies, is rising above the 100.00 level as markets absorb softer-than-expected labor and manufacturing data.


The US Dollar Index trades slightly higher above 100.00 ahead of key labor data.Momentum remains fragile despite modest intraday strength.Manufacturing activity softens, jobless claims surprise to the upside.Traders await Nonfarm Payrolls and inflation guidance on Friday.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against a basket of currencies, is rising above the 100.00 level as markets absorb softer-than-expected labor and manufacturing data. While the Greenback benefits from cautious risk sentiment and yield signals, its broader upside remains capped ahead of Friday’s job report.Daily digest market movers: Manufacturing and labor signals dampen growth outlookThe Institute for Supply Management (ISM) Manufacturing Purchasing Managers Index fell to 48.7 in April from 49.0, indicating continued contraction. The figure still came in slightly better than the market expectation of 48.0.The Employment Index within the ISM survey improved to 46.5 from 44.7, signaling ongoing declines in manufacturing payrolls but at a slower pace.Initial Jobless Claims rose to 241,000 in the week ending April 26, higher than the expected 224,000 and the prior revised figure of 223,000.The seasonally adjusted insured unemployment rate rose to 1.3%, with continuing claims hitting their highest level since November 2021 at 1.92 million.Former US Treasury Secretary Janet Yellen warned that Trump’s tariffs could have a "tremendously adverse" impact on the US economy.Treasury Secretary Scott Bessent said the inverted yield curve, with two-year yields below the federal funds rate, justifies Federal Reserve rate cuts.The US Dollar rebounded overnight, driven by gains against the Japanese Yen, and pushed the US Dollar Index back above the 100.00 level.Concerns are growing that the US may blink first in trade negotiations with China as recession odds climb above 50%, according to Rabobank.The ISM survey also showed the Prices Paid Index, an inflation gauge, rose slightly to 69.8 in April from 69.4 in March.
Markets remain cautious ahead of the Nonfarm Payrolls report, with investors seeking clarity on how tariffs are affecting employment trends.

Technical Analysis
The DXY is currently trading near 100.00, up 0.60% on the day, in a neutral setup. Price action is confined within a range of 99.61 to 100.08. The Relative Strength Index (RSI) sits at 41.44 and is neutral, while the Moving Average Convergence Divergence (MACD) shows a mild buy signal. Bull Bear Power at -0.07 is flat, but Momentum (10) at 0.59 reflects upward pressure. The 20-day, 100-day, and 200-day Simple Moving Averages (SMAs) at 100.37, 105.51, and 104.44 respectively, point to bearish continuation. The Ichimoku Base Line at 101.30 is also neutral. Support levels are seen at 99.68, 99.48, and 99.37, while resistance stands at 100.37, 100.45, and 101.25.

The Dow Jones Industrial Average (DJIA) rallied over 100 points, or 0.24%, on Thursday after big tech companies posted strong earnings reports, ignoring surveys that underscored the ongoing economic slowdown in the United States.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Microsoft and Meta beat Q1 estimates, fueling AI-linked stock surge and tech-led Dow rally.ISM Manufacturing PMI contracts; jobless claims hit highest since February, raising slowdown concerns.Markets price in 94 bps of Fed cuts for 2025; 2-year yield signals policy shift ahead.The Dow Jones Industrial Average (DJIA) rallied over 100 points, or 0.24%, on Thursday after big tech companies posted strong earnings reports, ignoring surveys that underscored the ongoing economic slowdown in the United States. At the time of writing, the DJIA is holding firm at nearly 40,600 after hitting a daily high of 41,096.DJIA climbs as big tech lifts sentiment, offsetting recession fears and weak jobless claimsMeta Platforms (META) and Microsoft (MSFT) posted strong earnings reports for the first calendar quarter of 2025. Meta reported earnings per share (EPS) of $6.43, above estimates of $5.28, with revenue surpassing estimates of $41.4 billion to $42.31 billion. On Microsoft’s side, EPS stood at $3.46, up from $3.22 projected, while market revenue jumped from $68.42 billion to $70.07 billion.A day after the earnings release, Microsoft shares are up 8%, while Meta stock advanced nearly 4%. The results pulled up stocks of companies related to artificial intelligence (AI) like Nvidia (NVDA).The Dow's advances have been somewhat capped by data from the Institute for Supply Management, which revealed that April’s Manufacturing PMI contracted the most in the last five months, down from 49 in March, which came to 48.7, above mediocre forecasts of 48.Labor market data also came in weak as Initial Jobless Claims for the previous week increased to its highest since February. The number of Americans filing for unemployment benefits in the week ending April 26 was 241K, above the 224K expected and up from 223K a week ago.Thursday’s data has increased concerns about a possible recession in the US, following data from the Commerce Department that portrayed the US economy contracting  by 0.3%. This and the labor market's weakness paint a gloomy outlook for the release of Nonfarm Payroll (NFP) figures on Friday.Fed expected to cut ratesData from the Chicago Board of Trade (CBOT) shows the swaps market expects 94 basis points of easing toward the end of the year, as revealed by the December 2025 fed funds rate futures contract.US Treasury Secretary Scott Bessent suggested that the yield of the US 2-year Treasuries signals that the Fed should cut rates.Dow Jones price forecastThe Dow Jones remains downwardly biased even though bulls found some relief after clearing the 20-day Simple Moving Average (SMA) of 39,705. The DJIA reached a weekly peak at 41,096, shy of testing the 50-day SMA at 41,331. Failure to do so exacerbated a pullback that is poised to drag the index toward 40,500.A breach of the latter could expose the 40,000 level followed by a challenge of the April 23 low of 39,486, ahead of the April 22 high of 39,271 that would close the gap witnessed between April 22 and 23.Conversely, bulls reclaimed 41,000 and look for a test of ceiling levels above. The first resistance is the 50-day SMA, followed by the 200-day SMA at 42,277 and the 100-day SMA at 42,503. Dow Jones FAQs What is the Dow Jones? The Dow Jones Industrial Average, one of the oldest stock market indices in the world, is compiled of the 30 most traded stocks in the US. The index is price-weighted rather than weighted by capitalization. It is calculated by summing the prices of the constituent stocks and dividing them by a factor, currently 0.152. The index was founded by Charles Dow, who also founded the Wall Street Journal. In later years it has been criticized for not being broadly representative enough because it only tracks 30 conglomerates, unlike broader indices such as the S&P 500. What factors impact the Dow Jones Industrial Average? Many different factors drive the Dow Jones Industrial Average (DJIA). The aggregate performance of the component companies revealed in quarterly company earnings reports is the main one. US and global macroeconomic data also contributes as it impacts on investor sentiment. The level of interest rates, set by the Federal Reserve (Fed), also influences the DJIA as it affects the cost of credit, on which many corporations are heavily reliant. Therefore, inflation can be a major driver as well as other metrics which impact the Fed decisions. What is Dow Theory? Dow Theory is a method for identifying the primary trend of the stock market developed by Charles Dow. A key step is to compare the direction of the Dow Jones Industrial Average (DJIA) and the Dow Jones Transportation Average (DJTA) and only follow trends where both are moving in the same direction. Volume is a confirmatory criteria. The theory uses elements of peak and trough analysis. Dow’s theory posits three trend phases: accumulation, when smart money starts buying or selling; public participation, when the wider public joins in; and distribution, when the smart money exits. How can I trade the DJIA? There are a number of ways to trade the DJIA. One is to use ETFs which allow investors to trade the DJIA as a single security, rather than having to buy shares in all 30 constituent companies. A leading example is the SPDR Dow Jones Industrial Average ETF (DIA). DJIA futures contracts enable traders to speculate on the future value of the index and Options provide the right, but not the obligation, to buy or sell the index at a predetermined price in the future. Mutual funds enable investors to buy a share of a diversified portfolio of DJIA stocks thus providing exposure to the overall index.

United States EIA Natural Gas Storage Change below forecasts (111B) in April 25: Actual (107B)

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a} .fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}What you need to take care of on Friday, May 2:Optimism about a de-escalation in the global trade conflict helped the US Dollar (USD)  despite disappointing data releases. US President  Donald Trump reported undergoing trade talks with South Korea, Japan and India. He also claimed that there’s a “very good” chance of clinching a deal with China, yet added that any pact with Beijing has to be in US terms.  At the same time, a Beijing-backed outlet said on Thursday that United States officials have contacted their Chinese counterparts for talks. Tensions between China and the US persist, but optimism led Thursday’s price action. US Dollar PRICE Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen. USD EUR GBP JPY CAD AUD NZD CHF USD 0.41% 0.50% 1.73% 0.43% 0.44% 0.58% 0.64% EUR -0.41% 0.08% 1.31% -0.01% 0.02% 0.17% 0.21% GBP -0.50% -0.08% 1.22% -0.07% -0.06% 0.08% 0.12% JPY -1.73% -1.31% -1.22% -1.30% -1.27% -1.18% -1.15% CAD -0.43% 0.01% 0.07% 1.30% 0.02% 0.15% 0.19% AUD -0.44% -0.02% 0.06% 1.27% -0.02% 0.14% 0.19% NZD -0.58% -0.17% -0.08% 1.18% -0.15% -0.14% 0.04% CHF -0.64% -0.21% -0.12% 1.15% -0.19% -0.19% -0.04% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote). Mexican President Claudia Sheinbaum hit the wires by saying she had a very positive conversation with United States (US) President Donald Trump, adding they will continue working on trade in the upcoming days. Also, Trump claimed that US Treasury Secretary Scott Bessent is negotiating with “200 nations,” and “has no life,” amid being involved in trade talks.Wall Street extended its latest recovery in thin market conditions, and major indexes are about to trim tariffs-inspired losses.The Bank of Japan (BoJ) announced its decision on monetary policy early on Wednesday, keeping the short-term interest rate target unchanged in the range of 0.40%- 0.50% as widely anticipated. BoJ Governor Kazuo Ueda offered a press conference afterwards, noting that uncertainty from trade policies heightened sharply on officials’ decision. The central bank expects to keep raising rates if the economy and prices move as projected. Finally, he added they expect underlying inflation to cool down due to tariffs and slow global growth. The Japanese yen weakened with the news, with USD/JPY extending gains beyond 145.50.US data was mixed: On the one hand, Initial Jobless Claims for the week ended April 26 rose by 241K, much worse than the 224K anticipated and the previous weekly figure of 223K. On the other hand, ISM published the April Manufacturing Purchasing Managers’ Index (PMI), which edged lower to 48.7 from 49 in March, beating the market expectation of 48.The US will release the Nonfarm Payrolls (NFP) report on Friday. The country is expected to have added 130K new job positions in April, while the Unemployment Rate is foreseen at 4.2%, unchanged from March. Employment-related data ahead of the NFP report, however, hints at a soft reading, which may end up weighing on the USD.EUR/USD lost the 1.1300 level while GBP/USD settled at around 1.3260. Commodity-linked currencies also edged lower, despite the positive tone of Wall Street. The AUD/USD eased towards 0.6360, while USD/CAD trades in the 1.3850 region ahead of Friday’s opening.
US-China Trade War FAQs What does “trade war” mean? Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living. What is the US-China trade war? An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies. Trade war 2.0 The return of Donald Trump to the White House as the 47th US President has sparked a fresh wave of tensions between the two countries. During the 2024 election campaign, Trump pledged to impose 60% tariffs on China once he returned to office, which he did on January 20, 2025. With Trump back, the US-China trade war is meant to resume where it was left, with tit-for-tat policies affecting the global economic landscape amid disruptions in global supply chains, resulting in a reduction in spending, particularly investment, and directly feeding into the Consumer Price Index inflation.

The USD/CHF is trading with gains, extending its recovery into the upper 0.8900s after a busy Thursday filled with US economic data and renewed Fed rate cut speculation.

The USD/CHF is trading higher near the 0.8960 area as the Dollar regains traction despite mixed macroeconomic signals.US jobless claims rose to 241,000 and ISM Manufacturing PMI dipped to 48.7, while inflation concerns linger amid Trump’s trade policy moves.Technical setup leans bullish short-term, with support at 0.8920 and resistance capped near 0.9000 and 0.9040.The USD/CHF is trading with gains, extending its recovery into the upper 0.8900s after a busy Thursday filled with US economic data and renewed Fed rate cut speculation. Although the ISM Manufacturing PMI and jobless claims reports pointed to continued labor market fragility and sector contraction, the greenback held firm, supported by a stable US Dollar Index and risk-sensitive flows ahead of Friday’s nonfarm payrolls report.US jobless claims for the week ending April 26 surged to 241,000, up from the prior week’s 223,000 and well above consensus forecasts. This rise marked the highest level since August 2023 and further reinforced concerns that the labor market may be cooling more than previously thought. Meanwhile, the ISM Manufacturing PMI dropped slightly to 48.7, a marginal decline from March’s 49.0. The index remains in contraction territory, with the new orders and production components slowing, while the employment subindex improved slightly from 44.7 to 46.5, indicating a soft but ongoing reduction in factory payrolls.The inflation component of the survey, measured by the Prices Paid Index, rose to 69.8, suggesting input costs remain elevated and keeping inflation risks on the radar. The market’s reaction was balanced: while some risk assets rallied on strong tech earnings, the US Treasury curve remains inverted, and the two-year yield below the Fed funds rate continues to fuel expectations of monetary easing.Treasury Secretary Scott Bessent reiterated on Thursday that this yield configuration signals the need for the Federal Reserve to cut rates. According to fed funds futures pricing, markets now anticipate over 100 basis points of cuts by the end of 2025. Former Fed Chair Janet Yellen added pressure by warning that President Trump’s tariff strategy could have a “tremendously adverse” effect on growth, especially as the trade standoff with China remains unresolved and reciprocal talks remain stalled.The Swiss Franc remained broadly weaker in quiet European trade as markets remained focused on the US data slate. The Dollar’s resilience is also aided by the cautious tone from traders awaiting Friday’s US jobs report, which will be key in confirming the recent macro trends and could solidify the next move from the Fed.Technical AnalysisTechnically, USD/CHF continues to edge higher after rebounding from last week’s lows. The pair has climbed back above its 10-day EMA and now tests resistance near the 0.9000 round level. Short-term momentum favors the upside, although the broader trend remains mixed. Support is seen at 0.8920, followed by 0.8880 and 0.8840. On the upside, resistance is located at 0.9000 and 0.9040. Sustained strength above these levels would open the path toward the March highs near 0.9080.With the labor market showing signs of softening and inflation pressures persisting, the next moves from the Fed will be increasingly data-dependent. All eyes now turn to the April nonfarm payrolls report, which could provide the next directional push for USD/CHF. Until then, the pair may remain rangebound but tilted toward modest gains.Daily Chart

The EUR/GBP pair saw slight weakness on Thursday, trading near the 0.8500 zone after the European session. Despite today’s marginal drop, the overall structure remains supportive of a bullish bias, backed by a firm base of longer-term moving averages.

EUR/GBP trades near the 0.8500 zone after slipping modestly in Thursday’s session.Bullish trend remains intact despite mixed momentum signals.Supportive long-term averages contrast with short-term resistance capping upside.The EUR/GBP pair saw slight weakness on Thursday, trading near the 0.8500 zone after the European session. Despite today’s marginal drop, the overall structure remains supportive of a bullish bias, backed by a firm base of longer-term moving averages. Short-term indicators, however, show conflicting signals, with momentum fading even as the broader trend holds steady.From a technical standpoint, EUR/GBP is leaning bullish overall. The Relative Strength Index remains neutral near the midpoint, suggesting no extreme conditions. The MACD currently delivers a sell signal, indicating slowing momentum, while the Stochastic %K has dropped into oversold territory, flashing a potential buy setup. The Commodity Channel Index also sits neutral, adding to the mixed short-term picture.The structural strength comes from the moving averages. The 50-day Exponential and Simple Moving Averages sit well below current prices and continue to point upward, reinforcing the broader bullish setup. In contrast, the 20-day SMA — positioned slightly above spot — may act as a short-term ceiling. Meanwhile, the 100-day and 200-day SMAs remain firmly bullish, continuing to provide a strong foundation for buyers.Support is seen at 0.8478, followed by 0.8462 and 0.8434. Resistance stands at 0.8492, 0.8497, and 0.8516.Daily Chart

The Pound Sterling edges lower against the US Dollar on Thursday, with most European markets closed during Labor Day. The release of manufacturing activity data on both sides of the Atlantic and US trade policies continued to drive the financial markets.

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a}GBP/USD pressured as risk sentiment wavers and Fed seen cutting later than BoE.UK manufacturing contracts for seventh month; traders price in 100 bps BoE easing.US ISM PMI weak, but tariff-driven price growth boosts Dollar on risk of stagflation.The Pound Sterling edges lower against the US Dollar on Thursday, with most European markets closed during Labor Day. The release of manufacturing activity data on both sides of the Atlantic and US trade policies continued to drive the financial markets. At the time of writing, the GBP/USD trades at 1.3295, down 0.25%.GBP/USD down 0.25% to 1.3295 as weak UK PMI and rising US jobless claims fuel policy divergence betsThe US cash equity markets opened the session in the green. Recently released data by the ISM showed that manufacturing activity in the US deteriorated in April. The ISM Manufacturing PMI missed estimates of 48 and increased by 48.7, down from the March 49 reading.Comments from Timothy Fiore, the ISM Manufacturing Business Survey Committee Chair, revealed that demand and production retreated while layoffs continued. He added, “Price growth accelerated slightly due to tariffs, causing new order placement backlogs, supplier delivery slowdowns, and manufacturing inventory growth.”The survey by S&P Global announced that “Manufacturing continued to flat-line in April amid worrying downside risks to the outlook and sharply rising costs,” said Chris Williamson, Chief Business Economist at S&P Global. The S&P Global Manufacturing PMI was up at 50.2 in April, unchanged since March, but remained at expansionary territory.Earlier, Initial Jobless Claims for the previous week rose to its highest level since February. Claims for the week ending April 26 rose by 241K, much higher than the 224K expected and up from 223K revealed a week ago.The data boosted the Greenback as depicted by the GBP/USD price action, extending its fall below 1.3300 for the second time in the week.Meanwhile, S&P Global revealed that the UK’s manufacturing activity contracted for the seventh straight month in April. Consequently, traders had priced in 100 basis points (bps) of easing by the Bank of England (BoE), which is set to lower rates at the May 8 meeting.The Fed is also projected to reduce rates by 100 bps. Nevertheless, market participants priced ahead of the Jackson Hole Symposium in the first cut until the July meeting.In the short term, this could be bearish for the GBP/USD, but an improvement in risk appetite could boost Sterling's prospects.GBP/USD Price Forecast: Technical outlookThe GBP/USD extended its losses for the third straight day beneath the 20-day Simple Moving Average (SMA) of 1.3319 and cleared the 1.3300 figure as it hit a daily low of 1.3274. The pair has stabilized as of writing, but sellers seem to be gathering momentum. Despite the fact that the Relative Strength Index (RSI) is bullish, its downward move has accelerated towards its neutral line.The next support will be the 1.3250 figure, followed by the 1.3200 mark. Conversely, if GBP/USD climbs past 1.3300, the next resistance would be the May 1 peak at 1.3345, followed by the April 30 high at 1.3414. British Pound PRICE Today The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Japanese Yen. USD EUR GBP JPY CAD AUD NZD CHF USD 0.50% 0.36% 1.72% 0.33% 0.35% 0.51% 0.82% EUR -0.50% -0.13% 1.21% -0.20% -0.15% -0.01% 0.31% GBP -0.36% 0.13% 1.31% -0.03% -0.02% 0.12% 0.44% JPY -1.72% -1.21% -1.31% -1.39% -1.36% -1.27% -0.97% CAD -0.33% 0.20% 0.03% 1.39% 0.03% 0.15% 0.48% AUD -0.35% 0.15% 0.02% 1.36% -0.03% 0.13% 0.46% NZD -0.51% 0.01% -0.12% 1.27% -0.15% -0.13% 0.32% CHF -0.82% -0.31% -0.44% 0.97% -0.48% -0.46% -0.32% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

The EUR/USD pair is holding a bearish tone on Thursday, after retreating modestly following the European session. Price action is contained within a mid-range zone around the 1.1300 mark, reflecting a brief pause in upward momentum.

EUR/USD trades near the 1.1300 area after giving back early gains post-European session.Bullish trend remains intact, though intraday signals show conflicting momentum.Long-term averages support the upside, while resistance emerges just above the current range.The EUR/USD pair is holding a bearish tone on Thursday, after retreating modestly following the European session. Price action is contained within a mid-range zone around the 1.1300 mark, reflecting a brief pause in upward momentum. Although short-term indicators show mixed signals — with the MACD turning negative and the RSI hovering in neutral territory — the overall structure is supported by strong trend-based indicators, keeping buyers in control of the broader narrative.Technically, the EUR/USD continues to show a bullish structure. The Relative Strength Index remains neutral near 55, indicating there’s still room for either direction. Meanwhile, the Moving Average Convergence Divergence has flipped to a sell signal, hinting at short-term fatigue. Both the Awesome Oscillator and the Stochastic RSI Fast are neutral, reinforcing the idea that momentum has stalled for now.The backbone of the bullish case lies in the moving averages. The 20-day, 100-day, and 200-day Simple Moving Averages — all below the current price — are pointing higher, offering strong support for continued upside. The 30-day EMA and SMA also back the trend, providing dynamic support just beneath the current trading zone.Key support levels are located at 1.1275, 1.1258, and 1.1224. Resistance stands at 1.1334, 1.1337, and 1.1379.
Daily chart

United States 4-Week Bill Auction: 4.24% vs 4.22%

Silver price (XAG/USD) recovers a majority of its early gains and returns to near $32.50 during North American trading hours on Thursday.

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a} .fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Silver price bounces back to near $32.50 despite sheer strength in the US Dollar.The USD gains after the release of the US ISM Manufacturing PMI data for April.The Washington has expressed confidence that it will lose trade deals with some trading partners in coming weeks.Silver price (XAG/USD) recovers a majority of its early gains and returns to near $32.50 during North American trading hours on Thursday. The white metal gained ground after posting a fresh over two-week low around $31.66, earlier in the day, even though the US Dollar (USD) has extended its two-day recovery. US Dollar PRICE Today The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen. USD EUR GBP JPY CAD AUD NZD CHF USD 0.37% 0.25% 1.54% 0.23% 0.21% 0.35% 0.72% EUR -0.37% -0.12% 1.13% -0.17% -0.14% -0.02% 0.33% GBP -0.25% 0.12% 1.26% -0.02% -0.03% 0.10% 0.46% JPY -1.54% -1.13% -1.26% -1.30% -1.29% -1.22% -0.87% CAD -0.23% 0.17% 0.02% 1.30% 0.00% 0.12% 0.48% AUD -0.21% 0.14% 0.03% 1.29% -0.00% 0.12% 0.50% NZD -0.35% 0.02% -0.10% 1.22% -0.12% -0.12% 0.36% CHF -0.72% -0.33% -0.46% 0.87% -0.48% -0.50% -0.36% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote). Technically, higher US Dollar makes the Silver price an expensive bet for investors.The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, jumps above 100.00. The Greenback strengthens even though the United States (US) ISM Manufacturing PMI data for April has shown that activities declined at a faster pace. The Manufacturing PMI is down at 48.7 from 49.0 in March but higher than estimates of 48.0.Meanwhile, ISM Manufacturing Prices Paid, which gauges change in input cost, expanded at a faster pace to 69.8 from 69.4, but missed estimates of 70.3. Accelerating input costs are expected to feed consumer inflation. Such a scenario will limit the Federal Reserve (Fed) from reducing interest rates, which bodes poorly for non-yielding assets, such as Silver.Earlier in the day, the Silver price fell sharply as investors expect that fears of additional tariffs announced by US President Donald Trump have peaked as Washinton is close to announce bilateral trades with number of its trading partners soon.“Initial trade deals are to be announced in weeks, not months,” US Trade Representative Jamieson Greer said at Fox News, Reuters reported.However, trade uncertainty between the US and China will keep the downside in the Silver price limited.Silver technical analysisSilver price struggles to revisit an over three-week high around $33.70. The near-term outlook of the white metal has become uncertain as it falls below the 20-day Exponential Moving Average (EMA), which trades around $32.65.The 14-day Relative Strength Index (RSI) falls below 50.00 after failing to break above 60.00, indicating that investors are not bullish anymore.Looking up, the March 28 high of $34.60 will act as key resistance for the metal. On the downside, the April 11 low of $30.90 will be the key support zone.Silver daily chart Silver FAQs Why do people invest in Silver? Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Which factors influence Silver prices? Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices. How does industrial demand affect Silver prices? Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices. How do Silver prices react to Gold’s moves? Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.

The USD/CAD pair edges higher to near 1.3820 during North American trading hours on Thursday. The Loonie pair moves slightly higher despite the US Dollar (USD) has attracted significant bids after the release of the United States (US) ISM Manufacturing Purchasing Managers’ Index (PMI) data.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}USD/CAD rises marginally while the USD Index gains almost 0.5% above 100.00.The US Dollar surges despite the US ISM Manufacturing PMI contracts at a faster pace in April.The BoC believes that the impact of previous interest rate cuts have yet not been transmitted into the economy.The USD/CAD pair edges higher to near 1.3820 during North American trading hours on Thursday. The Loonie pair moves slightly higher despite the US Dollar (USD) has attracted significant bids after the release of the United States (US) ISM Manufacturing Purchasing Managers’ Index (PMI) data.The US Dollar Index (DXY) is up almost 0.5% above 100.00 despite the agency reported that activities in the manufacturing sector continued to decline at a faster pace. The Manufacturing PMI came in at 48.7, lower than the March reading of 49.0, but higher than estimates of 48.0. A figure below the 50.0 threshold indicates contraction in economic activities.The outlook of the US Dollar is already grim amid uncertainty over trade relations between the US and China. The comments from the White House have indicated that both the nations have not started trade discussions yet.US Trade Representative Jamieson Greer stated in an interview with Fox News on Wednesday that trade discussions with Beijing have not initiated yet since the imposition of reciprocal tariffs, South China Morning Post (SCMP) reportedIn the Canadian region, investors seek fresh cues about whether the Bank of Canada (BoC) will start reducing interest rates again from the policy meeting in June. The BoC minutes for the April meeting showed on Wednesday that the central bank left interest rates unchanged at 2.75% amid uncertainty over the economic outlook in the face of additional tariffs announced by US President Donald Trump on April 2. This was the first time when the BoC kept borrowing rates on hold after reducing them for seven times in a row.The BoC minutes also indicated that policymakers still believe that the impact of previous rate cuts is yet to be feed into the economy and therefore policy easing at this stage could have been a “premature” move.The minutes also stated that the central bank would remain flexible towards monetary policy adjustments until “medium- to long-term inflation expectations remained anchored”, Reuters reported. US Dollar FAQs What is the US Dollar? The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. How do the decisions of the Federal Reserve impact the US Dollar? The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback. What is Quantitative Easing and how does it influence the US Dollar? In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar. What is Quantitative Tightening and how does it influence the US Dollar? Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

The business activity in the United States (US) manufacturing sector continued to contracted in April, with the ISM Manufacturing Purchasing Managers Index (PMI) edging lower to 48.7 from 49 in March. This reading came in better than the market expectation of 48.

The ISM Manufacturing PMI remained in contraction territory below 50 in April.US Dollar Index stays in positive territory near 100.00 after the data.The business activity in the United States (US) manufacturing sector continued to contracted in April, with the ISM Manufacturing Purchasing Managers Index (PMI) edging lower to 48.7 from 49 in March. This reading came in better than the market expectation of 48.The Employment Index improved to 46.5 from 44.7 in this period, pointing to a decrease in the sector's payrolls at a softening pace. In the meantime, the Prices Paid Index, the inflation component of the survey, rose to 69.8 from 69.4.Assessing the survey's findings, "in April, US manufacturing activity slipped marginally further into contraction after expanding only marginally in February," said Timothy R. Fiore, CPSM, Chair of the Institute for Supply Management (ISM) Manufacturing Business Survey Committee. "Demand and output weakened while input strengthened further, conditions that are not considered positive for economic growth."Market reactionThe US Dollar (USD) holds its ground after this report. At the time of press, the USD Index was up 0.33% on the day at 99.95.

United States ISM Manufacturing Prices Paid registered at 69.8, below expectations (70.3) in April

United States ISM Manufacturing New Orders Index up to 47.2 in April from previous 45.2

United States ISM Manufacturing PMI above forecasts (48) in April: Actual (48.7)

United States Construction Spending (MoM) came in at -0.5% below forecasts (0.2%) in March

United States ISM Manufacturing Employment Index up to 46.5 in April from previous 44.7

United States S&P Global Manufacturing PMI below forecasts (50.7) in April: Actual (50.2)

Canada S&P Global Manufacturing PMI dipped from previous 46.3 to 45.3 in April

There were 241,000 initial jobless claims in the week ending April 26, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week's print of 223,000 (revised from 222,000) and came in worse than the market expectation of 224,000.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Initial Jobless Claims in the US rose by 18,000 in the week ending April 26.US Dollar Index clings to small daily gains below 100.00.There were 241,000 initial jobless claims in the week ending April 26, the weekly data published by the US Department of Labor (DOL) showed on Thursday. This print followed the previous week's print of 223,000 (revised from 222,000) and came in worse than the market expectation of 224,000.Further details of the publication revealed that the advance seasonally adjusted insured unemployment rate was 1.3%."The advance number for seasonally adjusted insured unemployment during the week ending April 19 was 1,916,000, an increase of 83,000 from the previous week's revised level," the DOL said in its press release and noted that this is the highest level for insured unemployment since November 13, 2021, when it was 1,970,000. Market reactionThe US Dollar (USD) Index retreated with the immediate reaction to this report and was last seen gaining 0.1% on the day at 99.75. Employment FAQs How do employment levels affect currencies? Labor market conditions are a key element to assess the health of an economy and thus a key driver for currency valuation. High employment, or low unemployment, has positive implications for consumer spending and thus economic growth, boosting the value of the local currency. Moreover, a very tight labor market – a situation in which there is a shortage of workers to fill open positions – can also have implications on inflation levels and thus monetary policy as low labor supply and high demand leads to higher wages. Why is wage growth important? The pace at which salaries are growing in an economy is key for policymakers. High wage growth means that households have more money to spend, usually leading to price increases in consumer goods. In contrast to more volatile sources of inflation such as energy prices, wage growth is seen as a key component of underlying and persisting inflation as salary increases are unlikely to be undone. Central banks around the world pay close attention to wage growth data when deciding on monetary policy. How much do central banks care about employment? The weight that each central bank assigns to labor market conditions depends on its objectives. Some central banks explicitly have mandates related to the labor market beyond controlling inflation levels. The US Federal Reserve (Fed), for example, has the dual mandate of promoting maximum employment and stable prices. Meanwhile, the European Central Bank’s (ECB) sole mandate is to keep inflation under control. Still, and despite whatever mandates they have, labor market conditions are an important factor for policymakers given its significance as a gauge of the health of the economy and their direct relationship to inflation.

United States Initial Jobless Claims above forecasts (224K) in April 25: Actual (241K)

United States Continuing Jobless Claims above expectations (1.86M) in April 18: Actual (1.916M)

United States Initial Jobless Claims 4-week average up to 226K in April 25 from previous 220.25K

Uncertainty may be a prevailing theme of the Trump presidency, but over the past month a number of lessons have been learnt which will likely have an ongoing impact on both the behaviour of politicians as well as investors.

Uncertainty may be a prevailing theme of the Trump presidency, but over the past month a number of lessons have been learnt which will likely have an ongoing impact on both the behaviour of politicians as well as investors. Firstly, the safe haven attraction of US treasuries and the USD are not as gold-plated as had been assumed. Secondly, China’s defiance in the face of the trade war with the US has forced the market to reassess the strengths and vulnerabilities of both sides. As a result, speculation that it might be the US, rather than China, that blinks first has gathered some support, Rabobank's FX analyst Jane Foley reports. EUR/USD could correct to 1.10 on trade progress"Both of these factors suggest that Trump’s hand in driving deals with the US’ trading partners may not be as strong as he had expected. We see scope for EUR/USD to drop back as far as 1.10.  That said, US fundamentals have weakened and we see the greenback on a weaker trajectory over the medium-term. We forecast the currency pair at EUR/USD1.15 on a 12-month view." "On the back of Trump’s trade war, Rabobank now sees the chances of a US recession as being larger than 50%. That said, in view of the inflationary risks associated with tariffs we don’t expect the Fed to be able to cut rates as much as the market is expecting.  A less dovish than expected Fed should provide some support for the USD in the weeks ahead. A corrective move lower in EUR/USD may also stem from profit-taking in long EUR positions. ""This morning, press reports indicated that the EU may be preparing a plan to lower tariff and non-tariff barriers. This could be presented to the White House next week to jump start trade talks. If more constructive news on this front is forthcoming, we would expect the USD to benefit from short covering. That said, in view of US recession risks, we would also expect the USD to struggle to hold these gains over the medium-term."

The Japanese Yen (JPY) is weak, down 0.9% against the US Dollar (USD) and underperforming all the G10 currencies in response to the BoJ’s latest policy meeting, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The Japanese Yen (JPY) is weak, down 0.9% against the US Dollar (USD) and underperforming all the G10 currencies in response to the BoJ’s latest policy meeting, Scotiabank's Chief FX Strategist Shaun Osborne notes. USD/JPY is extending its bounce off of the 140 support level"The BoJ’s Target Rate was left unchanged at 0.50%, as expected. However, markets participants are responding to the central bank’s downgraded growth and inflation forecasts as well as an extension of the time horizon over which it expects to reach its 2% inflation target." "Gov. Ueda’s press conference stressed uncertainty arising from US tariffs and offered no clear sense of timing around the next anticipated rate hike. The second round of US/Japan trade negotiations is set to continue through the end of the week." "USD/JPY is extending its bounce off of the 140 support level and pushing toward 145. We look to near-term resistance around 147.50 and anticipate significant resistance around the 200 day MA near 150."

The Pound Sterling (GBP) is entering Thursday’s NA session flat against the US Dollar (USD), outperforming all the G10 currencies with the exception of Euro (EUR), Scotiabank's Chief FX Strategist Shaun Osborne notes.

The Pound Sterling (GBP) is entering Thursday’s NA session flat against the US Dollar (USD), outperforming all the G10 currencies with the exception of Euro (EUR), Scotiabank's Chief FX Strategist Shaun Osborne notes. Markets await for BoE next week"Second-tier lending and money supply data were mixed, while the final manufacturing PMI offered a modest surprise – printing a still-contractionary (sub-50) 45.4 while still improving from the initial 44.0 release. There are no major-market moving events or releases scheduled ahead of next Thursday’s BoE policy decision, where markets are pricing in 27bpts of cuts." "The central bank’s forecast update will be critical, as it will provide insight into policymakers’ thinking around tariffs, trade, and the implications for rates. Markets are pricing a cumulative 100bpts of rate cuts by year end." "The trend is bullish, given the sequence of higher highs and higher lows since March. The RSI has softened somewhat, but waning momentum is not enough to violate the bull trend. For now, we highlight the recent range and GBP/USD’s movement roughly bound between the mid-1.32s and mid-1.34s."

The Canadian Dollar (CAD) has slipped a little overnight after briefly probing sub-1.38 levels late yesterday. President Trump commented that PM Carney will visit Washington shortly and anticipated a 'great relationship' with Canada, Scotiabank's Chief FX Strategist Shaun Osborne notes.

The Canadian Dollar (CAD) has slipped a little overnight after briefly probing sub-1.38 levels late yesterday. President Trump commented that PM Carney will visit Washington shortly and anticipated a 'great relationship' with Canada, Scotiabank's Chief FX Strategist Shaun Osborne notes. CAD remains better supported overall"That’s quite a bit different from some of the president’s other comments recently on Canada and the comments helped nudge USDCAD a little lower and bolster the CAD’s broader performance. Moderate losses so far today reflect the general strength in the USD rather than any CAD-negative development and the CAD is the only G10 currency holding a gain on the USD on the week so far." "The CAD has made up some ground on the crosses as a result. Spot is consolidating after dipping briefly under 1.38 yesterday to test congestion support at 1.3775. Marginal new cycle lows keep the grinding tone of USD weakness intact and DMI oscillators oriented bearishly for the USD." "But the CAD’s failure to hold gains on the USD today and a narrow, inside range session (at the moment) points to consolidation in the short run. USD gains may extend to the mid/upper 1.38s in the short run. Resistance is 1.3880 and 1.4000/25."

United States (US) Treasury Secretary Scott Bessent told Fox Business Network on Thursday the fact that the two-year US Treasury bond yield is below the federal funds rate is a signal that the Federal Reserve (Fed) should cut rates, per Reuters.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} United States (US) Treasury Secretary Scott Bessent told Fox Business Network on Thursday the fact that the two-year US Treasury bond yield is below the federal funds rate is a signal that the Federal Reserve (Fed) should cut rates, per Reuters.Key takeaways"Tariffs situation with China will be a multistep process."""We need to see a deescalation with China on tariffs.""China needs to rebalance.""If the US, China could rebalance together, that would be a big deal.""Chinese economy is slowing down substantially, we will likely revisit Trump's phase 1 trade deal.""We're going to bring down China's unfair trade barriers, hold China to its prior commitments.""If holiday orders not placed, could be devastating for China.""Had very good meetings with Indonesian finance minister.""We're going to bring down European digital services taxes.""Will lessen uncertainty on tariffs every day and every week.""We expect to see GDP revised.""GDP decline may have been due to inventory stocking of imports.""US household consumption is strong."Market reactionThe US Dollar (USD) Index holds its ground following these remarks and was last seen rising 0.25% on the day at 99.90. US-China Trade War FAQs What does “trade war” mean? Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living. What is the US-China trade war? An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies. Trade war 2.0 The return of Donald Trump to the White House as the 47th US President has sparked a fresh wave of tensions between the two countries. During the 2024 election campaign, Trump pledged to impose 60% tariffs on China once he returned to office, which he did on January 20, 2025. With Trump back, the US-China trade war is meant to resume where it was left, with tit-for-tat policies affecting the global economic landscape amid disruptions in global supply chains, resulting in a reduction in spending, particularly investment, and directly feeding into the Consumer Price Index inflation.

Euro (EUR) is entering Thursday’s NA session unchanged from Wednesday’s close, finding modest support following a short-lived dip below 1.1300, Scotiabank's Chief FX Strategist Shaun Osborne notes.

Euro (EUR) is entering Thursday’s NA session unchanged from Wednesday’s close, finding modest support following a short-lived dip below 1.1300, Scotiabank's Chief FX Strategist Shaun Osborne notes. EUR/USD’s trend remains bullish "The euro area data calendar is empty and most major European countries are closed for Labour Day, which should allow the EUR to trade on broader market themes ahead of Friday’s preliminary CPI release. The ECB will also release an economic bulletin on Friday, offering the possibility of some analysis of global trade and risks related to tariffs." "EUR/USD’s trend remains bullish despite the last couple of weeks of consolidation around 1.14. The RSI is bullish but drifting below 60 and hinting to a loss of momentum. The 1.1350 congestion level offers support below 1.1300 and resistance above 1.1500."

It feels like a fairly 'normal' day is unfolding across markets for once. US stock futures are higher on the back of solid earnings data from the tech sector while hopes for progress on trade are also supporting sentiment, Scotiabank's Chief FX Strategist Shaun Osborne notes.

It feels like a fairly 'normal' day is unfolding across markets for once. US stock futures are higher on the back of solid earnings data from the tech sector while hopes for progress on trade are also supporting sentiment, Scotiabank's Chief FX Strategist Shaun Osborne notes. USD broadly firmer in quiet trade but challenges remain"US equity futures are firmer while much of Europe is closed for the May Day holiday. Treasurys are marginally firmer. The USD has firmed up but remains within recent ranges, capped by resistance around the 99.85 area still for the DXY. The JPY is underperforming following the BoJ policy meeting. While markets look calm, the broader backdrop for the USD remains fragile. Seasonal factors may mean more headwinds for stocks in the coming weeks but the USD typically experiences a weaker trend through the middle of the year as well." "The sharp decline seen in the USD so far suggests this may not be a 'typical' year for the USD but persistence in the soft USD tone would fit with the outlook for slower growth, lower corporate earnings and continued diversification away from the USD in the next few months. US Q1 GDP data was weak in headline terms but there were some redeeming features 'under the hood', such as strong real final demand. Overall, though, even these more positive points could reflect anticipatory, pre-tariff activity (consumption, inventory build) that does not detract from the weak outlook for the US economy ahead." "President Trump remarked that China was having 'tremendous difficulty' with tariffs. But a report from a Chinese news source indicated that it was the US who is reaching out to China to discuss trade. Chinese officials have said that reciprocal tariffs need to be removed before any sit down can take place. Lack of movement on US/China trade will bolster concerns that US growth will slow while inflation could pick up meaningfully in the next few months. This morning’s Manufacturing ISM data may reflect some of these trends, checking market optimism."

The USD/JPY pair surges almost 0.8% to near 144.80 during European trading hours on Thursday. The pair strengthens as the Japanese Yen (JPY) underperforms across the board, with the Bank of Japan (BoJ) indicating delay in plans of more interest rate hikes.

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a} .fxs-event-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-event-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-event-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-event-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:12px}.fxs-event-module-section:last-child{border:none;margin-bottom:0}.fxs-event-module-header{color:#1b1c23;font-weight:700;font-size:16px;font-style:normal;line-height:20px;margin:0;padding:4px 0;background-color:#fff;border:none;position:relative;padding-right:32px}.fxs-event-module-header label{cursor:pointer;display:block}.fxs-event-module-header label:after,.fxs-event-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-event-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-event-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-event-module-container input[type=checkbox]{display:none}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-header label:after{transform:rotate(45deg) translateX(4px)}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-event-module-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0;margin-top:8px}.fxs-event-module-content.why-matters{max-height:0;overflow:hidden;transition:all .3s ease-in-out}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-content.why-matters{max-height:1000px;margin-top:8px}.fxs-event-module-calendar-title{color:#1b1c23;font-size:17.6px;font-family:Roboto;font-style:normal;font-weight:700;line-height:20.8px;margin:4px 0 0 0}.fxs-event-module-calendar-title-description-wrapper{display:flex;flex-direction:column;gap:12px;border-bottom:1px solid #ececf1;padding-bottom:16px;margin-bottom:16px}.fxs-event-module-inner-calendar{padding:16px}.fxs-event-module-inner-calendar .fxs-event-module-section{padding:0}.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:12.8px;line-height:17px}.fxs-event-module-read-more{display:flex;align-items:center;align-content:center;gap:4px;color:#e4871b;font-size:12.8px;font-family:Roboto;font-style:normal;font-weight:700;line-height:17px;text-decoration:none}.fxs-event-module-read-more svg{width:16px;height:16px}.fxs-event-module-read-more:hover span{text-decoration:underline}.fxs-event-module-release{margin:0;display:flex;flex-direction:column;gap:2px}.fxs-event-module-release>p{font-size:12.8px;font-family:Roboto;font-style:normal;line-height:17px;margin:0}.fxs-event-module-release>p>strong{color:#8c8d91;font-weight:700}.fxs-event-module-release>p>span{color:#8c8d91;font-weight:400}.fxs-event-module-release>p>a{color:#e4871b;font-weight:700;text-decoration:none}.fxs-event-module-release>p>a:hover>span{text-decoration:underline}.fxs-event-module-inner-calendar .fxs-event-module-container{margin:16px 0 0 0;border-top:1px solid #ececf1;padding:12px 0 0 0}@media (min-width:680px){.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:14.72px;line-height:20px}.fxs-event-module-release p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}USD/JPY posts a fresh almost three-week high around 145.00 as the Japanese Yen underperforms.The BoJ left interest rates steady at 0.5% and indicated a delay in plans of hiking interest rates further.The US Dollar surrenders some of its initial gains ahead of US Manufacturing PMI data.The USD/JPY pair surges almost 0.8% to near 144.80 during European trading hours on Thursday. The pair strengthens as the Japanese Yen (JPY) underperforms across the board, with the Bank of Japan (BoJ) indicating delay in plans of more interest rate hikes. Japanese Yen PRICE Today The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Canadian Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD -0.07% -0.11% 0.82% 0.09% 0.06% 0.02% 0.01% EUR 0.07% -0.04% 0.92% 0.13% 0.13% 0.09% 0.07% GBP 0.11% 0.04% 0.90% 0.20% 0.17% 0.12% 0.10% JPY -0.82% -0.92% -0.90% -0.75% -0.76% -0.85% -0.89% CAD -0.09% -0.13% -0.20% 0.75% -0.03% -0.07% -0.10% AUD -0.06% -0.13% -0.17% 0.76% 0.03% -0.04% -0.05% NZD -0.02% -0.09% -0.12% 0.85% 0.07% 0.04% -0.02% CHF -0.01% -0.07% -0.10% 0.89% 0.10% 0.05% 0.02% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote). Earlier in the day, the BoJ kept interest rates steady at 0.5%, as expected, but expressed that additional tariffs imposed by United States (US) President Donald Trump on April 2 could hit the domestic economy and inflation.We will enter a period in which both inflation and wage growth will likely slow somewhat. But we expect a positive cycle of rising wages and inflation to continue due to a severe labour shortage," BoJ Governor Kazuo Ueda said in the press conference, Reuters reported.Additionally, the BoJ has cut Gross Domestic Product (GDP) forecast for fiscal year ending March 2026 significantly to 0.5% from prior estimates of 1.1%.Meanwhile, US Dollar (USD) gives up some of its intraday gains ahead of the US final S&P Global and Manufacturing PMI data for April, which will be published in the North American session.USD/JPY extends its recovery to near the 20-day Exponential Moving Average (EMA), which trades around 144.00. The pair started recovering after attracting bids near the 21-month low around 140.00.The 14-day Relative Strength Index (RSI) rises into the 40.00-60.00 range, suggesting that the bearish momentum is over. However, the downside bias is intact.The odds of the pair extending its recovery towards the March 11 low of 146.54 and the April 9 high of 148.28 would increase if it will break above the key resistance of 145.00.The asset would face downside move towards the 28 July 2023 low of 138.00 and the 14 July 2023 of 137.25 after sliding below the September 16 low of 139.58.USD/JPY daily chart  Economic Indicator BoJ Interest Rate Decision The Bank of Japan (BoJ) announces its interest rate decision after each of the Bank’s eight scheduled annual meetings. Generally, if the BoJ is hawkish about the inflationary outlook of the economy and raises interest rates it is bullish for the Japanese Yen (JPY). Likewise, if the BoJ has a dovish view on the Japanese economy and keeps interest rates unchanged, or cuts them, it is usually bearish for JPY. Read more. Last release: Thu May 01, 2025 03:02 Frequency: Irregular Actual: 0.5% Consensus: 0.5% Previous: 0.5% Source: Bank of Japan

United States Challenger Job Cuts: 105.441K (April) vs previous 275.24K

The AUD/USD pair is down 0.3% to near 0.6380 in Thursday’s European session. The Aussie pair trades back-and-forth around 0.6400 from over a week, with investors seeking clarity on when the United States (US)-China trade war will resolve.

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a} .fxs-event-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-event-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-event-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-event-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:12px}.fxs-event-module-section:last-child{border:none;margin-bottom:0}.fxs-event-module-header{color:#1b1c23;font-weight:700;font-size:16px;font-style:normal;line-height:20px;margin:0;padding:4px 0;background-color:#fff;border:none;position:relative;padding-right:32px}.fxs-event-module-header label{cursor:pointer;display:block}.fxs-event-module-header label:after,.fxs-event-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-event-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-event-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-event-module-container input[type=checkbox]{display:none}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-header label:after{transform:rotate(45deg) translateX(4px)}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-event-module-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0;margin-top:8px}.fxs-event-module-content.why-matters{max-height:0;overflow:hidden;transition:all .3s ease-in-out}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-content.why-matters{max-height:1000px;margin-top:8px}.fxs-event-module-calendar-title{color:#1b1c23;font-size:17.6px;font-family:Roboto;font-style:normal;font-weight:700;line-height:20.8px;margin:4px 0 0 0}.fxs-event-module-calendar-title-description-wrapper{display:flex;flex-direction:column;gap:12px;border-bottom:1px solid #ececf1;padding-bottom:16px;margin-bottom:16px}.fxs-event-module-inner-calendar{padding:16px}.fxs-event-module-inner-calendar .fxs-event-module-section{padding:0}.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:12.8px;line-height:17px}.fxs-event-module-read-more{display:flex;align-items:center;align-content:center;gap:4px;color:#e4871b;font-size:12.8px;font-family:Roboto;font-style:normal;font-weight:700;line-height:17px;text-decoration:none}.fxs-event-module-read-more svg{width:16px;height:16px}.fxs-event-module-read-more:hover span{text-decoration:underline}.fxs-event-module-release{margin:0;display:flex;flex-direction:column;gap:2px}.fxs-event-module-release>p{font-size:12.8px;font-family:Roboto;font-style:normal;line-height:17px;margin:0}.fxs-event-module-release>p>strong{color:#8c8d91;font-weight:700}.fxs-event-module-release>p>span{color:#8c8d91;font-weight:400}.fxs-event-module-release>p>a{color:#e4871b;font-weight:700;text-decoration:none}.fxs-event-module-release>p>a:hover>span{text-decoration:underline}.fxs-event-module-inner-calendar .fxs-event-module-container{margin:16px 0 0 0;border-top:1px solid #ececf1;padding:12px 0 0 0}@media (min-width:680px){.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:14.72px;line-height:20px}.fxs-event-module-release p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}AUD/USD ticks down to near 0.6380 as the Australian Dollar underperforms.Australian Trade Balance rose more than double than expectations as US firms loaded imports to avoid higher tariffs.Investors await the US Manufacturing PMI data for April.The AUD/USD pair is down 0.3% to near 0.6380 in Thursday’s European session. The Aussie pair trades back-and-forth around 0.6400 from over a week, with investors seeking clarity on when the United States (US)-China trade war will resolve.The comments from the White House have indicated that the tariff tussle between the world’s two largest powerhouses will not de-escalate in the near term. On Wednesday, US Trade Representative Jamieson Greer signaled in an interview with Fox News on Wednesday that no official discussions with Beijing are “underway”, South China Morning Post (SCMP) reported.The uncertainty over trade relations between the US and Beijing appears to remain for a while as Washington wants China to initiate trade talks, given their strong reliance on its exports to the US. “I believe that it’s up to China to de-escalate, because they sell five times more to us than we sell to them, US Treasury Secretary Scott Bessent said on Monday.Longer the trade war between the US and China, larger will be consequences on the Australian Dollar (AUD), given that Australia is the leading trading partner of China.In the domestic region, robust Australian Trade Balance data for March fails to support the Aussie Dollar. Australian Dollar PRICE Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Japanese Yen. USD EUR GBP JPY CAD AUD NZD CHF USD 0.01% -0.03% 0.85% 0.13% 0.24% 0.15% 0.04% EUR -0.01% -0.05% 0.87% 0.09% 0.23% 0.14% 0.01% GBP 0.03% 0.05% 0.89% 0.17% 0.28% 0.19% 0.07% JPY -0.85% -0.87% -0.89% -0.74% -0.61% -0.75% -0.89% CAD -0.13% -0.09% -0.17% 0.74% 0.12% 0.02% -0.10% AUD -0.24% -0.23% -0.28% 0.61% -0.12% -0.10% -0.21% NZD -0.15% -0.14% -0.19% 0.75% -0.02% 0.10% -0.12% CHF -0.04% -0.01% -0.07% 0.89% 0.10% 0.21% 0.12% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote). The Trade Surplus came in at 6.9 billion, more than double than estimates of 3.13 billion. The reason behind strong Australian Trade Balance numbers appears to be robust imports by the US economy ahead of the announcement of reciprocal tariffs by President Donald Trump on April 2. The US Q1 GDP data showed an economic contraction as importers frontloaded goods from their foreign suppliers to escape higher tariffs.In the US region, investors await the US final S&P Global and ISM Manufacturing Purchasing Managers’ Index (PMI) data for April. Investors will pay close attention to the ISM Manufacturing Prices Paid to know whether the impact of Trump’s protectionist policies has started feeding into input cost.  Economic Indicator Trade Balance (MoM) The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD. Read more. Last release: Thu May 01, 2025 01:30 Frequency: Monthly Actual: 6,900M Consensus: 3,130M Previous: 2,968M Source: Australian Bureau of Statistics

The US has become the EU’s dominant trade partner in the last decade; tariffs could end that dominance. The UK offers the biggest near-term opportunity to boost trade flows via TCA renegotiation.

The US has become the EU’s dominant trade partner in the last decade; tariffs could end that dominance. The UK offers the biggest near-term opportunity to boost trade flows via TCA renegotiation. EU-China relationship has thawed but remains lopsided; India FTA may offer significant long-term benefits. EU-Mercosur deal still needs to be ratified; ASEAN trade negotiations have resumed, Standard Chartered's economists Christopher Graham and Saabir Salad report. EU looking to accelerate trade deals"The US has become the EU’s most important trading partner in recent years, with the overall bilateral goods relationship worth almost EUR 1tn in 2024, accounting for more than one-fifth of all extra-EU exports last year. The US’ growing dominance stems from robust US domestic demand, stagnant export growth to the UK since Brexit, and a post-COVID decline in exports to China. Depending on their ultimate scope and duration, the imposition of US tariffs could end this dominance, prompting the EU to explore other opportunities to expand trade links elsewhere.""We think the UK offers the greatest opportunities for improved trade flows in the near term, given that both sides are incentivised to improve the terms of the existing Trade and Cooperation Agreement (TCA); progress could be seen as early as this summer. The EU’s relationship with China appears to have thawed slightly and there are incentives to improve collaboration in contentious areas; but EU concerns remain over the lopsided trading relationship." "The EU-Mercosur deal could receive a political boost given the evolving global trade context, but ratification remains far from guaranteed. The reopening of trade negotiations with Malaysia, the Philippines and Thailand reflects improved economic incentives, but EU environmental regulations remain a sticking point. An EU-India free trade agreement (FTA) arguably offers the greatest trade opportunity for the EU over the longer term, and changes to the sequencing of negotiations could yield progress, but various hurdles need to be overcome."

The US dollar has continued to rebound ahead of tomorrow’s nonfarm payrolls report for April. It has resulted in the dollar index rising back above the 100.00-level overnight although US dollar gains are mainly against the yen.

The US dollar has continued to rebound ahead of tomorrow’s nonfarm payrolls report for April. It has resulted in the dollar index rising back above the 100.00-level overnight although US dollar gains are mainly against the yen. The release of the latest nonfarm payrolls report tomorrow will be scrutinized closely to assess the initial negative impact on the US labour market from President Trump’s 'Liberation Day' tariffs announcement, MUFG's FX analyst Lee Hardman reports. Dollar Index back above 100.00 as Yen weakens further"Trade policy disruption alongside heightened policy uncertainty at the start of President Trump’s second term is expected to make businesses become more cautious over hiring new employees in the near-term and has raised fears that they could go further and cut back if the US economy slows sharply in response to the negative trade shock. The release of the ADP survey was consistent with slowing employment growth estimating that private payrolls increased by just 62k in April.""The US economy was already being impacted by changes in US trade policy even before tariffs were implemented. The GDP report for Q1 revealed that the US economy contracted marginally in Q1 by an annualized rate of -0.3%. It was the first quarterly contraction since Q1 2022. The biggest drag on growth in Q1 was net trade as imports surged ahead of the tariff hikes and businesses built up inventories providing some offset to the hit to growth. Net trade subtracted an outsized -4.83ppts from growth in Q1 while inventories added 2.25ppts. At the same time, household consumption slowed in Q1 adding 1.21ppts to growth following on from robust growth recorded  during the 2H of last year when the average quarterly contribution was 2.59ppts." "While some slowdown in household consumption following robust growth in 2H 2024 was always likely, the sharp plunge in consumer confidence measures in recent months driven by inflation fears and angst over job security have since made it more likely that weaker growth will continue. Those concerns over much weaker growth are more than offsetting the near-term upside risks to inflation from tariff hikes when market participants weigh up the implications for Fed policy. The US rate market has moved to price in over 100bps of Fed rate cuts by the end of this year with the next cut expected by June or July. The upside surprise for the core PCE price index for Q1 coming in at 3.5% did not deter building Fed rate cut expectations. A much weaker nonfarm payrolls report tomorrow poses the main downside risk for the US dollar‘s recent tentative rebound."

EUR/USD recovers its initial losses after sliding to near 1.1285 and flattens around 1.1330 during European trading hours on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}EUR/USD rebounds to near 1.1330 as the USD Index struggles to break above the key level of 100.00.The US Dollar faces pressure due to a weak US economic outlook in the face of Trump’s tariff policy.ECB officials have warned that risks to inflation are skewed to the downside.EUR/USD recovers its initial losses after sliding to near 1.1285 and flattens around 1.1330 during European trading hours on Thursday. The major currency pair gains ground as the US Dollar Index (DXY), which tracks the Greenback’s value against six major peers, struggles to extend its two-day recovery above the psychological level of 100.00.The outlook of the US Dollar (USD) looks grim given the unexpected contraction in the United States (US) Q1 Gross Domestic Product (GDP), softer job growth, and US-China trade uncertainty. Data released Wednesday showed that the US economy declined by 0.3% on an annualized basis as firms frontloaded imports from their foreign suppliers to avoid higher tariffs, which were announced by US President Donald Trump on the so-called “Liberation Day”. This is the first time in three years that the US has faced an economic contraction in a quarter.Analysts at Morgan Stanley believe that the current GDP data “doesn’t fully reflect the real impact of new economic policies” by US President Trump, and warn of a “slower labor growth, a surge in inflation and a sharp slowdown in retail spending”.The US ADP reported on Wednesday that the private sector added 62K fresh workers in April, significantly lower than estimates of 108K and the prior release of 147K.Meanwhile, comments from White House officials have indicated that the US-China trade war will not be resolved in the near term. US Trade Representative Jamieson Greer stated in an interview with Fox News on Wednesday that trade discussions with Beijing have not been initiated yet since the imposition of reciprocal tariffs, the South China Morning Post (SCMP) reported. Greer clarified that no official discussions with Beijing are “underway”.Daily digest market movers: EUR/USD rebounds as Euro outperformsThe intraday recovery move in the EUR/USD pair is also driven by the Euro’s outperformance against its peers on Thursday despite firming expectations that the European Central Bank (ECB) will cut interest rates in the June policy meeting. Traders have become increasingly confident that the ECB will reduce its Deposit Facility rate by 25 basis points (bps) to 2% as many officials have warned about downside risks to Eurozone inflation.ECB officials have expressed concerns that Eurozone inflation could undershoot the central bank’s target of 2%. ECB policymakers believe that growth will be hit badly by the fallout of tariffs by US President Trump and that its impact will be “net disinflationary” for the continent.For fresh cues on inflation, investors await the preliminary Eurozone Harmonized Index of Consumer Prices (HICP) data for April, which will be released on Friday. According to the estimates, the headline HICP rose at a moderate pace of 2.1% on year, slightly lower than the 2.2% increase seen in March. In the same period, the core HICP, which excludes volatile components like food, energy, alcohol, and tobacco, is expected to have grown at a faster pace of 2.5% compared to the prior reading of 2.4%..Ahead of the Eurozone HICP, the inflation data from its major member states have indicated that price pressures cooled down in Germany and France but remained stable in Spain and Italy.Meanwhile, flash Eurozone Q1 GDP came in stronger-than-expected on both a quarterly and annual basis. Eurostat reported that the economy grew by 0.4% quarter-on-quarter, higher than what economists had expected and the previous reading of 0.2%. However, the Q1 GDP data doesn’t yet reflect the impact of tariffs by US President Trump on automobiles.Technical Analysis: EUR/USD aims to hold 1.1300EUR/USD strives to hold the key level of 1.1300 in Thursday’s European session. The pair bounces back after a mean-reversion to near the 20-day Exponential Moving Average (EMA), which trades around 1.1250.The 14-day Relative Strength Index (RSI) falls inside the 40.00-60.00 range, indicating that the bullish momentum is concluded for now. However, the upside bias still prevails.Looking up, the psychological level of 1.1500 will be the major resistance for the pair. Conversely, the 25 September high of 1.1214 will be a key support for the Euro bulls. Euro FAQs What is the Euro? The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). What is the ECB and how does it impact the Euro? The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. How does inflation data impact the value of the Euro? Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. How does economic data influence the value of the Euro? Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. How does the Trade Balance impact the Euro? Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

The yen has weakened overnight following the BoJ’s latest policy meeting. It has helped to lift USD/JPY back above 144.50 as the pair moves further above the low of 139.89 set on 22nd April.

The yen has weakened overnight following the BoJ’s latest policy meeting. It has helped to lift USD/JPY back above 144.50 as the pair moves further above the low of 139.89 set on 22nd April. It follows the BoJ’s decision to leave the policy rate unchanged at 0.50% while the updated economic projections and risk assessment signaled more caution over delivering further rate hikes, MUFG's FX analyst Lee Hardman reports. BoJ trims GDP and inflation forecasts"The BoJ’s first updated economic projections since President Trump’s 'Liberation Day' tariffs announcement revealed that the forecast for GDP growth in Japan for the current fiscal year was revised lower by 0.6ppts to 0.5% and for the next fiscal year by 0.3ppts to 0.7% before growth is expected to pick back up to 1.0% in FY2027. At the same time, the BoJ’s updated projections for core inflation (excluding fresh food) were revised lowered by 0.2ppts to 2.2% for the current fiscal year and 0.3ppts for the next fiscal year after which it is expected to be close to the BoJ’s target at 1.9% in FY2027. It supports the BoJ’s decision to maintain guidance that it 'will continue to raise the policy interest rate and adjust the degree of monetary accommodation' if its growth and inflation outlook materializes.""While the BoJ is still signalling that it likely to raise rates further, it now judges that risks are skewed to the downside to both growth and inflation for the current and following fiscal years. The BoJ emphasized that they were facing “extremely high” uncertainties ahead. In the accompanying press conference, Governor Ueda stated that he expected the price trend improvement to stall temporarily and judged that that likelihood of their economic outlook materializing is not as high as before. He believes it is hard to say when they will have more confidence in the outlook which will be needed to hike rate again. The comments reinforce our perception of increased BoJ caution over raising rates further this year."   "The updated economic projections and risk assessment has further encouraged market participants to push back expectations for the timing of the BoJ’s next hike until the end of this year at the earliest. There are currently around 10bps of hikes priced in  by year end. A quick trade deal/agreement between Japan and the US to reverse/water down tariffs imposed on Japan would help to ease downside risks for Japan’s economy directly although the BoJ would still likely remain concerned over downside risks to growth outside of Japan setting a higher hurdle for the BoJ to resume rate hikes this year. A slower pace of BoJ policy normalization will help to dampen yen strength in the near-term but is unlikely to reverse the current strengthening trend if global growth continues to slow and other major central banks including the Fed cut rates further resulting in yields spreads continuing to narrow between Japan and overseas."

Former US Treasury Secretary Janet Yellen said on Thursday that US President Donald “Trump’s tariffs to have a 'tremendously adverse' impact on the economy.”

Former US Treasury Secretary Janet Yellen said on Thursday that US President Donald “Trump’s tariffs to have a 'tremendously adverse' impact on the economy.”Additional commentsThey 'hobble' companies that rely on critical minerals supplies from China.About 40% of goods imported into the country were inputs for domestic production.The odds for a recession have gone up.Tariffs could be particularly problematic for the US clean energy sector.We are highly dependent on China for most of the critical minerals that go into the clean energy technologies.

Silver prices (XAG/USD) fell on Thursday, according to FXStreet data.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} Silver prices (XAG/USD) fell on Thursday, according to FXStreet data. Silver trades at $32.21 per troy ounce, down 1.24% from the $32.62 it cost on Wednesday. Silver prices have increased by 11.50% since the beginning of the year. Unit measure Silver Price Today in USD Troy Ounce 32.21 1 Gram 1.04
The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, stood at 100.21 on Thursday, down from 100.84 on Wednesday. Silver FAQs Why do people invest in Silver? Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Which factors influence Silver prices? Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices. How does industrial demand affect Silver prices? Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices. How do Silver prices react to Gold’s moves? Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver. (An automation tool was used in creating this post.)

The Canadian Dollar (CAD) is outperforming most major currencies, BBH FX analysts report.

The Canadian Dollar (CAD) is outperforming most major currencies, BBH FX analysts report. BOC held at 2.75%, considered cut amid tariff uncertainty"The path to a US-Canada trade deal is slowly emerging. President Donald Trump said that newly elected Canadian Prime Minister Mark Carney called him yesterday and said, 'Let’s make a deal'. Carney is expected to visit the White House within the next week or sooner.""The Bank of Canada (BOC) Summary of Deliberations of the April 16 meeting confirmed that Governing Council members debated the case to maintain the policy interest rate or reduce it by 25bps. Ultimately, members reached a consensus to keep the policy interest rate at 2.75% while they gained more information on tariffs and their impacts." "Members also agreed to be less forward looking than usual. Markets price-in a full 50bps of easing over the next 12 months. This seems about right. The BOC’s scenario analysis shows Canada’s real GDP either stalling in Q2 or contracting over the remainder of 2025."

As was widely expected, the Bank of Japan (BOJ) left the policy rate unchanged at 0.50%. The decision was unanimous. The BOJ also reiterated its hawkish guidance that it will continue to raise the policy rate if the outlook for economic activity and prices will be realized.

As was widely expected, the Bank of Japan (BOJ) left the policy rate unchanged at 0.50%. The decision was unanimous. The BOJ also reiterated its hawkish guidance that it will continue to raise the policy rate if the outlook for economic activity and prices will be realized. The swaps market is not convinced and implies just one 25bps hike to 0.75% over the next three years, BBH FX analysts report. USD/JPY eyes 145.00 resistance as downtrend resumes"JPY fell against all major currencies and 10-year JGBs rallied because the BOJ’s more dovish outlook (table below) further dimmed rate hike expectations. First, the BOJ slashed the projected growth rates for fiscal 2025 and 2026 due to the effects of trade and other policies." "Second, the BOJ trimmed inflation forecasts (CPI all items less fresh food) for fiscal 2025 and 2026, mainly reflecting the decline in crude oil prices and the downward revision of the GDP growth rates. Third, the BOJ warned that risks to the economic and inflation outlooks are skewed to the downside.""We expect USD/JPY to resume its year-to-date downtrend as Fed funds futures have adjusted lower and the global growth outlook has worsened. Next USD/JPY technical resistance is offered at 145.00."

USD/JPY pushed higher after the Bank of Japan held policy steady and delivered a dovish message, but we continue to expect gradual JPY appreciation as safe haven demand and domestic inflows persist despite near-term positioning risks, Société Générale's FX analysts note.

USD/JPY pushed higher after the Bank of Japan held policy steady and delivered a dovish message, but we continue to expect gradual JPY appreciation as safe haven demand and domestic inflows persist despite near-term positioning risks, Société Générale's FX analysts note. Long-term bias remains bearish"USD/JPY decline has stalled near 2024 low of 139.50. Daily MACD has crossed above its trigger line denoting receding downward momentum. The pair has carved out a higher trough at 142 recently." "Ongoing bounce could extend in short-term towards 145.50 and projection of 146.15/146.50, which is also the low of March. This could be an interim resistance zone. Defence of the recent pivot low at 142 is crucial for persistence in rebound."

Silver price (XAG/USD) is extending its losses for the third successive session, trading around $32.30 per troy ounce during the European session on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Silver price could navigate the region around the $30.00 support area.The 14-day RSI breaking below the 50 level suggests the bearish bias is active.The pair is testing initial resistance at the 50-day EMA of $32.44.Silver price (XAG/USD) is extending its losses for the third successive session, trading around $32.30 per troy ounce during the European session on Thursday. The technical analysis of the daily chart suggests a potential bearish shift, with the grey metal falling below the existing ascending channel pattern.Silver price remains below both the nine- and 50-day Exponential Moving Averages (EMAs), indicating an ongoing weaker short-term price momentum. Furthermore, the 14-day Relative Strength Index (RSI) breaks below the 50 level, suggesting the bearish bias is active.On the downside, the Silver price could navigate the region around the $30.00 support area. A break below this level could put downward pressure on the precious metal to test the eight-month low of $28.00, marked on April 7.On the upside, the XAG/USD pair is testing the 50-day EMA at $32.44, followed by the nine-day EMA at the $32.72 level. A break above these levels could revive the short-term price momentum and support the pair to return to the ascending channel pattern. A further barrier appears around the seven-month high at $34.59, last seen on March 28.XAG/USD: Daily Chart Silver FAQs Why do people invest in Silver? Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Which factors influence Silver prices? Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices. How does industrial demand affect Silver prices? Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices. How do Silver prices react to Gold’s moves? Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.

JPY still a safe haven as policy uncertainty supports demand

USD/JPY is trading nearly one figure higher this morning following the BoJ's widely expected decision to hold policy steady, Danske Bank's FX analysts report. JPY still a safe haven as policy uncertainty supports demand"With downward revisions to both growth and inflation forecasts amid greater economic uncertainty, the overall message from the BoJ was dovish. Markets now price in just 8bp of tightening for the remainder of the year, down from 16bp prior to the meeting. We expect the BoJ to stay on its policy normalization path, albeit contingent on the global trade conflict having only a limited impact on the domestic economy." "Narrowing rate differentials are no longer the sole driver of a bearish USD/JPY view. With the relative attractiveness of US assets declining, Japanese assets have seen renewed interest, as reflected in Ministry of Finance data showing a notable increase in net investment inflows since 'Liberation Day'." "Moreover, while recent developments suggest some de-escalation, the JPY continues to benefit from elevated economic policy uncertainty and remains, alongside the CHF, one of the few true safe havens in the G10 FX space this year. The main risk to further JPY appreciation is stretched long positioning. We forecast USD/JPY to gradually trend lower toward 130 over the next 12M."

The EUR/JPY cross catches aggressive bids on Thursday and rallies to a fresh weekly high, around the mid-163.00s during the first half of the European session amid the dovish Bank of Japan (BoJ)-inspired selling around the Japanese Yen (JPY).

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a}EUR/JPY gains strong positive traction in reaction to the BoJ’s dovish pause on Thursday.The technical setup favors bulls and supports prospects for a further appreciating move.A break below the short-term trading range support is needed to negate the positive bias. The EUR/JPY cross catches aggressive bids on Thursday and rallies to a fresh weekly high, around the mid-163.00s during the first half of the European session amid the dovish Bank of Japan (BoJ)-inspired selling around the Japanese Yen (JPY). However, a modest US Dollar (USD) is seen weighing on the shared currency and might keep a lid on any further gains for spot prices. Looking at the broader picture, the EUR/JPY cross has been oscillating in a familiar trading band over the past three weeks or so. Against the backdrop of a sharp recovery move from the year-to-date low touched in February and the recent breakout above the 200-day Simple Moving Average (SMA), the range-bound price action might still be categorized as a bullish consolidation phase. Moreover, technical indicators on the daily chart are holding in positive territory and suggest that the path of least resistance for the EUR/JPY cross is to the upside. Hence, a subsequent strength, back towards the 164.00 mark, looks like a distinct possibility. Some follow-through buying beyond the 164.20 area will be seen as a fresh trigger for bulls and pave the way for further gains.On the flip side, the 163.00 mark now seems to protect the immediate downside, below which the EUR/JPY cross could slide to the 162.00 neighborhood en route to the 161.75 region (200-day SMA) and the trading range support near the 161.35 zone. A convincing break below the latter will negate the near-term positive outlook and shift the bias in favor of bearish traders.The EUR/JPY cross might then weaken further below the 161.00 round figure, towards testing the next relevant support near the 160.40 area before eventually dropping to the 160.00 psychological mark. The downward trajectory could extend further towards the mid-159.00s en route to the 159.00 mark and the April monthly swing low, around the 158.30 region. Japanese Yen PRICE Today The table below shows the percentage change of Japanese Yen (JPY) against listed major currencies today. Japanese Yen was the strongest against the Australian Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD 0.03% 0.02% 0.79% 0.13% 0.27% 0.10% 0.00% EUR -0.03% -0.00% 0.77% 0.07% 0.24% 0.08% -0.04% GBP -0.02% 0.00% 0.75% 0.10% 0.24% 0.08% -0.03% JPY -0.79% -0.77% -0.75% -0.72% -0.56% -0.77% -0.89% CAD -0.13% -0.07% -0.10% 0.72% 0.15% -0.03% -0.14% AUD -0.27% -0.24% -0.24% 0.56% -0.15% -0.16% -0.26% NZD -0.10% -0.08% -0.08% 0.77% 0.03% 0.16% -0.11% CHF -0.00% 0.04% 0.03% 0.89% 0.14% 0.26% 0.11% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Japanese Yen from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent JPY (base)/USD (quote).

In the UK today, we have local council elections. These normally present an opportunity for voters to punish the ruling party. However, in today's case, the opposition Conservative party seemingly has more to lose, given it has far more councillors up for re-election.

In the UK today, we have local council elections. These normally present an opportunity for voters to punish the ruling party. However, in today's case, the opposition Conservative party seemingly has more to lose, given it has far more councillors up for re-election. Here, the Conservatives may lose out to the Reform party and confirm the five-way splintering of UK politics.0.8430 is the target if EUR/GBP can break clear of 0.8500"We mention politics today because this month (19 May) sees the first UK-EU summit since Brexit. Expectations here are that the UK could sign a new Security and Defence Pact (SDF) with the EU - similar to the SDFs that the EU has with six other countries already. Over the summer, there could also be some progress on the issue of veterinary checks on border goods, ETS carbon allowance alignment and also youth mobility." "The design from the Labour government here is that a closer relationship with Europe could see the Office for Budget Responsibility 'score' UK growth prospects higher in November and give Chancellor Rachel Reeves more room to spend.""Closer European relations normally help sterling. So let's see whether EUR/GBP can push lower ahead of that 19 May meeting. 0.8430 is the target if EUR/GBP can break clear of 0.8500."

EUR/USD remains confined within the 1.13-1.14 range, as has been the case for most of the second half of April, Danske Bank's FX analysts report, Danske Bank's FX analysts report.

EUR/USD remains confined within the 1.13-1.14 range, as has been the case for most of the second half of April, Danske Bank's FX analysts report, Danske Bank's FX analysts report. USD holds ground despite first economic contraction since 2022"Yesterday's economic data had little impact on the cross, and for now, the broader FX market appears relatively unresponsive to incoming releases. The USD remained stable as US Treasuries continued to recover and equities rebounded, even as the economy contracted for the first time since 2022." "It will be interesting to see whether tomorrow's US jobs report can shift this dynamic. The rebound in US equities - with the S&P 500 now just 2% below pre-'Liberation Day' levels - on the back of Trump's softer tariff rhetoric may help offset the otherwise unsupportive macro data for the USD, particularly given the current positive correlation between US risk sentiment and the greenback." "While today's focus turns to ISM manufacturing, the session may prove to be another rangebound, wait-and-see day ahead of tomorrow's payrolls report. We continue to favour buying dips in EUR/USD."

USD/JPY climbed above 144 as a dovish Bank of Japan cut its growth and inflation forecasts, amplifying downside risks and sending JGB yields lower, while the broader risk environment continued to weigh on the US Dollar, ING's FX analyst Chris Turner notes.

USD/JPY climbed above 144 as a dovish Bank of Japan cut its growth and inflation forecasts, amplifying downside risks and sending JGB yields lower, while the broader risk environment continued to weigh on the US Dollar, ING's FX analyst Chris Turner notes.USD/JPY rally may extend toward 145, but selling likely ahead "Elsewhere, we've seen a dovish Bank of Japan meeting today, where growth and inflation forecasts have been cut, and importantly, downside risks are seen to both. JGB yields have fallen around 5bp across the curve." "The double whammy of risk coming out of the dollar and a dovish BoJ has sent USD/JPY above 144. This could extend to 145, but we would expect more sellers to emerge there."

Whether it has been the approach of public holidays or some real improvement in the global geopolitical environment, cross-market measures of financial volatility continue to fall.

Whether it has been the approach of public holidays or some real improvement in the global geopolitical environment, cross-market measures of financial volatility continue to fall. US equities have now nearly retraced 90% of their drop in the aftermath of 'Liberation Day', with Meta and MSFT delivering decent 1Q results overnight. Amazon and Apple report today. Helping some of the recent improvement in mood has been news from the Chinese state broadcaster that the US has reached out for trade talks. And a report late yesterday that EU trade negotiators have offerings to bring to the table next week has also helped, ING's FX analyst Chris Turner notes.100.25/100.50 caт prove good intra-day resistance for DXY"Also welcome news for markets is the US and Ukraine signing a minerals deal in which the US recognises Ukraine's sovereignty and seems to be delivering, albeit in an implicit way, security guarantees. The slightly more positive environment has seen some more of the risk premium come out of the dollar. The reduction in dollar risk premium may have a little further to go, but may run into the bearish headwind of US data.""The front-loading of imports largely triggered yesterday's weak 1Q25 US GDP data - and that's why the dollar did not sell off. Today, however, we're all expecting a soft April ISM manufacturing release ahead of the main event, which is tomorrow's jobs report. Consensus is already quite low at 47.9 for the headline ISM number. And anything softer than that could trigger another leg lower in the dollar.""100.25/100.50 should prove good intra-day resistance for DXY. Anything above there, and investors may need a rethink of some ultra-bearish dollar strategies, and 102 could be the surprise package."

West Texas Intermediate (WTI) crude Oil price is extending its losing streak for a fourth consecutive session on Thursday, trading around $57.20 per barrel during European hours.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}WTI has dropped to a three-week low, pressured by fears of a potential supply boost from the Saudi-led OPEC+ alliance.The US economy contracted in the first quarter of 2025—its first decline in three years—highlighting mounting economic strain.A larger-than-expected drawdown in US crude inventories provided some limited support to Oil prices.West Texas Intermediate (WTI) crude Oil price is extending its losing streak for a fourth consecutive session on Thursday, trading around $57.20 per barrel during European hours. Oil prices have fallen to their lowest level in three weeks, weighed down by concerns over a potential supply increase from Saudi-led OPEC+ and weakening global demand amid ongoing trade tensions.Reports suggest Saudi Arabia is signaling to allies and industry stakeholders that it is not willing to support the market with further production cuts and is prepared to withstand a prolonged period of lower prices. This has strengthened expectations that OPEC+ could announce an increase in output when it meets on May 5.Adding to the bearish sentiment, the US economy contracted in the first quarter of 2025—its first decline in three years—reflecting the economic strain from US President Donald Trump’s aggressive trade policies. US GDP shrank by an annualized 0.3% in Q1, falling short of the 0.4% growth forecast and sharply down from the 2.4% expansion recorded in the previous quarter.However, a larger-than-expected decline in US crude inventories offered some support to Oil prices. The Energy Information Administration (EIA) reported on Wednesday that crude stockpiles dropped by 2.7 million barrels last week, driven by higher exports and refinery demand.Despite this, Oil prices have slumped more than 20% since the start of President Trump’s second term—falling below the breakeven point for many U.S. producers, as investor confidence wanes amid tariff disputes and policy uncertainty, undermining the administration's goal of achieving energy dominance. WTI Oil FAQs What is WTI Oil? WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. What factors drive the price of WTI Oil? Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency. How does OPEC influence the price of WTI Oil? OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.

United Kingdom M4 Money Supply (YoY): 3.4% (March) vs previous 3.8%

United Kingdom Net Lending to Individuals (MoM) above expectations (£4.4B) in March: Actual (£13.8B)

United Kingdom M4 Money Supply (MoM) above expectations (0.2%) in March: Actual (0.3%)

United Kingdom S&P Global/CIPS Manufacturing PMI came in at 45.4, above forecasts (44) in April

United Kingdom Consumer Credit came in at £0.875B, below expectations (£1.2B) in March

United Kingdom Mortgage Approvals below expectations (64.8K) in March: Actual (64.309K)

A week ago, we were thinking that EUR/USD could retrace to the 1.1250 area, and it's taken some time, but we may get there after all, ING's FX analyst Chris Turner notes.

A week ago, we were thinking that EUR/USD could retrace to the 1.1250 area, and it's taken some time, but we may get there after all, ING's FX analyst Chris Turner notes.EUR/USD ro trade at 1.13 at the end of the quarter"The heart of the story is some risk premium coming out of US asset markets and the dollar. Many European markets are closed for the Labour Day public holiday, but EUR/USD could drift towards the 1.1250/60 area unless the ISM figure has a big miss on the downside.""In terms of the European Central Bank, the market now prices between two and three more 25bp cuts this year, and a dovish ECB remains a key restraining factor for EUR/USD. As per our last FX Talking, we've got an end-quarter EUR/USD forecast at 1.13.""We may be over-analysing things, but EUR/CHF is looking a little soft despite the bounce back in equities. The concern here remains that the Swiss National Bank cannot be as dovish as the ECB and is also more limited when it comes to FX intervention. A return to the 0.92 area looks like the bias, especially if the current risk environment does not hold."

The USD/CAD pair retraces its losses registered in the previous session, trading around 1.3810 during the European hours on Thursday.

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a}The USD/CAD pair could test the six-month low of 1.3781.The 14-day RSI remains above the 30 level, reinforcing the prevailing bearish bias.The pair could test the upper boundary of the descending channel near 1.3840.The USD/CAD pair retraces its losses registered in the previous session, trading around 1.3810 during the European hours on Thursday. However, technical analysis on the daily chart indicates a prevailing bearish trend, with the pair continuing to move lower within a clearly defined descending channel.Additionally, the 14-day Relative Strength Index (RSI) remains above the 30 level, reinforcing the prevailing bearish bias. A breach below the 30 mark would indicate an oversold situation and a potential for a corrective rebound in the near future. Additionally, the USD/CAD pair remains below the nine-day Exponential Moving Average (EMA), indicating a weaker short-term price momentum.On the downside, the USD/CAD pair is testing the six-month low of 1.3781, last touched on April 21. A clear break below this level would reinforce the bearish bias, potentially driving the pair toward the 1.3419 — its lowest point since February 2024, with additional support seen around the descending channel’s lower boundary near the 1.3400 areaThe USD/CAD pair could test the upper boundary of the descending channel near 1.3840, aligned with the nine-day EMA of 1.3844. A break above this crucial resistance zone would improve the short-term price momentum and would signal a potential shift toward a bullish bias, paving the way for a move toward the 50-day EMA at 1.4086. Further gains could target the next major resistance at 1.4793 — the lowest level observed since April 2003.USD/CAD: Daily Chart Canadian Dollar PRICE Today The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the weakest against the US Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD 0.19% 0.18% 0.94% 0.08% 0.19% 0.11% 0.16% EUR -0.19% -0.01% 0.75% -0.14% -0.01% -0.08% -0.04% GBP -0.18% 0.01% 0.75% -0.10% 0.00% -0.07% -0.04% JPY -0.94% -0.75% -0.75% -0.87% -0.75% -0.88% -0.86% CAD -0.08% 0.14% 0.10% 0.87% 0.12% 0.03% 0.06% AUD -0.19% 0.01% -0.00% 0.75% -0.12% -0.08% -0.05% NZD -0.11% 0.08% 0.07% 0.88% -0.03% 0.08% 0.03% CHF -0.16% 0.04% 0.04% 0.86% -0.06% 0.05% -0.03% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).

The Pound Sterling (GBP) corrects further, trading slightly below 1.3300 against the US Dollar (USD) during European trading hours on Thursday and extending the decline from its three-year high of 1.3445 posted on Tuesday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The Pound Sterling slides below 1.3300 against the US Dollar as the latter extends its recovery despite US Q1 GDP data showing an economic contraction.US-China trade uncertainty will likely keep investors on their toes as the US Manufacturing PMI could hint at early impact from Trump’s tariff policy.BoE officials stress the need to discount trade war risk in monetary policy decisions.The Pound Sterling (GBP) corrects further, trading slightly below 1.3300 against the US Dollar (USD) during European trading hours on Thursday and extending the decline from its three-year high of 1.3445 posted on Tuesday. The GBP/USD pair faces selling pressure as the US Dollar (USD) extends its two-day recovery, a move that suggests that fears of global disruption due to the imposition of additional tariffs by United States (US) President Donald Trump have peaked.The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, revisits the fortnightly high around 100.00.The White House has signaled that it could announce bilateral trade deals with a number of trading partners in weeks. “Initial trade deals are to be announced in weeks, not months,” US Trade Representative Jamieson Greer said at Fox News, Reuters reported. However, he denied any trade discussion with China, which is still a concern for market participants, given the reliance of US industries on imports from the Asian giant. The release of US Q1 Gross Domestic Product (GDP) data on Wednesday has also supported the US Dollar. The data showed that the US economy shrank in the first quarter of the year by an annualized rate of 0.3%, mainly due to a substantial increase in imports. US importers frontloaded inputs from their foreign suppliers to escape the burden of higher tariffs imposed by US President Trump on April 2. In Thursday’s session, investors will focus on the final S&P Global and ISM Manufacturing Purchasing Managers’ Index (PMI) data for April. Investors will pay close attention to the ISM Manufacturing Prices Paid to know whether the impact of Trump’s protectionist policies has started feeding into input costs. Last week, the preliminary S&P Global PMI report already said that tariffs are causing companies to “hike their selling prices at a pace not seen for over a year”. The agency warned that these higher prices will “inevitably feed through to higher consumer inflation, potentially limiting the scope for the Federal Reserve (Fed) to reduce interest rates at a time when a slowing economy looks in need of a boost”.Daily digest market movers: Pound Sterling underperforms its peersThe Pound Sterling slumps against its major peers, except the Japanese Yen (JPY), on Thursday in the European session. The British currency declines amid fears that the global trade war will hurt the United Kingdom’s (UK) economic outlook. There is a great chance that the UK will have a trade deal with Washington, and the impact of reciprocal tariffs by Donald Trump will be insignificant, given that the additional duty is 10%, the lowest among US trading partners. However, the major threat for the UK will be intense competition with other nations, assuming that Trump’s protectionist policies will force his trading partners to sell their products in other territories at lower prices.Bank of England (BoE) officials, including Governor Andrew Bailey, have warned that the central bank should consider global trade war risk in the fallout of Trump’s tariffs. "We do have to take very seriously the risk to growth,” Bailey said last week. Separately, BoE Deputy Governor Clare Lombardelli expressed concerns over trade policy uncertainty and stressed that it is “prudent” to consider “persistent risks” while making monetary policy decisions, Bloomberg reports.Increasing global economic uncertainty has forced traders to raise bets supporting the BoE to cut interest rates in the policy meeting on May 8. The BoE is almost certain to reduce borrowing rates by 25 basis points (bps) to 4.25%.Technical Analysis: Pound Sterling falls to near 1.3300The Pound Sterling retraces to near 1.3300 against the US Dollar from the three-year high of 1.3445. However, the overall outlook of the pair remains bullish as all short-to-long Exponential Moving Averages (EMAs) are sloping higher.The 14-day Relative Strength Index (RSI) falls inside the 40.00-60.00 range, indicating that the bullish momentum is over for now. However, the upside bias still prevails.On the upside, the round level of 1.3600 will be a key hurdle for the pair. Looking down, the April 3 high around 1.3200 will act as a major support area. Pound Sterling FAQs What is the Pound Sterling? The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE). How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects. How does economic data influence the value of the Pound? Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall. How does the Trade Balance impact the Pound? Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.
.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a} .fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} Here is what you need to know on Thursday, May 1:The US Dollar (USD) continues to gather strength against its rivals early Thursday, with the USD Index advancing to a two-week-high above 100.00. The US economic calendar will feature Challenger Jobs Cuts and ISM Manufacturing PMI data for April, alongside the weekly Initial Jobless Claims. European markets will remain closed in observance of the Labor Day holiday. US Dollar PRICE This week The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Euro. USD EUR GBP JPY CAD AUD NZD CHF USD 0.57% 0.13% 0.52% -0.41% 0.16% 0.54% -0.19% EUR -0.57% -0.49% -0.02% -0.99% -0.51% -0.04% -0.77% GBP -0.13% 0.49% 0.44% -0.49% -0.04% 0.45% -0.28% JPY -0.52% 0.02% -0.44% -0.93% -0.36% -1.41% -0.48% CAD 0.41% 0.99% 0.49% 0.93% 0.45% 0.95% 0.23% AUD -0.16% 0.51% 0.04% 0.36% -0.45% 0.49% -0.26% NZD -0.54% 0.04% -0.45% 1.41% -0.95% -0.49% -0.73% CHF 0.19% 0.77% 0.28% 0.48% -0.23% 0.26% 0.73% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote). The Bank of Japan announced on Thursday that it left the short-term interest rate target unchanged in the range of 0.40%- 0.50%. In the post-meeting press conference, BoJ Governor Kazuo Ueda noted that the uncertainty surrounding the Japanese outlook heightened sharply due to the US' trade policies. Ueda reiterated that they will keep raising rates if the economy and prices move in line with their projections. USD/JPY preserves its bullish momentum and trades above 144.50 in the European morning, rising about 1% on the day. The US Bureau of Economic Analysis' reported in its first estimate on Wednesday that Gross Domestic Product (GDP) contracted at an annual rate of 0.3% in the first quarter. Other data from the US showed that the core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve's (Fed) preferred gauge of inflation, rose 2.6% on a yearly basis in March, matching the market consensus. Meanwhile, US President Donald Trump said on Wednesday that there was a very good probability that they will reach a deal with China. US Trade Representative Jamieson Greer, however, told reporters that no official talks with China were underway. US stock index futures rise between 0.5% and 1.4% in the European morning on Thursday after Wall Street's main indexes registered small gains on Wednesday.EUR/USD stays on the back foot and trades near 1.1300 in the European session after posting losses for two consecutive days.GBP/USD struggles to shake off the bearish pressure and retreats to the 1.3300 area early Thursday, losing about 0.3% on the day.Gold lost nearly 1% on Wednesday and closed below $3,300. XAU/USD extends its weekly slide and trades deep in negative territory below $3,250 to begin the European session. US Dollar FAQs What is the US Dollar? The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. How do the decisions of the Federal Reserve impact the US Dollar? The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback. What is Quantitative Easing and how does it influence the US Dollar? In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar. What is Quantitative Tightening and how does it influence the US Dollar? Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

The NZD/USD pair has trimmed its daily gains and is depreciating, trading near 0.5920 during the early European session on Thursday. The New Zealand Dollar (NZD) faces pressure as expectations mount for further monetary easing by the Reserve Bank of New Zealand (RBNZ).

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a}NZD/USD depreciates due to rising odds of an RBNZ 25 bps rate cut in the upcoming meeting.Investors remain focused on global trade developments, with particular attention on US-China relations.The US Dollar strengthens as traders adopt a cautious tone ahead of the US ISM Manufacturing PMI release.The NZD/USD pair has trimmed its daily gains and is depreciating, trading near 0.5920 during the early European session on Thursday. The New Zealand Dollar (NZD) faces pressure as expectations mount for further monetary easing by the Reserve Bank of New Zealand (RBNZ). Markets are widely anticipating a 25 basis point rate cut at the upcoming RBNZ meeting, with rates projected to reach a low of 2.75% by October.Investors continue to evaluate global trade dynamics, particularly developments in US-China relations. Earlier on Thursday, US President Donald Trump expressed optimism over a potential trade deal with China, stating there is a “very good probability we’ll reach a deal.” He stressed that any agreement must align with US interests. Trump also alluded to prospective trade agreements with India, South Korea, and Japan, while noting that a deal with Ukraine was finalized earlier in the day.In a bid to ease trade tensions, China reportedly compiled a list of US-made goods exempt from its 125% tariffs, though it avoided making any public concessions. Additionally, China Central Television reported that the US has been engaging with Beijing through various diplomatic channels.Meanwhile, the Greenback also drew support from disappointing US GDP data: the economy contracted by 0.3% annualized in Q1 2025, missing expectations for 0.4% growth and sharply lower than the previous quarter’s 2.4% expansion.On the inflation front, the core Personal Consumption Expenditures (PCE) Price Index rose 2.6% year-on-year in March—matching forecasts but slightly slower than February’s 2.8% gain. Traders are now closely watching the upcoming ISM Manufacturing PMI release for further cues on the USD’s direction. New Zealand Dollar PRICE Today The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the weakest against the US Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD 0.36% 0.40% 1.13% 0.12% 0.27% 0.18% 0.25% EUR -0.36% 0.04% 0.77% -0.26% -0.09% -0.17% -0.12% GBP -0.40% -0.04% 0.71% -0.27% -0.13% -0.22% -0.16% JPY -1.13% -0.77% -0.71% -1.02% -0.84% -0.99% -0.95% CAD -0.12% 0.26% 0.27% 1.02% 0.17% 0.07% 0.10% AUD -0.27% 0.09% 0.13% 0.84% -0.17% -0.09% -0.03% NZD -0.18% 0.17% 0.22% 0.99% -0.07% 0.09% 0.06% CHF -0.25% 0.12% 0.16% 0.95% -0.10% 0.03% -0.06% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).

Indian Rupee (INR) crosses trade mixed at the start of Thursday, according to FXStreet data.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} Indian Rupee (INR) crosses trade mixed at the start of Thursday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 95.83, with the EUR/INR pair rising from its previous close at 95.82.
Meanwhile, the Pound Sterling (GBP) trades at 112.49 against the INR in the early European trading hours, losing ground after the GBP/INR pair settled at112.68 at the previous close. Indian economy FAQs How does the Indian economy impact the Indian Rupee? The Indian economy has averaged a growth rate of 6.13% between 2006 and 2023, which makes it one of the fastest growing in the world. India’s high growth has attracted a lot of foreign investment. This includes Foreign Direct Investment (FDI) into physical projects and Foreign Indirect Investment (FII) by foreign funds into Indian financial markets. The greater the level of investment, the higher the demand for the Rupee (INR). Fluctuations in Dollar-demand from Indian importers also impact INR. What is the impact of Oil prices on the Rupee? India has to import a great deal of its Oil and gasoline so the price of Oil can have a direct impact on the Rupee. Oil is mostly traded in US Dollars (USD) on international markets so if the price of Oil rises, aggregate demand for USD increases and Indian importers have to sell more Rupees to meet that demand, which is depreciative for the Rupee. How does inflation in India impact the Rupee? Inflation has a complex effect on the Rupee. Ultimately it indicates an increase in money supply which reduces the Rupee’s overall value. Yet if it rises above the Reserve Bank of India’s (RBI) 4% target, the RBI will raise interest rates to bring it down by reducing credit. Higher interest rates, especially real rates (the difference between interest rates and inflation) strengthen the Rupee. They make India a more profitable place for international investors to park their money. A fall in inflation can be supportive of the Rupee. At the same time lower interest rates can have a depreciatory effect on the Rupee. How does seasonal US Dollar demand from importers and banks impact the Rupee? India has run a trade deficit for most of its recent history, indicating its imports outweigh its exports. Since the majority of international trade takes place in US Dollars, there are times – due to seasonal demand or order glut – where the high volume of imports leads to significant US Dollar- demand. During these periods the Rupee can weaken as it is heavily sold to meet the demand for Dollars. When markets experience increased volatility, the demand for US Dollars can also shoot up with a similarly negative effect on the Rupee.

The GBP/JPY cross gains ground to near 191.95 during the early European session on Thursday. The Japanese Yen (JPY) softens against the Pound Sterling (GBP) after the Bank of Japan (BoJ) kept interest rates steady and slashed its growth forecasts on Thursday. 

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}GBP/JPY drifts higher to around 191.95 in Thursday’s early European session. BoJ’s Ueda said uncertainty stems from trade policies.Traders raise their bets that the BoE will cut its interest rates by 25 bps in the May meeting. The GBP/JPY cross gains ground to near 191.95 during the early European session on Thursday. The Japanese Yen (JPY) softens against the Pound Sterling (GBP) after the Bank of Japan (BoJ) kept interest rates steady and slashed its growth forecasts on Thursday. As widely expected, the BoJ board member decided to keep the short-term policy rate unchanged in the range of 0.40%-0.50% by a unanimous vote at its May meeting on Thursday. BoJ noted in the statement that the economy is likely to slow as trade policy impact slows global growth. BoJ Governor  Kazuo Ueda said during the press conference that Japan's economy is recovering moderately, however, some weakness is still there. Ueda further stated that economic and price projections depend on how countries deal with US tariffs, and the central bank is expected to keep raising rates if the economy and prices move in line with projections.On the GBP’s front, traders have become increasingly confident that the Bank of England (BoE) will cut its interest rates by 25 basis points (bps) in the May meeting. This, in turn, might drag the GBP lower against the shared currency. Financial markets have priced in nearly a 96% possibility that the BoE will cut its rate by a quarter-point to 4.25% when it announces its next move on May 8, according to a Reuters poll. Bank of Japan FAQs What is the Bank of Japan? The Bank of Japan (BoJ) is the Japanese central bank, which sets monetary policy in the country. Its mandate is to issue banknotes and carry out currency and monetary control to ensure price stability, which means an inflation target of around 2%. What has been the Bank of Japan’s policy? The Bank of Japan embarked in an ultra-loose monetary policy in 2013 in order to stimulate the economy and fuel inflation amid a low-inflationary environment. The bank’s policy is based on Quantitative and Qualitative Easing (QQE), or printing notes to buy assets such as government or corporate bonds to provide liquidity. In 2016, the bank doubled down on its strategy and further loosened policy by first introducing negative interest rates and then directly controlling the yield of its 10-year government bonds. In March 2024, the BoJ lifted interest rates, effectively retreating from the ultra-loose monetary policy stance. How do Bank of Japan’s decisions influence the Japanese Yen? The Bank’s massive stimulus caused the Yen to depreciate against its main currency peers. This process exacerbated in 2022 and 2023 due to an increasing policy divergence between the Bank of Japan and other main central banks, which opted to increase interest rates sharply to fight decades-high levels of inflation. The BoJ’s policy led to a widening differential with other currencies, dragging down the value of the Yen. This trend partly reversed in 2024, when the BoJ decided to abandon its ultra-loose policy stance. Why did the Bank of Japan decide to start unwinding its ultra-loose policy? A weaker Yen and the spike in global energy prices led to an increase in Japanese inflation, which exceeded the BoJ’s 2% target. The prospect of rising salaries in the country – a key element fuelling inflation – also contributed to the move.

Bank of Japan (BoJ) Governor Kazuo addresses a press conference on Thursday, explaining the Bank’s decision to maintain the interest rate at 0.50% for the second consecutive meeting.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} Bank of Japan (BoJ) Governor Kazuo addresses a press conference on Thursday, explaining the Bank’s decision to maintain the interest rate at 0.50% for the second consecutive meeting.Additional quotesUncertainty from trade policies heightened sharply.Report compiled based on the assumption that global supply chain disruption would be avoided.Japan's economy is recovering moderately, although some weak moves are seen.Japan's economic growth likely to moderate.Must pay due attention to financial, fx markets, impact on Japan's economy, prices.BoJ expected to keep raising rates if economy, prices move in line with projections.developing story ...Market reactionUSD/JPY remains strongly bid following these comments. The pair was last seen trading 0.98% higher on the day near 144.30. Bank of Japan FAQs What is the Bank of Japan? The Bank of Japan (BoJ) is the Japanese central bank, which sets monetary policy in the country. Its mandate is to issue banknotes and carry out currency and monetary control to ensure price stability, which means an inflation target of around 2%. What has been the Bank of Japan’s policy? The Bank of Japan embarked in an ultra-loose monetary policy in 2013 in order to stimulate the economy and fuel inflation amid a low-inflationary environment. The bank’s policy is based on Quantitative and Qualitative Easing (QQE), or printing notes to buy assets such as government or corporate bonds to provide liquidity. In 2016, the bank doubled down on its strategy and further loosened policy by first introducing negative interest rates and then directly controlling the yield of its 10-year government bonds. In March 2024, the BoJ lifted interest rates, effectively retreating from the ultra-loose monetary policy stance. How do Bank of Japan’s decisions influence the Japanese Yen? The Bank’s massive stimulus caused the Yen to depreciate against its main currency peers. This process exacerbated in 2022 and 2023 due to an increasing policy divergence between the Bank of Japan and other main central banks, which opted to increase interest rates sharply to fight decades-high levels of inflation. The BoJ’s policy led to a widening differential with other currencies, dragging down the value of the Yen. This trend partly reversed in 2024, when the BoJ decided to abandon its ultra-loose policy stance. Why did the Bank of Japan decide to start unwinding its ultra-loose policy? A weaker Yen and the spike in global energy prices led to an increase in Japanese inflation, which exceeded the BoJ’s 2% target. The prospect of rising salaries in the country – a key element fuelling inflation – also contributed to the move.

Platinum Group Metals (PGMs) trade with a negative tone at the beginning of Thursday, according to FXStreet data.

Platinum Group Metals (PGMs) trade with a negative tone at the beginning of Thursday, according to FXStreet data. Palladium (XPD) changes hands at $942.30 a troy ounce, with the XPD/USD pair easing from its previous close at $943.55.
In the meantime, Platinum (XPT) trades at $962.05 against the United States Dollar (USD) early in the European session, also under pressure after the XPT/USD pair settled at $970.10 at the previous close.

Switzerland Real Retail Sales (YoY) registered at 2.2% above expectations (1.9%) in March

Australia RBA Commodity Index SDR (YoY): -6.1% (April) vs -6.5%

West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $57.89 per barrel, down from Wednesday’s close at $57.97.Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $61.01 after its previous daily close at $61.05.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} West Texas Intermediate (WTI) Oil price falls on Thursday, early in the European session. WTI trades at $57.89 per barrel, down from Wednesday’s close at $57.97.
Brent Oil Exchange Rate (Brent crude) is also shedding ground, trading at $61.01 after its previous daily close at $61.05. WTI Oil FAQs What is WTI Oil? WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. What factors drive the price of WTI Oil? Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency. How does OPEC influence the price of WTI Oil? OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.
EUR/USD: EUR amounts1.1200 1.6b1.1250 1.2b1.1270 1.8b1.1330 1.1b1.1500 1.4bUSD/JPY: USD amounts                                 143.00 1.6b143.50 1.1b144.00 1.1b144.75 1.1b145.00 1.5b145.75 1.7b146.00 906mAUD/USD: AUD amounts0.6275 514m0.6415 458m0.6425 553mNZD/USD: NZD amounts0.6005 560mEUR/GBP: EUR amounts        0.8500 895m

The EUR/USD pair weakens to around 1.1295 during the early European session on Thursday, pressured by the renewed US Dollar (USD) demand. The optimism over the potential de-escalation of the US-China trade war provides some support to the Greenback and creates a headwind for the major pair.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}EUR/USD loses momentum to near 1.1295 in Thursday’s early European session, losing 0.35% on the day. The positive view of the pair prevails above the key 100-day EMA with the bullish RSI indicator. The immediate resistance level emerges at 1.1425; the first support level to watch is 1.1270.The EUR/USD pair weakens to around 1.1295 during the early European session on Thursday, pressured by the renewed US Dollar (USD) demand. The optimism over the potential de-escalation of the US-China trade war provides some support to the Greenback and creates a headwind for the major pair. Traders will keep an eye on the US ISM Manufacturing Purchasing Managers Index (PMI) data, which is due later on Thursday. Technically, the constructive outlook of EUR/USD remains in place as the major pair is well-supported above the key 100-day Exponential Moving Average (EMA) on the daily chart. The upward momentum is reinforced by the Relative Strength Index (RSI), which stands above the midline near 55.85, displaying bullish momentum in the near term. On the bright side, the first upside barrier emerges at 1.1425, the high of April 28. A decisive break above this level could pick up more momentum and aim for  1.1547, the high of April 22. Further north, the crucial resistance level is seen at 1.1621, the upper boundary of the Bollinger Band.In the bearish case, the low of April 29 at 1.1270 acts as an initial support level for EUR/USD. A breach of this level could drag the major pair toward the 1.1000 psychological level. The additional downside filter to watch is 1.0917, the lower limit of the Bollinger Band, followed by 1.0848, the 100-day EMA.EUR/USD daily chart
Euro FAQs What is the Euro? The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). What is the ECB and how does it impact the Euro? The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. How does inflation data impact the value of the Euro? Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. How does economic data influence the value of the Euro? Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. How does the Trade Balance impact the Euro? Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

EUR/GBP holds ground for a second consecutive session, trading around the 0.8500 mark during the Asian session on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}EUR/GBP may depreciate due to weaker-than-expected preliminary April HICP data from the Eurozone’s largest economies.Markets have largely priced in a 25 basis point rate cut by the ECB at its June meeting.The Pound Sterling weakens as markets are now anticipating a BoE 25 basis point rate cut in May.EUR/GBP holds ground for a second consecutive session, trading around the 0.8500 mark during the Asian session on Thursday. However, the upside of the EUR/GBP cross may be capped as the Euro (EUR) trades cautiously following weaker-than-expected preliminary April Harmonized Index of Consumer Prices (HICP) data from Germany and France, along with steady readings from Italy and Spain.These figures suggest moderate inflationary pressures across the Eurozone’s largest economies, reinforcing market expectations for further monetary easing by the European Central Bank (ECB). A 25 basis point rate cut is now almost fully priced in for the ECB’s June meeting, as policymakers anticipate further declines in inflation and economic activity amid the impact of new US tariffs on its trading partners.Despite potential headwinds for the Euro, the EUR/GBP cross may find support from a weakening Pound Sterling (GBP) against its peers, as sentiment turns increasingly dovish toward the Bank of England (BoE). Markets are now anticipating a 25 basis point rate cut at the BoE's upcoming policy decision on May 8. These expectations have intensified on concerns that the US’s new tariff measures could reduce global inflation and weigh on UK economic growth.BoE policymaker Megan Greene added to the dovish tone, stating in a speech at the Atlantic Council on Friday that the potential trade conflict would have a "net disinflationary" effect on the UK economy. Greene also flagged labor market risks, citing the recent increase in employers’ national insurance contributions from 13.8% to 15%, which took effect this month. Central banks FAQs What does a central bank do? Central Banks have a key mandate which is making sure that there is price stability in a country or region. Economies are constantly facing inflation or deflation when prices for certain goods and services are fluctuating. Constant rising prices for the same goods means inflation, constant lowered prices for the same goods means deflation. It is the task of the central bank to keep the demand in line by tweaking its policy rate. For the biggest central banks like the US Federal Reserve (Fed), the European Central Bank (ECB) or the Bank of England (BoE), the mandate is to keep inflation close to 2%. What does a central bank do when inflation undershoots or overshoots its projected target? A central bank has one important tool at its disposal to get inflation higher or lower, and that is by tweaking its benchmark policy rate, commonly known as interest rate. On pre-communicated moments, the central bank will issue a statement with its policy rate and provide additional reasoning on why it is either remaining or changing (cutting or hiking) it. Local banks will adjust their savings and lending rates accordingly, which in turn will make it either harder or easier for people to earn on their savings or for companies to take out loans and make investments in their businesses. When the central bank hikes interest rates substantially, this is called monetary tightening. When it is cutting its benchmark rate, it is called monetary easing. Who decides on monetary policy and interest rates? A central bank is often politically independent. Members of the central bank policy board are passing through a series of panels and hearings before being appointed to a policy board seat. Each member in that board often has a certain conviction on how the central bank should control inflation and the subsequent monetary policy. Members that want a very loose monetary policy, with low rates and cheap lending, to boost the economy substantially while being content to see inflation slightly above 2%, are called ‘doves’. Members that rather want to see higher rates to reward savings and want to keep a lit on inflation at all time are called ‘hawks’ and will not rest until inflation is at or just below 2%. Is there a president or head of a central bank? Normally, there is a chairman or president who leads each meeting, needs to create a consensus between the hawks or doves and has his or her final say when it would come down to a vote split to avoid a 50-50 tie on whether the current policy should be adjusted. The chairman will deliver speeches which often can be followed live, where the current monetary stance and outlook is being communicated. A central bank will try to push forward its monetary policy without triggering violent swings in rates, equities, or its currency. All members of the central bank will channel their stance toward the markets in advance of a policy meeting event. A few days before a policy meeting takes place until the new policy has been communicated, members are forbidden to talk publicly. This is called the blackout period.

The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts some buyers for the third straight day and climbs to a two-week high, around the 99.70-99.75 region during the Asian session on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}The USD scales higher for the third straight day amid hopes for a US-China trade deal.Signs of a faltering US economy and aggressive Fed rate cut bets should cap the buck.Traders now look to US macro data for some impetus ahead of the US NFP on Friday.The US Dollar Index (DXY), which tracks the Greenback against a basket of currencies, attracts some buyers for the third straight day and climbs to a two-week high, around the 99.70-99.75 region during the Asian session on Thursday. The intraday US Dollar (USD) move higher is backed by US President Donald Trump's remarks, which adds to the optimism over the potential de-escalation of trade tensions between the US and China. In fact, Trump said that there is a “very good probability we'll reach a deal with China.” He further added that we have potential trade deals with India, South Korea, and Japan. However, Trump’s top trade official said on Wednesday that trade negotiations with China were yet to take place. Moreover, Trump's rapidly shifting stance on trade policies and prospects for more aggressive policy easing by the Federal Reserve (Fed) might hold back the USD bulls from placing fresh bets.Investors now seem convinced that the US central bank will resume its rate-cutting cycle in June and lower borrowing costs by 100 basis points (bps) by the end of this year. The expectations were reaffirmed by the disappointing release of the US GDP print, which showed that the economy unexpectedly contracted by 0.3% annualized pace during the first quarter of 2025. Adding to this, the ADP report on private-sector employment indicated that the US labor market is cooling.Furthermore, the Personal Consumption and Expenditure (PCE) Price Index pointed to signs of easing inflationary pressure in the US, providing the Fed more headroom to cut interest rates amid the uncertainty over Trump's economic agenda. Hence, it will be prudent to wait for strong follow-through buying before confirming that the USD has formed a near-term bottom and positioning for an extension of the recent goodish recovery from a multi-year low touched last week.Traders now look forward to Thursday’s US economic docket – featuring the release of the usual Weekly Initial Jobless Claims and ISM Manufacturing PMI. Apart from this, the US Nonfarm Payrolls (NFP) report on Friday will be looked for cues about the Fed’s rate-cut path. This, in turn, will play a key role in influencing the USD price dynamics and determining the near-term trajectory. US Dollar FAQs What is the US Dollar? The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. How do the decisions of the Federal Reserve impact the US Dollar? The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback. What is Quantitative Easing and how does it influence the US Dollar? In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar. What is Quantitative Tightening and how does it influence the US Dollar? Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

Japan Consumer Confidence Index registered at 31.2, below expectations (34) in April

The USD/CHF pair holds ground for the third successive session, trading around 0.8270 during the Asian hours on Thursday. The daily chart suggests a neutral market bias, with the pair consolidating within a recently established rectangular pattern.

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a}USD/CHF may approach immediate resistance at the upper boundary of its consolidation range around 0.8350.The 14-day RSI has moved above the 30 mark, signaling a continued short-term corrective rebound.A break below key support at the nine-day EMA of 0.8251 could weaken short-term momentum.The USD/CHF pair holds ground for the third successive session, trading around 0.8270 during the Asian hours on Thursday. The daily chart suggests a neutral market bias, with the pair consolidating within a recently established rectangular pattern.Additionally, USD/CHF remains near its nine-day Exponential Moving Average (EMA), indicating neutral short-term momentum. The 14-day Relative Strength Index (RSI) has climbed above 30, suggesting an ongoing short-term corrective rebound. However, as the RSI stays below the 50 threshold, the overall bearish trend remains intact.On the upside, the USD/CHF pair may test immediate resistance at the upper edge of the consolidation range near 0.8350. A clear breakout above this level could trigger short-term bullish momentum, opening the door for a potential move toward the 50-day EMA at 0.8545. Additional resistance lies at the monthly high of 0.8848, marked on April 2.Key support is found at the nine-day EMA of 0.8251. A break below this level may undermine short-term momentum, potentially pushing the USD/CHF pair toward the rectangle’s lower boundary at 0.8140. A further decline could reinforce bearish bias and pave the way for a retest of 0.8039 — the lowest level since November 2011, last seen on April 21.USD/CHF: Daily Chart Swiss Franc PRICE Today The table below shows the percentage change of Swiss Franc (CHF) against listed major currencies today. Swiss Franc was the weakest against the New Zealand Dollar. USD EUR GBP JPY CAD AUD NZD CHF USD 0.16% 0.22% 0.52% -0.02% -0.01% -0.15% 0.10% EUR -0.16% 0.07% 0.36% -0.22% -0.17% -0.31% -0.07% GBP -0.22% -0.07% 0.27% -0.26% -0.24% -0.38% -0.17% JPY -0.52% -0.36% -0.27% -0.56% -0.52% -0.72% -0.51% CAD 0.02% 0.22% 0.26% 0.56% 0.03% -0.13% 0.10% AUD 0.00% 0.17% 0.24% 0.52% -0.03% -0.14% 0.08% NZD 0.15% 0.31% 0.38% 0.72% 0.13% 0.14% 0.22% CHF -0.10% 0.07% 0.17% 0.51% -0.10% -0.08% -0.22% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Swiss Franc from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CHF (base)/USD (quote).

Gold prices fell in India on Thursday, according to data compiled by FXStreet.

.fxs-related-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-related-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}.fxs-related-module-related-link a{text-decoration:none;color:#1b1c23;font-weight:700;font-size:16px;font-style:normal;line-height:20px}.fxs-related-module-related-link a:hover,.fxs-related-module-related-link:hover,.fxs-related-module-related-link:hover a{color:#e4871b}.fxs-related-module-related-link a:hover{text-decoration:none}@media (min-width:680px){.fxs-related-module-title{font-size:19.2px;line-height:27.2px}.fxs-related-module-related-link a{font-size:19.2px;line-height:25.92px}} .fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} Gold prices fell in India on Thursday, according to data compiled by FXStreet. The price for Gold stood at 8,779.31 Indian Rupees (INR) per gram, down compared with the INR 8,953.37 it cost on Wednesday. The price for Gold decreased to INR 102,403.20 per tola from INR 104,430.40 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 8,779.31 10 Grams 87,796.08 Tola 102,403.20 Troy Ounce 273,068.10   2025 Gold Forecast Guide [PDF] Download your free copy of the 2025 Gold Forecast Daily Digest Market Movers: Gold price is pressured by receding safe-haven demand and a modest USD uptick US President Donald Trump said earlier this Thursday there is a “very good probability we'll reach a deal with China” and added that we have "potential" trade deals with India, South Korea and Japan. The comments add to the recent optimism and further boost investors' confidence. The US Dollar ticks higher in reaction to Trump's remarks and drags the safe-haven Gold price lower for the third consecutive day on Thursday. A breakdown below the $3,265-$3,260 pivotal support prompts technical selling and further contributes to the intraday decline to a two-week low. Automatic Data Processing (ADP) reported on Wednesday that private sector employment rose by 62K in April. This marked a notable decline from the 147K increase (revised from 155K) recorded in March and also missed the market expectation for a reading of 108,000 by a wide margin. Adding to this, the advance estimates by the Bureau of Economic Analysis, the US economy contracted at an annualized rate of 0.3% during the first quarter of 2025 after growing at a solid pace of 2.4% in the previous quarter. The data, in turn, revives concerns about a looming US recession. Meanwhile, the US Personal Consumption Expenditures (PCE) Price Index eased to the 2.3% YoY rate in March from 2.5% previous. Moreover, the core PCE Price Index, which excludes volatile food and energy prices, rose 2.6% vs. 3% in February, pointing to easing inflationary pressures. The dismal US macro data reaffirms bets that the Federal Reserve will resume its rate-cutting cycle in June. Traders are pricing in the possibility that the US central bank will lower borrowing costs by 100 basis points by the year-end. This should cap the USD and support the non-yielding yellow metal. On the geopolitical front, Kremlin spokesperson Dmitry Peskov said on Wednesday that Russia can mobilize for war on a scale comparable to the Soviet Union during World War II if necessary. Moreover, a Russian drone attack killed two civilians and injured five others in southern Ukraine. This might further contribute to limiting losses for the XAU/USD pair. Traders now look forward to key US macro releases – the ISM Manufacturing PMI later this Thursday and the Nonfarm Payrolls report on Friday. The data will provide cues about the Fed's rate-cut path and influence the commodity.  FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.   Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up. (An automation tool was used in creating this post.)

Netherlands, The Retail Sales (YoY): 1.8% (March) vs -0.5%

Silver (XAG/USD) drifts lower for the third straight day – also marking the fourth day of a negative move in the previous five – and drops to over a two-week low during the Asian session on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Silver remains under heavy selling pressure for the third straight day on Thursday. A breakdown below the 100-hour SMA could be seen as a fresh trigger for bears.Traders now await acceptance below $32.00 before positioning for further losses.Silver (XAG/USD) drifts lower for the third straight day – also marking the fourth day of a negative move in the previous five – and drops to over a two-week low during the Asian session on Thursday. The white metal, however, shows some resilience below the $32.00 mark, though the technical setup supports prospects for an extension of a one-week-old downtrend.An intraday breakdown below the 100-hour Simple Moving Average (SMA) could be seen as a key trigger for bears. Moreover, oscillators on daily/4-hour charts have been gaining negative traction and validate the near-term bearish outlook, suggesting that the path of least resistance for the XAG/USD is to the downside. That said, it will still be prudent to wait for acceptance below the $32.00 mark before positioning for deeper losses.The subsequent downfall has the potential to drag the XAG/USD to the $31.70 support en route to the $31.55-$31.50 region and eventually to sub-$31.00 levels, or the 200-day SMA. The latter should act as a strong near-term base, which if broken decisively should pave the way for a slide towards the $30.00 psychological mark, with some intermediate support near the $30.55-$30.50 region. On the flip side, the 100-hour SMA support breakpoint, currently pegged near the $32.35 area, now seems to act as an immediate hurdle ahead of the $32.55 region, the $32.75-$32.80 supply zone. This is closely followed by the $33.00 mark, above which a bout of a short-covering move could lift the XAG/USD to the $33.70 strong barrier. A sustained strength beyond the latter could negate the negative outlook and shift the bias in favor of bulls. Silver FAQs Why do people invest in Silver? Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Which factors influence Silver prices? Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold's. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices. How does industrial demand affect Silver prices? Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices. How do Silver prices react to Gold’s moves? Silver prices tend to follow Gold's moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver.

EUR/JPY halts its three-day losing streak, rebounding to around 162.50 during Asian trading hours on Thursday. The recovery in the currency cross comes as the Japanese Yen (JPY) weakens across the board, following the Bank of Japan’s (BoJ) widely expected decision to maintain its policy rate.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}EUR/JPY advances as the Japanese Yen weakens as the BoJ left its key interest rate unchanged at 0.5% on Thursday.The BoJ also lowered its median core CPI forecast for fiscal 2026 to 1.7%, down from 2.0% in January.Markets have largely priced in a 25 basis point rate cut by the European Central Bank (ECB) at its June meeting.EUR/JPY halts its three-day losing streak, rebounding to around 162.50 during Asian trading hours on Thursday. The recovery in the currency cross comes as the Japanese Yen (JPY) weakens across the board, following the Bank of Japan’s (BoJ) widely expected decision to maintain its policy rate.As anticipated, the BoJ left its key interest rate unchanged at 0.5% on Thursday amid lingering uncertainty over US tariffs. In its policy statement, the central bank reiterated its commitment to gradually raise interest rates if the economy and inflation progress in line with projections.Notably, the BoJ revised its median core CPI forecast for fiscal 2026 to 1.7%, down from 2.0% in January. However, it maintained that inflation is likely to hover around its 2% target during the latter half of the projection period through 2027.Attention now turns to the post-meeting press conference, where comments from BoJ Governor Kazuo Ueda will be closely watched for insights into the future path of rate hikes, which could significantly influence JPY movement in the near term.Adding to the JPY’s weakness, earlier remarks from US President Donald Trump sparked renewed optimism over a potential easing in US-China trade tensions. This, in turn, weighed on demand for traditional safe-haven assets like the Yen.Meanwhile, the Euro (EUR) trades with caution following the release of soft preliminary April Harmonized Index of Consumer Prices (HICP) data from Germany and France, alongside stable readings from Italy and Spain. The inflation data suggest moderate price pressures across the Eurozone’s largest economies, reinforcing expectations of further policy easing from the European Central Bank (ECB).Markets have nearly priced in a 25 basis point rate cut at the ECB’s June policy meeting, with officials projecting further declines in inflation and economic activity in response to recent US-imposed tariffs on trading partners. Interest rates FAQs What are interest rates? Interest rates are charged by financial institutions on loans to borrowers and are paid as interest to savers and depositors. They are influenced by base lending rates, which are set by central banks in response to changes in the economy. Central banks normally have a mandate to ensure price stability, which in most cases means targeting a core inflation rate of around 2%. If inflation falls below target the central bank may cut base lending rates, with a view to stimulating lending and boosting the economy. If inflation rises substantially above 2% it normally results in the central bank raising base lending rates in an attempt to lower inflation. How do interest rates impact currencies? Higher interest rates generally help strengthen a country’s currency as they make it a more attractive place for global investors to park their money. How do interest rates influence the price of Gold? Higher interest rates overall weigh on the price of Gold because they increase the opportunity cost of holding Gold instead of investing in an interest-bearing asset or placing cash in the bank. If interest rates are high that usually pushes up the price of the US Dollar (USD), and since Gold is priced in Dollars, this has the effect of lowering the price of Gold. What is the Fed Funds rate? The Fed funds rate is the overnight rate at which US banks lend to each other. It is the oft-quoted headline rate set by the Federal Reserve at its FOMC meetings. It is set as a range, for example 4.75%-5.00%, though the upper limit (in that case 5.00%) is the quoted figure. Market expectations for future Fed funds rate are tracked by the CME FedWatch tool, which shapes how many financial markets behave in anticipation of future Federal Reserve monetary policy decisions.

West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $57.80 during the Asian trading hours on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}WTI price edges lower to $57.80 in Thursday’s Asian session. Saudi Arabia is taking strategic steps to maintain its economic stronghold by increasing oil production. Crude oil stockpiles in the US fell by 2.696 million barrels last week, according to the EIA. West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $57.80 during the Asian trading hours on Thursday. The WTI price remains on the defensive after posting its worst monthly drop since November 2021 amid the concerns over a global economic downturn and the signal from Saudi Arabia to sustain low oil prices. WTI price extends the decline after Reuters reported that Saudi Arabia is willing to accept lower prices rather than consider additional production cuts. “History shows that when OPEC+ leadership decides to encourage compliance by supply pressure, it does not stop until it achieves its goal,” said Bob McNally, president and founder of Rapidan Energy Advisers LLC.The weaker-than-expected US Gross Domestic Product (GDP) data contributes to the WTI’s downside. The Bureau of Economic Analysis revealed on Wednesday that the US economy contracted at an annualised rate of 0.3% in the first quarter (Q1) of 2025. This report suggests that tariffs may be weighing on economic growth.The unexpected decline in crude inventories indicates a greater oil demand, which might support the WTI price. The Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the US for the week ending April 25 fell by 2.696 million barrels, compared to an increase of 244,000 barrels in the previous week. The market consensus estimated that stocks would drop by 600,000 barrels.   WTI Oil FAQs What is WTI Oil? WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media. What factors drive the price of WTI Oil? Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency. How does OPEC influence the price of WTI Oil? OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.

Gold price (XAU/USD) remains under some selling pressure for the third successive day and drops to a two-week low, around the $3,230-$3,229 area during the Asian session on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Gold price extends its downtrend for the third straight day amid a combination of factors.Signs of easing US-China tensions and a modest USD uptick weigh on the precious metal.Aggressive Fed rate cut bets should cap the USD and limit losses for the XAU/USD pair. Gold price (XAU/USD) remains under some selling pressure for the third successive day and drops to a two-week low, around the $3,230-$3,229 area during the Asian session on Thursday. US President Donald Trump's remarks earlier today add to the recent optimism over the potential de-escalation of the US-China trade war and turn out to be a key factor driving flows away from the safe-haven precious metal. Furthermore, the US Dollar (USD) is looking to build on its gains registered over the past two days and exert additional downward pressure on the commodity.The intraday downfall in the Gold price could further be attributed to some technical selling following a breakdown below the $3,265-3,260 pivotal support. Any meaningful USD appreciation, however, seems elusive amid rising bets for more aggressive policy easing by the Federal Reserve (Fed), bolstered by the surprise contraction in US GDP and signs of easing inflationary pressure. This could act as a tailwind for the non-yielding yellow metal, warranting caution before positioning for an extension of the retracement slide from the $3,500 mark, or the all-time peak. Daily Digest Market Movers: Gold price is pressured by receding safe-haven demand and a modest USD uptickUS President Donald Trump said earlier this Thursday there is a “very good probability we'll reach a deal with China” and added that we have "potential" trade deals with India, South Korea and Japan. The comments add to the recent optimism and further boost investors' confidence. The US Dollar ticks higher in reaction to Trump's remarks and drags the safe-haven Gold price lower for the third consecutive day on Thursday. A breakdown below the $3,265-$3,260 pivotal support prompts technical selling and further contributes to the intraday decline to a two-week low. Automatic Data Processing (ADP) reported on Wednesday that private sector employment rose by 62K in April. This marked a notable decline from the 147K increase (revised from 155K) recorded in March and also missed the market expectation for a reading of 108,000 by a wide margin.Adding to this, the advance estimates by the Bureau of Economic Analysis, the US economy contracted at an annualized rate of 0.3% during the first quarter of 2025 after growing at a solid pace of 2.4% in the previous quarter. The data, in turn, revives concerns about a looming US recession. Meanwhile, the US Personal Consumption Expenditures (PCE) Price Index eased to the 2.3% YoY rate in March from 2.5% previous. Moreover, the core PCE Price Index, which excludes volatile food and energy prices, rose 2.6% vs. 3% in February, pointing to easing inflationary pressures. The dismal US macro data reaffirms bets that the Federal Reserve will resume its rate-cutting cycle in June. Traders are pricing in the possibility that the US central bank will lower borrowing costs by 100 basis points by the year-end. This should cap the USD and support the non-yielding yellow metal.On the geopolitical front, Kremlin spokesperson Dmitry Peskov said on Wednesday that Russia can mobilize for war on a scale comparable to the Soviet Union during World War II if necessary. Moreover, a Russian drone attack killed two civilians and injured five others in southern Ukraine.This might further contribute to limiting losses for the XAU/USD pair. Traders now look forward to key US macro releases – the ISM Manufacturing PMI later this Thursday and the Nonfarm Payrolls report on Friday. The data will provide cues about the Fed's rate-cut path and influence the commodity. Gold price could accelerate the corrective decline once the 50% Fibo. level, around $3,229-$3,228 is broken decisivelyFrom a technical perspective, acceptance below the 38.2% Fibonacci retracement level of the latest leg up from the vicinity of mid-$2,900s or the monthly swing low, and a breakdown below the $3,265-$3,260 could be seen as a key trigger for bears. That said, oscillators on the daily chart – though they have been losing positive traction – are yet to confirm the negative outlook. Hence, it will be prudent to wait for some follow-through selling below the 50% Fibo. level, around the $3,229-$3,228 region, before positioning for further losses. The Gold price might then accelerate the decline toward the $3,200 round figure en route to the 61.8% Fibo. level, around the $3,160 zone.On the flip side, any attempted recovery might now confront resistance near the aforementioned support breakpoint, around the $3,260-$3,265 region. This is followed by the 38.2% Fibo. level, just ahead of the $3,300 mark, which if cleared might trigger a short-covering rally and lift the Gold price to the $3,348-$3,350 supply zone. Some follow-through buying, leading to a subsequent strength beyond the $3,367-$3,368 region (23.6% Fibo. level), will suggest that the recent corrective pullback has run its course. The XAU/USD pair might then aim to reclaim the $3,400 mark and extend the momentum further toward the $3,425-3,427 intermediate hurdle before attempting to conquer the $3,500 psychological mark. US-China Trade War FAQs What does “trade war” mean? Generally speaking, a trade war is an economic conflict between two or more countries due to extreme protectionism on one end. It implies the creation of trade barriers, such as tariffs, which result in counter-barriers, escalating import costs, and hence the cost of living. What is the US-China trade war? An economic conflict between the United States (US) and China began early in 2018, when President Donald Trump set trade barriers on China, claiming unfair commercial practices and intellectual property theft from the Asian giant. China took retaliatory action, imposing tariffs on multiple US goods, such as automobiles and soybeans. Tensions escalated until the two countries signed the US-China Phase One trade deal in January 2020. The agreement required structural reforms and other changes to China’s economic and trade regime and pretended to restore stability and trust between the two nations. However, the Coronavirus pandemic took the focus out of the conflict. Yet, it is worth mentioning that President Joe Biden, who took office after Trump, kept tariffs in place and even added some additional levies. Trade war 2.0 The return of Donald Trump to the White House as the 47th US President has sparked a fresh wave of tensions between the two countries. During the 2024 election campaign, Trump pledged to impose 60% tariffs on China once he returned to office, which he did on January 20, 2025. With Trump back, the US-China trade war is meant to resume where it was left, with tit-for-tat policies affecting the global economic landscape amid disruptions in global supply chains, resulting in a reduction in spending, particularly investment, and directly feeding into the Consumer Price Index inflation.

The AUD/JPY cross gains traction to near 91.90 during the Asian trading hours on Thursday. The Japanese Yen (JPY) trades slightly weaker against the Aussie after the Bank of Japan (BoJ) decided to keep its policy rate unchanged at its May meeting on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}AUD/JPY gathers strength to around 91.90 in Thursday’s Asian session. BoJ kept interest rates steady at its May meeting, as widely anticipated. Australia’s Trade Surplus climbs to 6,900M MoM in March, besting estimation.The AUD/JPY cross gains traction to near 91.90 during the Asian trading hours on Thursday. The Japanese Yen (JPY) trades slightly weaker against the Aussie after the Bank of Japan (BoJ) decided to keep its policy rate unchanged at its May meeting on Thursday. The attention will shift to the BoJ Press Conference later on Thursday. The BoJ board members decided to leave the short-term interest rate target unchanged in the range of 0.40%-0.50% on Thursday, as widely expected. The Japanese central bank noted in the statement that the economy is likely to slow as trade policy impact slows global growth. The BoJ noted that it’s important to carefully monitor factors such as developments in economic activity, and the central bank will continue to raise the policy rate if the economy and prices move in line with its forecast. Market players will closely monitor the press conference by BoJ Governor Kazuo Ueda, which might offer some hints about the interest rate path in Japan. On the Aussie front, the upbeat Australian March Trade Balance data could boost the AUD against the JPY. The country’s trade surplus rose to 6,900M MoM in March, compared to the expectation of 3,130M and the previous reading of 2,852M (revised from 2,968M), the Australian Bureau of Statistics reported Thursday. The strong surplus was driven by a 7.6% rise in Exports and a fall of 2.2% in Imports for the month. Bank of Japan FAQs What is the Bank of Japan? The Bank of Japan (BoJ) is the Japanese central bank, which sets monetary policy in the country. Its mandate is to issue banknotes and carry out currency and monetary control to ensure price stability, which means an inflation target of around 2%. What has been the Bank of Japan’s policy? The Bank of Japan embarked in an ultra-loose monetary policy in 2013 in order to stimulate the economy and fuel inflation amid a low-inflationary environment. The bank’s policy is based on Quantitative and Qualitative Easing (QQE), or printing notes to buy assets such as government or corporate bonds to provide liquidity. In 2016, the bank doubled down on its strategy and further loosened policy by first introducing negative interest rates and then directly controlling the yield of its 10-year government bonds. In March 2024, the BoJ lifted interest rates, effectively retreating from the ultra-loose monetary policy stance. How do Bank of Japan’s decisions influence the Japanese Yen? The Bank’s massive stimulus caused the Yen to depreciate against its main currency peers. This process exacerbated in 2022 and 2023 due to an increasing policy divergence between the Bank of Japan and other main central banks, which opted to increase interest rates sharply to fight decades-high levels of inflation. The BoJ’s policy led to a widening differential with other currencies, dragging down the value of the Yen. This trend partly reversed in 2024, when the BoJ decided to abandon its ultra-loose policy stance. Why did the Bank of Japan decide to start unwinding its ultra-loose policy? A weaker Yen and the spike in global energy prices led to an increase in Japanese inflation, which exceeded the BoJ’s 2% target. The prospect of rising salaries in the country – a key element fuelling inflation – also contributed to the move.

Japan BoJ Interest Rate Decision meets forecasts (0.5%)

The USD/CAD pair enters a bearish consolidation phase during the Asian session on Thursday and oscillates in a narrow band below the 1.3800 mark, near its lowest level since October 2025 touched the previous day.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}USD/CAD struggles to lure buyers, though a combination of factors helps limit the downside. Bearish Crude Oil prices undermine the Loonie and support spot prices amid a modest USD uptick.Bets for aggressive Fed rate cuts should cap the USD and cap any recovery for the currency pair.The USD/CAD pair enters a bearish consolidation phase during the Asian session on Thursday and oscillates in a narrow band below the 1.3800 mark, near its lowest level since October 2025 touched the previous day. The Canadian Dollar (CAD) continues to be underpinned by the Liberal Party's victory in the Canadian federal election, which strengthens the incumbent Prime Minister Mark Carney’s position in trade negotiations with the US. However, the recent slump in Crude Oil prices to a nearly three-week low offset the supporting factors and keeps a lid on any meaningful upside for the commodity-linked Loonie. This, along with a modest US Dollar (USD) uptick, acts as a tailwind for the USD/CAD pair. According to the advance estimates, the US economy unexpectedly contracted during the first quarter of 2025. This comes on top of persistent worries about US President Donald Trump's erratic trade policies and adds to concerns about a looming global recession, which is expected to dent fuel demand. This, along with expectations that several OPEC+ members will suggest an acceleration of output hikes for a second consecutive month in June, act as a headwind for the black liquid. Meanwhile, the dismal US GDP print, along with signs of easing inflationary pressures, reaffirms market bets for the resumption of the Federal Reserve's (Fed) rate-cutting cycle in June. Moreover, traders are currently pricing in the possibility that the US central bank will lower borrowing costs by a full percentage point by the year-end. This might hold back the USD bulls from placing aggressive bets and suggests that the path of least resistance for the USD/CAD pair remains to the downside. The negative outlook is reinforced by the overnight breakdown through the lower boundary of a short-term trading range held over the past week or so. Moreover, oscillators on the daily chart are holding deep in negative territory and favor bearish traders. Hence, any attempted USD/CAD move-up is more likely to get sold into. Traders now look to the key US macro data scheduled at the beginning of a new month, starting with the ISM Manufacturing PMI on Thursday, for a fresh impetus. Canadian Dollar FAQs What key factors drive the Canadian Dollar? The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down. Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive. How does the price of Oil impact the Canadian Dollar? The price of Oil is a key factor impacting the value of the Canadian Dollar. Petroleum is Canada’s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD. How does inflation data impact the value of the Canadian Dollar? While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in Canada’s case is the Canadian Dollar. How does economic data influence the value of the Canadian Dollar? Macroeconomic data releases gauge the health of the economy and can have an impact on the Canadian Dollar. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the CAD. A strong economy is good for the Canadian Dollar. Not only does it attract more foreign investment but it may encourage the Bank of Canada to put up interest rates, leading to a stronger currency. If economic data is weak, however, the CAD is likely to fall.

The GBP/USD pair continues its downward trajectory for the third straight day, trading around 1.3310 during Thursday’s Asian session.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}GBP/USD weakens as cautious sentiment prevails ahead of the US ISM Manufacturing PMI release.Trump boosts market optimism with remarks on a US-China trade agreement, stating there's a "very good probability" of a deal.The Pound Sterling remains under pressure amid growing dovish expectations for the Bank of England's upcoming policy stance.The GBP/USD pair continues its downward trajectory for the third straight day, trading around 1.3310 during Thursday’s Asian session. Market participants appear to be positioning cautiously ahead of the US Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers Index (PMI), set to be released later in the North American session.The US Dollar (USD) is gaining strength, buoyed by comments from US President Donald Trump during a NewsNation Town Hall interview early Thursday. Trump expressed optimism about a possible trade deal with China, stating there is a "very good probability we'll reach a deal." He emphasized that any agreement must align with US interests and also hinted at potential future deals with India, South Korea, and Japan. Additionally, Trump announced that a trade agreement with Ukraine had been finalized earlier in the day.The US Dollar Index (DXY), which tracks the USD’s performance against a basket of six major currencies, is also climbing for the third consecutive day, trading near 99.70 at the time of writing. The Greenback rally comes as traders scale back expectations for a 100 basis point rate cut by the Federal Reserve (Fed) this year, following recent economic data that signaled weakness in the US economy.US Gross Domestic Product (GDP) contracted by 0.3% annualized in the first quarter of 2025, missing the forecast for 0.4% growth and sharply down from the 2.4% expansion in the previous quarter. Meanwhile, the core Personal Consumption Expenditure (PCE) Price Index—a key inflation gauge—rose 2.6% year-on-year in March, in line with expectations but slower than February’s 2.8% increase.Across the pond, the Pound Sterling (GBP) remains under pressure as market sentiment turns increasingly dovish toward the Bank of England (BoE). Traders are now pricing in a 25 basis point rate cut at the BoE's upcoming policy meeting on May 8. Expectations for easing have intensified amid concerns that the newly announced US tariff policy could reduce global inflationary pressures and dampen economic growth in the United Kingdom (UK).BoE policymaker Megan Greene, speaking at the Atlantic Council on Friday, said the potential trade conflict would have a "net disinflationary" impact on the UK economy. Greene also highlighted labor market risks, pointing to the recent rise in employers’ national insurance contributions from 13.8% to 15%, which took effect this month. Pound Sterling FAQs What is the Pound Sterling? The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign exchange (FX) in the world, accounting for 12% of all transactions, averaging $630 billion a day, according to 2022 data. Its key trading pairs are GBP/USD, also known as ‘Cable’, which accounts for 11% of FX, GBP/JPY, or the ‘Dragon’ as it is known by traders (3%), and EUR/GBP (2%). The Pound Sterling is issued by the Bank of England (BoE). How do the decisions of the Bank of England impact on the Pound Sterling? The single most important factor influencing the value of the Pound Sterling is monetary policy decided by the Bank of England. The BoE bases its decisions on whether it has achieved its primary goal of “price stability” – a steady inflation rate of around 2%. Its primary tool for achieving this is the adjustment of interest rates. When inflation is too high, the BoE will try to rein it in by raising interest rates, making it more expensive for people and businesses to access credit. This is generally positive for GBP, as higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls too low it is a sign economic growth is slowing. In this scenario, the BoE will consider lowering interest rates to cheapen credit so businesses will borrow more to invest in growth-generating projects. How does economic data influence the value of the Pound? Data releases gauge the health of the economy and can impact the value of the Pound Sterling. Indicators such as GDP, Manufacturing and Services PMIs, and employment can all influence the direction of the GBP. A strong economy is good for Sterling. Not only does it attract more foreign investment but it may encourage the BoE to put up interest rates, which will directly strengthen GBP. Otherwise, if economic data is weak, the Pound Sterling is likely to fall. How does the Trade Balance impact the Pound? Another significant data release for the Pound Sterling is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought-after exports, its currency will benefit purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

The NZD/USD pair posts modest gains near 0.5935 during the Asian trading hours on Thursday. The New Zealand Dollar (NZD) strengthens against the Greenback amid hope for a US-China trade deal.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}NZD/USD edges higher to around 0.5935 in Thursday’s Asian session. Trump said there is a chance the US will reach a deal with China. Rising RBNZ rate cut bets might cap the pair’s upside. The NZD/USD pair posts modest gains near 0.5935 during the Asian trading hours on Thursday. The New Zealand Dollar (NZD) strengthens against the Greenback amid hope for a US-China trade deal. Traders await the release of US ISM Manufacturing Purchasing Managers Index (PMI) data, which is due later on Thursday. US President Donald Trump said early Thursday that there is a “very good probability that the United States will reach a deal with China, but the agreement must align with its conditions. Risk sentiment improves following Trump’s comments, which provides some support to the Kiwi. However, the implementation of US tariff policy has been erratic, and trade uncertainty is very high. Any signs of renewed escalation between the world’s two largest economies could weigh on the China-proxy NZD, as China is a major trading partner to New Zealand. China’s official Purchasing Managers' Index (PMI) data on Wednesday failed to boost the NZD. The National Bureau of Statistics revealed that the country’s Manufacturing PMI contracted to 49 in April versus 50.5 prior and 49.9 expected. The Non-Manufacturing PMI declined to 50.4 in April from 50.8 in March, weaker than the 50.7 expected. Meanwhile, the rising bets of further rate cuts from the Reserve Bank of New Zealand (RBNZ) might contribute to the Kiwi’s downside. The markets fully expect the RBNZ to cut its 3.5% OCR by 25 basis points (bps) in May, with a further reduction to 2.75% by year-end. New Zealand Dollar FAQs What key factors drive the New Zealand Dollar? The New Zealand Dollar (NZD), also known as the Kiwi, is a well-known traded currency among investors. Its value is broadly determined by the health of the New Zealand economy and the country’s central bank policy. Still, there are some unique particularities that also can make NZD move. The performance of the Chinese economy tends to move the Kiwi because China is New Zealand’s biggest trading partner. Bad news for the Chinese economy likely means less New Zealand exports to the country, hitting the economy and thus its currency. Another factor moving NZD is dairy prices as the dairy industry is New Zealand’s main export. High dairy prices boost export income, contributing positively to the economy and thus to the NZD. How do decisions of the RBNZ impact the New Zealand Dollar? The Reserve Bank of New Zealand (RBNZ) aims to achieve and maintain an inflation rate between 1% and 3% over the medium term, with a focus to keep it near the 2% mid-point. To this end, the bank sets an appropriate level of interest rates. When inflation is too high, the RBNZ will increase interest rates to cool the economy, but the move will also make bond yields higher, increasing investors’ appeal to invest in the country and thus boosting NZD. On the contrary, lower interest rates tend to weaken NZD. The so-called rate differential, or how rates in New Zealand are or are expected to be compared to the ones set by the US Federal Reserve, can also play a key role in moving the NZD/USD pair. How does economic data influence the value of the New Zealand Dollar? Macroeconomic data releases in New Zealand are key to assess the state of the economy and can impact the New Zealand Dollar’s (NZD) valuation. A strong economy, based on high economic growth, low unemployment and high confidence is good for NZD. High economic growth attracts foreign investment and may encourage the Reserve Bank of New Zealand to increase interest rates, if this economic strength comes together with elevated inflation. Conversely, if economic data is weak, NZD is likely to depreciate. How does broader risk sentiment impact the New Zealand Dollar? The New Zealand Dollar (NZD) tends to strengthen during risk-on periods, or when investors perceive that broader market risks are low and are optimistic about growth. This tends to lead to a more favorable outlook for commodities and so-called ‘commodity currencies’ such as the Kiwi. Conversely, NZD tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.

The Japanese Yen (JPY) snaps a two-day losing streak against its American counterpart as traders opt to move to the sidelines and wait for the crucial Bank of Japan (BoJ) policy decision this Thursday.

The Japanese Yen traders refrain from placing aggressive bets ahead of the BoJ policy decision.The updated economic projections will be scrutinized for cues about the future rate-cut path. The divergent BoJ-Fed policy expectations should continue to support the lower-yielding JPY. The Japanese Yen (JPY) snaps a two-day losing streak against its American counterpart as traders opt to move to the sidelines and wait for the crucial Bank of Japan (BoJ) policy decision this Thursday. Moreover, the updated economic projections and BoJ Governor Kazuo Ueda's comments at the post-meeting press conference will be scrutinized for cues about the likely timing of the next interest rate hike. This, in turn, will play a key role in determining the next leg of a directional move for the JPY. Heading into the key central bank event risk, hopes for the potential de-escalation of the US-China trade war remain supportive of a positive risk tone and act as a headwind for the safe-haven JPY. However, reviving US recession fears keeps a lid on the optimism. Moreover, bets for more rate cuts by the Federal Reserve (Fed), which marks a big divergence compared to hawkish BoJ expectations, should contribute to the lower-yielding JPY's relative outperformance against the US Dollar (USD). Japanese Yen traders await the crucial BoJ policy decision and updated economic projections before placing directional betsThe Bank of Japan is scheduled to announce its policy decision this Thursday and is widely expected to keep the policy interest rate steady at 0.5% amid the uncertainty surrounding US tariffs. Meanwhile, media reports suggest that the central bank could revise down its GDP forecasts for both fiscal years 2025 and 2026 to below 1%.Investors will also keep a close eye on updated inflation projections and when the BoJ expects to reach its price target. BoJ Governor Kazuo Ueda has repeatedly talked about two-sided risks for inflation. Hence, Ueda's comments will be the key to assessing the future rate-hike path, which, in turn, will drive the Japanese Yen. The final au Jibun Bank Japan Manufacturing PMI stood at 48.7 in April 2025, higher than a flash reading of 48.5 and March's 12-month low of 48.4. This, however, still marks the 10th straight month of decline in factory activity, though it does little to provide any meaningful impetus ahead of the key central bank event risk.From the US, Automatic Data Processing (ADP) reported on Wednesday that private-sector employment rose by 62,000 in April. This represented a notable decline from the 147,000 increase (revised from 155,000) recorded in March and also missed the market expectation for a reading of 108,000 by a wide margin.According to the advance estimates by the Bureau of Economic Analysis, the US economy contracted at an annualized rate of 0.3% during the first quarter of 2025 after growing at a solid pace of 2.4% in the previous quarter. The data revives fears about a looming US recession amid signs of easing inflationary pressures.The US Personal Consumption Expenditures (PCE) Price Index edged lower to 2.3% on a yearly basis in March from 2.5% in February. Adding to this, the core PCE Price Index, which excludes volatile food and energy prices, rose 2.6% compared to the 3% increase reported in February and was in line with analysts' estimates. This comes on top of worries about US President Donald Trump's erratic trade policies and reaffirms bets that the Federal Reserve will resume its rate-cutting cycle in June. In fact, Trump said this Thursday we have "potential" trade deals with India, South Korea and Japan, and that there is a “very good probability we'll reach a deal with China.”Meanwhile, traders are pricing in the possibility that the US central bank will lower borrowing costs by a full percentage point by the end of the year. This keeps the US Dollar well within striking distance of a multi-year low touched last week and suggests that the path of least resistance for the lower-yielding JPY remains to the upside. USD/JPY might confront stiff resistance near the 143.55-143.60 area; technical setup warrants some caution for bullsFrom a technical perspective, the USD/JPY pair is looking to build on its strength beyond the 143.00 mark and the 100-period Simple Moving Average (SMA) on the 4-hour chart. Any subsequent move up, however, is likely to confront stiff resistance near the 143.55-143.60 region ahead of the 144.00 round figure amid still negative oscillators on the daily chart. That said, some follow-through buying will set the stage for an extension of the recent recovery from a multi-month low and lift spot prices to the next relevant hurdle near the 144.60-144.65 region. The upward trajectory could extend further and allow bulls to reclaim the 145.00 psychological mark. On the flip side, the 142.65-142.60 area now seems to protect the immediate downside, below which the USD/JPY pair could drop to the 142.00 mark. A convincing break below the latter will be seen as a fresh trigger for bearish traders and make spot prices vulnerable to accelerate the fall towards mid-141.00s en route to the 141.10-141.00 region. The downward trajectory could extend further towards intermediate support near the 140.50 area and eventually expose the multi-month low – levels below the 140.00 psychological mark touched last week.

The Australian Dollar (AUD) is extending its gains against the US Dollar (USD) on Thursday. The AUD/USD pair appreciates following the release of Trade Balance data from Australia.

.fxs-major-currency-prices-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-major-currency-prices-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-major-currency-prices-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:8px 16px}table.fxs-major-currency-prices-currency-prices-table{width:100%;text-align:center;border-collapse:collapse;font-size:1rem}table.fxs-major-currency-prices-currency-prices-table th{background-color:#f2f2f2}table.fxs-major-currency-prices-currency-prices-table td{color:#fff}table.fxs-major-currency-prices-currency-prices-table td.green{background-color:#9cd6cd}table.fxs-major-currency-prices-currency-prices-table td.red{background-color:#faafb5}table.fxs-major-currency-prices-currency-prices-table td.blue-grey{background-color:#888a93}.fxs-major-currency-prices-currency-prices-legend{font-size:11px;margin:8px;color:#49494f}@media (min-width:680px){.fxs-major-currency-prices-content{font-size:16px;line-height:21.6px}.fxs-major-currency-prices-title{font-size:19.2px;line-height:27.2px}}.fxs-major-currency-prices-currency-price td.dark-green{background-color:#39ad9a}.fxs-major-currency-prices-currency-price td.light-green{background-color:#9cd6cd}.fxs-major-currency-prices-currency-price td.gray{background-color:#888a93}.fxs-major-currency-prices-currency-price td.light-red{background-color:#faafb5}.fxs-major-currency-prices-currency-price td.strong-red{background-color:#f55e6a} .fxs-event-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-event-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-event-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-event-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:12px}.fxs-event-module-section:last-child{border:none;margin-bottom:0}.fxs-event-module-header{color:#1b1c23;font-weight:700;font-size:16px;font-style:normal;line-height:20px;margin:0;padding:4px 0;background-color:#fff;border:none;position:relative;padding-right:32px}.fxs-event-module-header label{cursor:pointer;display:block}.fxs-event-module-header label:after,.fxs-event-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-event-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-event-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-event-module-container input[type=checkbox]{display:none}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-header label:after{transform:rotate(45deg) translateX(4px)}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-event-module-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0;margin-top:8px}.fxs-event-module-content.why-matters{max-height:0;overflow:hidden;transition:all .3s ease-in-out}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-content.why-matters{max-height:1000px;margin-top:8px}.fxs-event-module-calendar-title{color:#1b1c23;font-size:17.6px;font-family:Roboto;font-style:normal;font-weight:700;line-height:20.8px;margin:4px 0 0 0}.fxs-event-module-calendar-title-description-wrapper{display:flex;flex-direction:column;gap:12px;border-bottom:1px solid #ececf1;padding-bottom:16px;margin-bottom:16px}.fxs-event-module-inner-calendar{padding:16px}.fxs-event-module-inner-calendar .fxs-event-module-section{padding:0}.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:12.8px;line-height:17px}.fxs-event-module-read-more{display:flex;align-items:center;align-content:center;gap:4px;color:#e4871b;font-size:12.8px;font-family:Roboto;font-style:normal;font-weight:700;line-height:17px;text-decoration:none}.fxs-event-module-read-more svg{width:16px;height:16px}.fxs-event-module-read-more:hover span{text-decoration:underline}.fxs-event-module-release{margin:0;display:flex;flex-direction:column;gap:2px}.fxs-event-module-release>p{font-size:12.8px;font-family:Roboto;font-style:normal;line-height:17px;margin:0}.fxs-event-module-release>p>strong{color:#8c8d91;font-weight:700}.fxs-event-module-release>p>span{color:#8c8d91;font-weight:400}.fxs-event-module-release>p>a{color:#e4871b;font-weight:700;text-decoration:none}.fxs-event-module-release>p>a:hover>span{text-decoration:underline}.fxs-event-module-inner-calendar .fxs-event-module-container{margin:16px 0 0 0;border-top:1px solid #ececf1;padding:12px 0 0 0}@media (min-width:680px){.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:14.72px;line-height:20px}.fxs-event-module-release p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}The Australian Dollar holds gains after the release of stronger Trade Balance data on Thursday.Australia’s Bureau of Statistics reported a trade surplus of AUD 6.9 billion for March, surpassing expectations of AUD 3.13 billion.President Trump expressed optimism about a potential trade agreement with China.The Australian Dollar (AUD) is extending its gains against the US Dollar (USD) on Thursday. The AUD/USD pair appreciates following the release of Trade Balance data from Australia. Traders are likely awaiting the Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers Index (PMI) data from the United States (US) scheduled to be released later in the North American session.The Australian Bureau of Statistics reported a trade surplus of AUD 6.9 billion for March, significantly surpassing expectations of AUD 3.13 billion and the revised February figure of AUD 2.85 billion (down from AUD 2.97 billion). The strong surplus was driven by a 7.6% rise in exports and a 2.2% decline in imports for the month.On Wednesday, the Australian Bureau of Statistics (ABS) reported that the Consumer Price Index (CPI) rose by 0.9% quarter-over-quarter in Q1 2025, up from a 0.2% increase in Q4 2024 and exceeding market expectations of a 0.8% rise. On an annual basis, CPI climbed 2.4% in the first quarter, beating the forecast of 2.2%.Meanwhile, inflationary pressures in Australia in early 2025 have weakened expectations of further monetary easing by the Reserve Bank of Australia (RBA). Markets widely anticipate a 25-basis-point rate cut in May, as policymakers prepare for possible economic fallout from the recently introduced US tariffs.The US Dollar gains support as US President Donald Trump, during a NewsNation Town Hall interview early Thursday, expressed optimism about a potential trade agreement with China, stating there is a "very good probability we'll reach a deal." Trump emphasized that any agreement with China must meet US conditions. He also mentioned the possibility of future trade deals with India, South Korea, and Japan, and noted that a deal with Ukraine was finalized earlier in the day.Australian Dollar maintains position despite an improved US DollarThe US Dollar Index (DXY), which measures the USD against six major currencies, is gaining ground for the third successive day and trading around the 99.70 level at the time of writing. The US Dollar strengthens as traders scale back expectations for a 1% interest rate cut by the US Federal Reserve (Fed) this year, following data indicating a contraction in the US economy last quarter.According to figures released Thursday by the US Commerce Department, the economy shrank at an annualized rate of 0.3% in Q1 2025—falling short of the anticipated 0.4% growth and marking a sharp decline from the 2.4% expansion in the previous quarter.On Tuesday, the US Bureau of Labor Statistics reported that Job Openings and Labor Turnover Survey (JOLTS) openings dropped to 7.19 million in March, down from a revised 7.48 million in February and below the market forecast of 7.5 million. This marks the lowest level since September 2024, reflecting softening labor demand amid growing economic uncertainty in the United States (US).US President Donald Trump signaled openness to reducing Chinese tariffs, while Beijing exempted certain US goods from its 125% levies. This move has fueled hopes that the prolonged trade war between the world's two largest economies might be drawing to a close.Australia’s Monthly CPI held steady with a 2.4% year-over-year increase in March. Meanwhile, the Reserve Bank of Australia’s (RBA) Trimmed Mean CPI rose 2.9% year-over-year in Q1, in line with expectations, while the quarterly figure also met forecasts at 0.7%.Australian Treasurer Jim Chalmers noted that markets still anticipate further interest rate cuts. “The market expects more interest rate cuts after inflation figures,” he stated, adding that there’s “nothing in these numbers that would substantially alter market expectations.”In China, the National Bureau of Statistics (NBS) reported that the Manufacturing Purchasing Managers' Index (PMI) slipped to 49.0 in April from 50.5 in March, falling short of the 49.9 consensus and indicating a return to contraction. The Non-Manufacturing PMI also softened, easing to 50.4 in April from 50.8 in March, below the expected 50.7.Chinese Foreign Minister Wang Yi said on Tuesday that making concessions and retreating would only embolden the bully, emphasizing that dialogue is key to resolving differences.Australian Dollar remains above 0.6400; finds support near nine-day EMAThe AUD/USD pair is trading near 0.6410 on Thursday, with the daily chart maintaining a bullish tone. The pair remains above the nine-day Exponential Moving Average (EMA), and the 14-day Relative Strength Index (RSI) stays comfortably above the 50 mark—both indicating continued upward momentum.On the upside, immediate resistance lies at the recent four-month high of 0.6449, hit on April 29. A clear break above this level could open the door toward the five-month high of 0.6515.To the downside, initial support is seen at the nine-day EMA at 0.6388, followed by the 50-day EMA at 0.6317. A break below these levels would undermine the bullish bias and could expose the pair to further downside, potentially targeting the March 2020 low near 0.5914.AUD/USD: Daily Chart Australian Dollar PRICE Today The table below shows the percentage change of Australian Dollar (AUD) against listed major currencies today. Australian Dollar was the strongest against the Euro. USD EUR GBP JPY CAD AUD NZD CHF USD 0.19% 0.17% 0.09% -0.03% -0.08% -0.03% 0.09% EUR -0.19% -0.01% -0.10% -0.25% -0.28% -0.21% -0.12% GBP -0.17% 0.01% -0.10% -0.21% -0.26% -0.20% -0.10% JPY -0.09% 0.10% 0.10% -0.14% -0.17% -0.17% -0.08% CAD 0.03% 0.25% 0.21% 0.14% -0.05% 0.00% 0.10% AUD 0.08% 0.28% 0.26% 0.17% 0.05% 0.06% 0.16% NZD 0.03% 0.21% 0.20% 0.17% -0.00% -0.06% 0.10% CHF -0.09% 0.12% 0.10% 0.08% -0.10% -0.16% -0.10% The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Australian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent AUD (base)/USD (quote). Economic Indicator Trade Balance (MoM) The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD. Read more. Last release: Thu May 01, 2025 01:30 Frequency: Monthly Actual: 6,900M Consensus: 3,130M Previous: 2,968M Source: Australian Bureau of Statistics

Australia’s trade surplus rose to 6,900M MoM in March versus 3,130M expected and 2,852M (revised from 2,968M) in the previous reading, according to the latest foreign trade data published by the Australian Bureau of Statistics on Thursday.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} Australia’s trade surplus rose to 6,900M MoM in March versus 3,130M expected and 2,852M (revised from 2,968M) in the previous reading, according to the latest foreign trade data published by the Australian Bureau of Statistics on Thursday.Further details reveal that Australia's Exports climbed by 7.6% MoM in March from -4.2% (revised from -3.6%) seen a month earlier. Meanwhile, Imports fell by 2.2% MoM in March, compared to a rise of 1.8% (revised from 1.6%) seen in February.Market reaction to Australia’s Trade BalanceAt the press time, the AUD/USD pair is up 0.13% on the day to trade at 0.6410. Australian Dollar FAQs What key factors drive the Australian Dollar? One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. How do the decisions of the Reserve Bank of Australia impact the Australian Dollar? The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive. How does the health of the Chinese Economy impact the Australian Dollar? China is Australia’s largest trading partner so the health of the Chinese economy is a major influence on the value of the Australian Dollar (AUD). When the Chinese economy is doing well it purchases more raw materials, goods and services from Australia, lifting demand for the AUD, and pushing up its value. The opposite is the case when the Chinese economy is not growing as fast as expected. Positive or negative surprises in Chinese growth data, therefore, often have a direct impact on the Australian Dollar and its pairs. How does the price of Iron Ore impact the Australian Dollar? Iron Ore is Australia’s largest export, accounting for $118 billion a year according to data from 2021, with China as its primary destination. The price of Iron Ore, therefore, can be a driver of the Australian Dollar. Generally, if the price of Iron Ore rises, AUD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Iron Ore falls. Higher Iron Ore prices also tend to result in a greater likelihood of a positive Trade Balance for Australia, which is also positive of the AUD. How does the Trade Balance impact the Australian Dollar? The Trade Balance, which is the difference between what a country earns from its exports versus what it pays for its imports, is another factor that can influence the value of the Australian Dollar. If Australia produces highly sought after exports, then its currency will gain in value purely from the surplus demand created from foreign buyers seeking to purchase its exports versus what it spends to purchase imports. Therefore, a positive net Trade Balance strengthens the AUD, with the opposite effect if the Trade Balance is negative.

Australia Trade Balance (MoM) came in at 6900M, above forecasts (3130M) in March

Australia Exports (MoM) rose from previous -3.6% to 7.6% in March

Australia Imports (MoM) down to -2.2% in March from previous 1.6%

Australia Import Price Index (QoQ) registered at 3.3% above expectations (0.3%) in 1Q

Australia Export Price Index (QoQ): 2.1% (1Q) vs previous 3.6%

In a NewsNation Town Hall interview early Thursday, US President Donald Trump said there is a “very good probability we'll reach a deal with China.”

In a NewsNation Town Hall interview early Thursday, US President Donald Trump said there is a “very good probability we'll reach a deal with China.”Additional quotesChina agreement must align with our conditions.India seeks to make a deal enthusiastically.We made a deal today on Ukraine.

The Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. 

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Gold price tumbles to around $3,245 in Thursday's early Asian session, down 1.25% on the day. De-escalation in trade tensions and a firmer US Dollar weigh on the Gold price.US April employment report on Friday will be closely monitored. The Gold price (XAU/USD) extends the decline to around $3,245 during the early Asian session on Thursday. The precious metal edges lower to near a two-week low amid easing US-China trade tensions and stronger US Dollar (USD) demand. Risk sentiment is improving after US President Donald Trump on Tuesday signed an executive order aimed at easing tariffs on foreign auto parts, granting carmakers a two-year window to raise domestic sourcing. Additionally, US Treasury Secretary Scott Bessent emphasized “very good” offers from trade partners.US trade representative Jamieson Greer said late Wednesday that US President Donald Trump’s administration expects to conclude initial tariff deals with some US trading partners within weeks. Optimism surrounding tariffs lifts the Greenback and weakens demand for traditional safe-haven assets like Gold as it makes yellow metal more expensive for holders of other currencies.On the other hand, rate cut hopes from the US Federal Reserve (Fed) after weaker-than-expected US economic data might help limit the yellow metal’s losses. The US economy contracted at an annualised rate of 0.3% in the first quarter (Q1) of 2025, according to the US Commerce Department on Thursday. This figure came in weaker than the estimation of 0.4% and down from the previous reading of a 2.4% expansion. Futures contracts see the Fed starting rate cuts in June, with a total of four quarter-point reductions expected, lowering the rate to the 3.25%-3.50% band by year-end. Investors will closely watch the US April employment data due on Friday for fresh impetus. The NFP is expected to show 130K job additions in April, while the Unemployment Rate is estimated to remain at 4.2%.  Gold FAQs Why do people invest in Gold? Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Who buys the most Gold? Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. How is Gold correlated with other assets? Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. What does the price of Gold depend on? The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

Japan Jibun Bank Manufacturing PMI came in at 48.7, above expectations (48.5) in April

South Korea Trade Balance declined to $4.88B in April from previous $4.92B

A bipartisan measure that sought to undo the sweeping tariffs that US President Donald Trump imposed on most countries earlier in April failed in the GOP-led Senate on Wednesday, per NBC. 

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} A bipartisan measure that sought to undo the sweeping tariffs that US President Donald Trump imposed on most countries earlier in April failed in the GOP-led Senate on Wednesday, per NBC. Senators voted 49-49 to reject the national emergency Trump used to impose tariffs of between 10% and 50% on many of the US’ major trading partners.  Senator Sheldon Whitehouse (D-R.I.) and Mitch McConnell (R-Ky.) were missing from the vote, leaving supporters of the resolution short of a majority. Market reactionAt the time of writing, the US Dollar Index (DXY) is trading 0.02% higher on the day to trade at 99.65. US Dollar FAQs What is the US Dollar? The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away. How do the decisions of the Federal Reserve impact the US Dollar? The most important single factor impacting on the value of the US Dollar is monetary policy, which is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability (control inflation) and foster full employment. Its primary tool to achieve these two goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, the Fed will raise rates, which helps the USD value. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates, which weighs on the Greenback. What is Quantitative Easing and how does it influence the US Dollar? In extreme situations, the Federal Reserve can also print more Dollars and enact quantitative easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used when credit has dried up because banks will not lend to each other (out of the fear of counterparty default). It is a last resort when simply lowering interest rates is unlikely to achieve the necessary result. It was the Fed’s weapon of choice to combat the credit crunch that occurred during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy US government bonds predominantly from financial institutions. QE usually leads to a weaker US Dollar. What is Quantitative Tightening and how does it influence the US Dollar? Quantitative tightening (QT) is the reverse process whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing in new purchases. It is usually positive for the US Dollar.

Ireland Purchasing Manager Index Manufacturing rose from previous 51.6 to 53 in April

US trade representative Jamieson Greer said late Wednesday that US President Donald Trump’s administration expects to conclude initial tariff deals with some US trading partners within weeks.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} US trade representative Jamieson Greer said late Wednesday that US President Donald Trump’s administration expects to conclude initial tariff deals with some US trading partners within weeks. However, negotiations with India are not yet “finish-line-close,” and no official talks with China are underway, per Reuters. Key quotes
Initial trade deals are to be announced in weeks, not months.
Says he is meeting with Japan, Saudi Arabia, and Guyana on Thursday.
Not close on India trade deal, having calls with India's trade minister.Market reactionAt the time of writing, the AUD/USD pair is trading 0.11% higher on the day to trade at 0.6410. Tariffs FAQs What are tariffs? Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas. What is the difference between taxes and tariffs? Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers. Are tariffs good or bad? There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs. What is US President Donald Trump’s tariff plan? During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.

The EUR/USD pair trades with mild losses near 1.1325 during the early Asian session on Thursday, pressured by renewed US Dollar (USD) demand. The US Dollar Index (DXY) advanced further and reached two-day highs around 99.70.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}EUR/USD softens to around 1.1325 in Thursday’s early Asian session. The US economy shrank 0.3% in Q1, weaker than expected. Inflation data from the largest nations of the Eurozone supports market expectations that the ECB could continue to cut rates. The EUR/USD pair trades with mild losses near 1.1325 during the early Asian session on Thursday, pressured by renewed US Dollar (USD) demand. The US Dollar Index (DXY) advanced further and reached two-day highs around 99.70. Later on Thursday, the US ISM Manufacturing Purchasing Managers Index (PMI) report will be in the spotlight. Most markets will be closed on May 1 due to the Labour Day holiday.Traders pulled back slightly from bets that the US Federal Reserve (Fed) will reduce its interest rates by a full percentage point this year after data showed the US economy contracted by an annualized 0.3% last quarter. Still, futures contracts see the Fed starting rate cuts in June, with a total of four quarter-point reductions expected, lowering the rate to the 3.25%-3.50% band by year-end.Data released by the US Commerce Department on Thursday showed that the US economy contracted at an annualised rate of 0.3% in the first quarter (Q1) of 2025. This figure came in weaker than the 0.4% growth expected and down from the previous reading of a 2.4% expansion.The report came ahead of the next uncertain steps for US President Donald Trump’s trade policy. On Wednesday, Trump said that the US economy will “take a while” to show the outcome of the current policies and blamed the stock market’s performance on former US President Joe Biden.The US weekly Initial Jobless Claims are due later on Thursday, followed by the final S&P Global Manufacturing PMI and the ISM Manufacturing PMI. All eyes will be on the US Nonfarm Payrolls (NFP) report on Friday, which is expected to see 130,000 jobs added in the US economy in April. In case of a weaker-than-expected outcome, this could drag the Greenback lower and create a tailwind for EUR/USD. Across the pond, traders have almost priced in a 25 basis points (bps) rate cut by the European Central Bank (ECB) in the June policy meeting. ECB officials have forecasted a further slowdown in inflation and economic growth in response to tariffs imposed by the US on its trade partners. Euro FAQs What is the Euro? The Euro is the currency for the 19 European Union countries that belong to the Eurozone. It is the second most heavily traded currency in the world behind the US Dollar. In 2022, it accounted for 31% of all foreign exchange transactions, with an average daily turnover of over $2.2 trillion a day. EUR/USD is the most heavily traded currency pair in the world, accounting for an estimated 30% off all transactions, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%). What is the ECB and how does it impact the Euro? The European Central Bank (ECB) in Frankfurt, Germany, is the reserve bank for the Eurozone. The ECB sets interest rates and manages monetary policy. The ECB’s primary mandate is to maintain price stability, which means either controlling inflation or stimulating growth. Its primary tool is the raising or lowering of interest rates. Relatively high interest rates – or the expectation of higher rates – will usually benefit the Euro and vice versa. The ECB Governing Council makes monetary policy decisions at meetings held eight times a year. Decisions are made by heads of the Eurozone national banks and six permanent members, including the President of the ECB, Christine Lagarde. How does inflation data impact the value of the Euro? Eurozone inflation data, measured by the Harmonized Index of Consumer Prices (HICP), is an important econometric for the Euro. If inflation rises more than expected, especially if above the ECB’s 2% target, it obliges the ECB to raise interest rates to bring it back under control. Relatively high interest rates compared to its counterparts will usually benefit the Euro, as it makes the region more attractive as a place for global investors to park their money. How does economic data influence the value of the Euro? Data releases gauge the health of the economy and can impact on the Euro. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the single currency. A strong economy is good for the Euro. Not only does it attract more foreign investment but it may encourage the ECB to put up interest rates, which will directly strengthen the Euro. Otherwise, if economic data is weak, the Euro is likely to fall. Economic data for the four largest economies in the euro area (Germany, France, Italy and Spain) are especially significant, as they account for 75% of the Eurozone’s economy. How does the Trade Balance impact the Euro? Another significant data release for the Euro is the Trade Balance. This indicator measures the difference between what a country earns from its exports and what it spends on imports over a given period. If a country produces highly sought after exports then its currency will gain in value purely from the extra demand created from foreign buyers seeking to purchase these goods. Therefore, a positive net Trade Balance strengthens a currency and vice versa for a negative balance.

Australia Judo Bank Manufacturing PMI in line with forecasts (51.7) in April

The Bank of Japan (BoJ) will announce its decision on monetary policy after a two-day meeting on Thursday, and market participants widely anticipate policymakers will keep the benchmark interest rate on hold at 0.50%.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} .fxs-event-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left}.fxs-event-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-event-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-event-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:12px}.fxs-event-module-section:last-child{border:none;margin-bottom:0}.fxs-event-module-header{color:#1b1c23;font-weight:700;font-size:16px;font-style:normal;line-height:20px;margin:0;padding:4px 0;background-color:#fff;border:none;position:relative;padding-right:32px}.fxs-event-module-header label{cursor:pointer;display:block}.fxs-event-module-header label:after,.fxs-event-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-event-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-event-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-event-module-container input[type=checkbox]{display:none}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-header label:after{transform:rotate(45deg) translateX(4px)}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-event-module-content{color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0;margin-top:8px}.fxs-event-module-content.why-matters{max-height:0;overflow:hidden;transition:all .3s ease-in-out}.fxs-event-module-container input[type=checkbox]:checked+.fxs-event-module-section .fxs-event-module-content.why-matters{max-height:1000px;margin-top:8px}.fxs-event-module-calendar-title{color:#1b1c23;font-size:17.6px;font-family:Roboto;font-style:normal;font-weight:700;line-height:20.8px;margin:4px 0 0 0}.fxs-event-module-calendar-title-description-wrapper{display:flex;flex-direction:column;gap:12px;border-bottom:1px solid #ececf1;padding-bottom:16px;margin-bottom:16px}.fxs-event-module-inner-calendar{padding:16px}.fxs-event-module-inner-calendar .fxs-event-module-section{padding:0}.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:12.8px;line-height:17px}.fxs-event-module-read-more{display:flex;align-items:center;align-content:center;gap:4px;color:#e4871b;font-size:12.8px;font-family:Roboto;font-style:normal;font-weight:700;line-height:17px;text-decoration:none}.fxs-event-module-read-more svg{width:16px;height:16px}.fxs-event-module-read-more:hover span{text-decoration:underline}.fxs-event-module-release{margin:0;display:flex;flex-direction:column;gap:2px}.fxs-event-module-release>p{font-size:12.8px;font-family:Roboto;font-style:normal;line-height:17px;margin:0}.fxs-event-module-release>p>strong{color:#8c8d91;font-weight:700}.fxs-event-module-release>p>span{color:#8c8d91;font-weight:400}.fxs-event-module-release>p>a{color:#e4871b;font-weight:700;text-decoration:none}.fxs-event-module-release>p>a:hover>span{text-decoration:underline}.fxs-event-module-inner-calendar .fxs-event-module-container{margin:16px 0 0 0;border-top:1px solid #ececf1;padding:12px 0 0 0}@media (min-width:680px){.fxs-event-module-inner-calendar .fxs-event-module-header{font-size:14.72px;line-height:20px}.fxs-event-module-release p{font-size:14.72px;line-height:20px}.fxs-event-module-read-more{font-size:14.72px;line-height:20px}.fxs-event-module-calendar-title{font-size:22.4px;line-height:25.6px}.fxs-event-module-title{font-size:19.2px;line-height:27.2px}.fxs-event-module-header{font-size:19.2px;line-height:25.92px}.fxs-event-module-content{font-size:16px;line-height:21.6px}}The Bank of Japan is expected to hold interest rates at 0.50% in its May meeting.The uncertainty related to the United States-inspired trade war will be at the centre of the decision.The Japanese Yen could ease further with the BoJ’s anticipated decision. The Bank of Japan (BoJ) will announce its decision on monetary policy after a two-day meeting on Thursday, and market participants widely anticipate policymakers will keep the benchmark interest rate on hold at 0.50%. The focus will then shift to any signs of future monetary policy actions in the foreseeable future, alongside fresh economic projections, with the Japanese Yen (JPY) reacting in consequence. What to expect from the BoJ interest rate decision?As said, the Japanese central bank will likely maintain interest rates on hold at 0.50%, the highest level in 17 years. The BoJ delivered a 25 basis points (bps) hike in January amid progress towards their 2% inflation goal, but stayed pat in March.Regarding projections, the BoJ forecasted 1.1% Gross Domestic Product (GDP) growth for FY 2025 and 1% for FY 2026 in January. Such a figure could suffer a revision amid the ongoing trade war, given that Japan is an export-dependent economy. Additionally, the median outlook for consumer inflation was 2.4% and 2% for the same two years.Meanwhile, the United States (US)-inspired trade war continues, generating uncertainties about economic and inflation progress. Without progress in negotiations, Japan will likely see a contraction in exports and reduced capital investment, alongside an uptick in inflation. That means Japanese policymakers will likely opt to keep rates on hold until a clearer picture emerges. Ahead of the announcement, Japanese Prime Minister Shigeru Ishiba announced in mid-April some emergency economic measures to alleviate any impact on industries and households affected by US levies. The package includes support for corporate financing and subsidies to lower petrol prices by 10 yen ($0.07) a litre (0.26 gallons), and partially cover electricity bills for three months from July.Also, Japan's Economy Minister, Ryosei Akazawa, who is in charge of trade negotiations with the US, repeated that they expect the complete removal of levies. Even further, he clarified that the government is not considering sacrificing agricultural products for the sake of autos in the negotiations.Finally, BoJ Governor Kazuo Ueda last week said the bank will continue to carefully monitor economic and price data in relation to interest rate policy. Ueda will hold a press conference after the announcement, and his words will be scrutinised for clues on future monetary policy decisions. As a note of colour, the US published first-tier data on Wednesday. The ADP Employment Change report showed that the private sector added 62K new job positions in April, much worse than the 108K anticipated by market participants. The preliminary estimate of the US Q1 GDP also missed expectations, as the economy contracted at an annualized pace of 0.3% against the anticipated 0.4% expansion. The figures fueled speculation that the US faces a recession in the foreseeable future amid Trump’s tariffs, and financial markets turned risk-averse ahead of BoJ’s decision.How could the Bank of Japan's interest rate decision affect USD/JPY?Generally speaking, markets price in central bank’s decisions, meaning a decision in line with expectations should have a limited impact on the JPY. Policymakers are expected to repeat that they will remain data-dependent. Downward revisions to expectations, however, may weigh on the Japanese currency. A scenario in which BoJ officials are optimistic about economic and inflation progress is quite unlikely, but it should result in a firmer JPY. Considering that, the USD/JPY will edge lower after BoJ’s decision. Valeria Bednarik, FXStreet Chief Analyst, says: “The USD/JPY pair hovers around 143.00 in the American session before the BoJ’s announcement, advancing for a second consecutive day, but the bullish potential seems well-limited. In the daily chart, a bearish 20 Simple Moving Average (SMA) provides dynamic resistance at around 143.70, while technical indicators aim north, although within negative levels and with uneven strength. Even further, the 100 and 200 SMAs keep heading lower, far above the current level, reflecting the dominant bearish trend. A recent peak at 144.02 comes as the next relevant level to watch, with a steady advance above it required to anticipate a bullish extension in the following sessions.”Bednarik adds: “Should the BoJ deliver a hawkish message, the risk for USD/JPY turns to the downside, with the 142.00 mark providing immediate support, ahead of the April 23 daily low at 141.35. Additional selling pressure exposes the year low at 139.88.” Central banks FAQs What does a central bank do? Central Banks have a key mandate which is making sure that there is price stability in a country or region. Economies are constantly facing inflation or deflation when prices for certain goods and services are fluctuating. Constant rising prices for the same goods means inflation, constant lowered prices for the same goods means deflation. It is the task of the central bank to keep the demand in line by tweaking its policy rate. For the biggest central banks like the US Federal Reserve (Fed), the European Central Bank (ECB) or the Bank of England (BoE), the mandate is to keep inflation close to 2%. What does a central bank do when inflation undershoots or overshoots its projected target? A central bank has one important tool at its disposal to get inflation higher or lower, and that is by tweaking its benchmark policy rate, commonly known as interest rate. On pre-communicated moments, the central bank will issue a statement with its policy rate and provide additional reasoning on why it is either remaining or changing (cutting or hiking) it. Local banks will adjust their savings and lending rates accordingly, which in turn will make it either harder or easier for people to earn on their savings or for companies to take out loans and make investments in their businesses. When the central bank hikes interest rates substantially, this is called monetary tightening. When it is cutting its benchmark rate, it is called monetary easing. Who decides on monetary policy and interest rates? A central bank is often politically independent. Members of the central bank policy board are passing through a series of panels and hearings before being appointed to a policy board seat. Each member in that board often has a certain conviction on how the central bank should control inflation and the subsequent monetary policy. Members that want a very loose monetary policy, with low rates and cheap lending, to boost the economy substantially while being content to see inflation slightly above 2%, are called ‘doves’. Members that rather want to see higher rates to reward savings and want to keep a lit on inflation at all time are called ‘hawks’ and will not rest until inflation is at or just below 2%. Is there a president or head of a central bank? Normally, there is a chairman or president who leads each meeting, needs to create a consensus between the hawks or doves and has his or her final say when it would come down to a vote split to avoid a 50-50 tie on whether the current policy should be adjusted. The chairman will deliver speeches which often can be followed live, where the current monetary stance and outlook is being communicated. A central bank will try to push forward its monetary policy without triggering violent swings in rates, equities, or its currency. All members of the central bank will channel their stance toward the markets in advance of a policy meeting event. A few days before a policy meeting takes place until the new policy has been communicated, members are forbidden to talk publicly. This is called the blackout period. Economic Indicator BoJ Interest Rate Decision The Bank of Japan (BoJ) announces its interest rate decision after each of the Bank’s eight scheduled annual meetings. Generally, if the BoJ is hawkish about the inflationary outlook of the economy and raises interest rates it is bullish for the Japanese Yen (JPY). Likewise, if the BoJ has a dovish view on the Japanese economy and keeps interest rates unchanged, or cuts them, it is usually bearish for JPY. Read more. Next release: Thu May 01, 2025 03:00 Frequency: Irregular Consensus: 0.5% Previous: 0.5% Source: Bank of Japan

The Mexican Peso lost some ground against the US Dollar and edged down over 0.31% late during the North American session due to fears that the US could face an economic recession, as revealed by data.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}}Mexican Peso depreciates as USD/MXN rises to 19.60 as safe-haven demand lifts Greenback.Mexico dodges technical recession, but outlook remains fragile, warns Pantheon Macroeconomics.US GDP contraction, weak jobs data, and sticky inflation spark stagflation concerns.Core PCE dips but stays above Fed’s 2% target, fueling rate cut speculatioThe Mexican Peso lost some ground against the US Dollar and edged down over 0.31% late during the North American session due to fears that the US could face an economic recession, as revealed by data. At the same time, Mexico’s economy surprisingly expanded on the first quarter, dodging a “technical recession.” At the time of writing, the USD/MXN trades at 19.60 as the Asian session begins.US and Mexican economic data drove the USD/MXN pair on Wednesday. In the US, the Gross Domestic Product (GDP) for the first quarter of 2025 missed estimates and revealed that the economy is shrinking. On the other side of the border, the Instituto Nacional de Estadistica Geografia e Informatica (INEGI) revealed that the economy grew, contrary to economists' estimates.Andres Abadia, Chief Latin American economist at Pantheon Macroeconomics, wrote in a note to clients, "The quarter-to-quarter gain helped the Mexican economy avoid a technical recession, but it does little to alter the weak trajectory.”Although economic growth divergence favored the Peso, other US data sparked a flight to the Greenback's safe-haven status. Soft labor market data and high prices triggered an alarm about a possible stagflationary scenario in the US.ADP revealed that companies hired fewer people in April than in March. Thirty minutes after the US cash equity market opened, the Federal Reserve’s favorite inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index, revealed that inflation dipped as expected. Yet, it remained above the Fed’s 2% goal.Daily digest market movers: Mexican Peso fails to rally on goodish GDP dataMexico’s economic data revealed on Monday showed that the Balance of Trade printed a surplus and that labor market conditions remain solid as the Unemployment Rate ticked lower in March compared to FebruaryEconomic data revealed last week showcasing the ongoing economic slowdown as Retail Sales in February missed estimates. However, not all has been said, as traders await GDP for Q1.INEGI revealed that the GDP for the first quarter of 2025 came at 0.2% quarterly. The figure exceeded the forecast of 0% and improved compared to last year’s Q4 contraction of -0.6%, aligned with estimates.Across the border, the US. GDP contracted by 0.3% in Q1 2025, missing expectations for a 0.4% expansion and marking a sharp slowdown from Q4 2024’s 2.4% growth, according to the Commerce Department.US ADP employment data for April showed that private companies added 62K jobs, well below the 108K estimate, suggesting that Friday’s Nonfarm Payrolls may also disappoint.As expected, the Core PCE Price Index—the Fed’s preferred inflation gauge—rose 2.6% YoY in March, easing from February’s 3%, pointing to continued disinflation.USD/MXN technical outlook: Mexican Peso remains bullish as USD/MXN stays below 200-day SMAFrom a technical perspective, the USD/MXN remains downward biased, but it has consolidated during the last ten days. As depicted by price action, it seems that sellers lack the strength to push the pair below the April 23  year-to-date (YTD) low of 19.46, which might send the pair drifting if it clears that level. In that outcome the next support would be the 19.00 psychological level.Conversely, if USD/MXN rallies past the 200-day SMA at 19.96, this can clear the path to challenge the 20.00 figure followed by the 50-day SMA at 20.12. Mexican Peso FAQs What key factors drive the Mexican Peso? The Mexican Peso (MXN) is the most traded currency among its Latin American peers. Its value is broadly determined by the performance of the Mexican economy, the country’s central bank’s policy, the amount of foreign investment in the country and even the levels of remittances sent by Mexicans who live abroad, particularly in the United States. Geopolitical trends can also move MXN: for example, the process of nearshoring – or the decision by some firms to relocate manufacturing capacity and supply chains closer to their home countries – is also seen as a catalyst for the Mexican currency as the country is considered a key manufacturing hub in the American continent. Another catalyst for MXN is Oil prices as Mexico is a key exporter of the commodity. How do decisions of the Banxico impact the Mexican Peso? The main objective of Mexico’s central bank, also known as Banxico, is to maintain inflation at low and stable levels (at or close to its target of 3%, the midpoint in a tolerance band of between 2% and 4%). To this end, the bank sets an appropriate level of interest rates. When inflation is too high, Banxico will attempt to tame it by raising interest rates, making it more expensive for households and businesses to borrow money, thus cooling demand and the overall economy. Higher interest rates are generally positive for the Mexican Peso (MXN) as they lead to higher yields, making the country a more attractive place for investors. On the contrary, lower interest rates tend to weaken MXN. How does economic data influence the value of the Mexican Peso? Macroeconomic data releases are key to assess the state of the economy and can have an impact on the Mexican Peso (MXN) valuation. A strong Mexican economy, based on high economic growth, low unemployment and high confidence is good for MXN. Not only does it attract more foreign investment but it may encourage the Bank of Mexico (Banxico) to increase interest rates, particularly if this strength comes together with elevated inflation. However, if economic data is weak, MXN is likely to depreciate. How does broader risk sentiment impact the Mexican Peso? As an emerging-market currency, the Mexican Peso (MXN) tends to strive during risk-on periods, or when investors perceive that broader market risks are low and thus are eager to engage with investments that carry a higher risk. Conversely, MXN tends to weaken at times of market turbulence or economic uncertainty as investors tend to sell higher-risk assets and flee to the more-stable safe havens.

New Zealand ANZ – Roy Morgan Consumer Confidence: 98.3 (April) vs 93.2

The AUD/NZD pair is trading with a slight downside bias on Wednesday as it hovers near the mid-1.0800s, showing mild losses for the day ahead of the Asian session.

AUD/NZD moves around the mid-1.0800s ahead of Asia after a mild pullback.Overall sentiment leans bearish despite mixed intraday indicators.Longer-term trend lines tilt lower, with key resistance levels capping upside.The AUD/NZD pair is trading with a slight downside bias on Wednesday as it hovers near the mid-1.0800s, showing mild losses for the day ahead of the Asian session. While short-term signals such as the MACD offer tentative support and the RSI stays neutral, the broader picture remains pressured by a bearish trend, reinforced by declining longer-term moving averages. The pair is trading mid-range and struggling to break through overhead resistance, reflecting underlying softness in momentum.Technically, the AUD/NZD maintains a bearish outlook. The Relative Strength Index is neutral near 47, indicating a lack of conviction on either side. The MACD, however, provides a modest buy signal, which contrasts with the overall structure shaped by the moving averages. The Stochastic RSI is elevated but neutral, while the Average Directional Index sits above 35, suggesting the existing trend has strength, though directionality remains unclear in the short term.The bearish bias is underpinned by the positioning of key moving averages. The 30-day Exponential and Simple Moving Averages — both sitting above current levels — are aligned with the downward tilt of the 100-day and 200-day SMAs, reinforcing resistance. The 20-day SMA is the lone short-term signal supporting buyers, but it lacks broader confirmation.Immediate support levels are noted at 1.0783, 1.0776, and 1.0760. Resistance is capped at 1.0801, followed by 1.0819 and 1.0833.Daily Chart

US President Donald Trump spoke at the White House during the Investing in America event. He said there’s an individual at the Federal Reserve that I am not a big fan of and insisted that interest rates should be lower.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} US President Donald Trump spoke at the White House during the Investing in America event. He said there’s an individual at the Federal Reserve that I am not a big fan of and insisted that interest rates should be lower.Trump added, “I comprehend interest much better than Powell.” He also said that pharmaceutical companies would have a tariff wall after a certain amount of time. Fed FAQs What does the Federal Reserve do, how does it impact the US Dollar? Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback. How often does the Fed hold monetary policy meetings? The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis. What is Quantitative Easing (QE) and how does it impact USD? In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar. What is Quantitative Tightening (QT) and how does it impact the US Dollar? Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.

The USD/JPY is trading with modest losses, hovering near the mid-143.00s after disappointing US growth data and lackluster Japanese economic reports fueled diverging sentiment around both currencies.

The USD/JPY is trading slightly down, stuck in a tight range, as growth concerns pressure the Dollar while weak Japanese data caps Yen strength.US GDP contracted by 0.3% in Q1, inflation slowed, and traders now see increased chances of Fed rate cuts; Trump renews criticism of Powell.Technical signals remain bearish, with multiple SMAs pointing lower and the pair struggling below resistance at 143.57.The USD/JPY is trading with modest losses, hovering near the mid-143.00s after disappointing US growth data and lackluster Japanese economic reports fueled diverging sentiment around both currencies. The US economy contracted by 0.3% in the first quarter of 2025, the first decline since 2022, missing expectations for growth and highlighting the impact of higher imports and reduced government spending. At the same time, Japan reported weaker-than-expected industrial production and retail sales, which limited the Yen’s upside even as global risk appetite faltered.On the macro front, the US Bureau of Economic Analysis reported that real GDP shrank by 0.3% in Q1, missing the market forecast of 0.4% growth and marking a sharp deceleration from the 2.4% increase in Q4 2024. The contraction was primarily driven by a 41% surge in imports and lower government outlays. Meanwhile, core PCE inflation, the Fed’s preferred gauge, moderated to 2.3% year-on-year, in line with expectations and down from February’s 2.5%. Other data showed weaker job creation, with the ADP report revealing just 62,000 new jobs in April versus an expected 108,000.Despite softer data, personal spending remained solid in March, rising by 0.7%, while income rose 0.5%. However, market sentiment turned cautious, with the Dow Jones Industrial Average dropping over 200 points and lingering around 40,300. President Donald Trump reignited tension by blaming the economic downturn on his predecessor and calling out Fed Chair Jerome Powell during a speech, saying he knows more about interest rates. Additionally, Trump hinted at progress in trade talks with Canada and possibly China.In Japan, the Yen weakened 0.5% against the Dollar as industrial production and retail sales data both disappointed, highlighting domestic fragility. Although the Bank of Japan is not expected to adjust policy at its next meeting, investors will focus on updated forecasts and any signals about trade-related risks. With US-Japan trade talks ongoing and China’s macro indicators also signaling a slowdown, markets remain on edge heading into Friday’s key Nonfarm Payrolls release.Technical AnalysisFrom a technical standpoint, USD/JPY is flashing bearish signals, currently trading around 143.00. The pair is contained between 142.93 and 143.05. The RSI at 43.20 is neutral, while MACD gives a soft buy indication. However, momentum at 0.55 and the flat Ultimate Oscillator at 52.21 show indecision. Moving averages lean negative, with the 20-day SMA at 143.57, 100-day at 150.99, and 200-day at 149.81 all suggesting a downward trend. Additional resistance is located at 143.84 and 144.63, while support levels are seen at 142.88, 142.76, and 142.45.The market’s focus now turns to the ISM Manufacturing PMI and Friday’s jobs report, which will be pivotal in shaping expectations for the Fed’s next move. Until then, risk sentiment and rate expectations are likely to dictate short-term direction.Daily Chart

The US President Donald Trump speaks at the White House on the Investing in America event.

.fxs-faq-module-wrapper{border:1px solid #dddedf;background:#fff;margin-bottom:32px;width:100%;float:left;font-family:Roboto,sans-serif}.fxs-faq-module-title{color:#1b1c23;font-size:16px;font-style:italic;font-weight:700;line-height:22.4px;text-transform:uppercase;background:#f3f3f8;padding:8px 16px;margin:0}.fxs-faq-module-container{padding:16px;width:100%;box-sizing:border-box;display:flex;flex-direction:column;gap:12px}.fxs-faq-module-section{padding-bottom:16px;border-bottom:1px solid #ececf1;margin-bottom:0}.fxs-faq-module-section:last-child{border:none;margin-bottom:0}.fxs-faq-module-container input[type=checkbox]{display:none}.fxs-faq-module-header{padding:4px 0;background-color:#fff;border:none;position:relative;cursor:pointer;margin:0}.fxs-faq-module-header label{display:block;cursor:pointer}.fxs-faq-module-header label span{display:block;width:calc(100% - 50px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{content:"";position:absolute;top:50%;right:16px;width:8px;height:2px;background-color:#49494f;transition:all .2s ease-in-out;transition-delay:0}.fxs-faq-module-header label:after{transform:rotate(45deg) translateX(-4px)}.fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(4px)}.fxs-faq-module-header label:after,.fxs-faq-module-header label:before{transition:transform .3s ease-in-out}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:after{transform:rotate(45deg) translateX(4px)}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-header label:before{transform:rotate(-45deg) translateX(-4px)}.fxs-faq-module-content{max-height:0;overflow:hidden;transition:all .3s ease-in-out;color:#49494f;font-weight:300;padding:0;font-size:14.72px;line-height:20px;margin:0}input[type=checkbox]:checked+.fxs-faq-module-section .fxs-faq-module-content{max-height:1000px;margin-top:8px}@media (min-width:680px){.fxs-faq-module-title{font-size:19.2px;line-height:27.2px}.fxs-faq-module-header{font-size:19.2px;line-height:25.92px}.fxs-faq-module-content{font-size:16px;line-height:21.6px}} The US President Donald Trump speaks at the White House on the Investing in America event.Key highlights:Recent data is on Biden.
We need to give us a little time to get moving.
We are engaging with numerous nations currently.
We plan to support businesses in the upcoming weeks.
The tax bill will include retroactive expensing to January 20th.
Contact your local representative to get the tax bill approved.Market’s reactionThe US Dollar Index (DXY) edges slightly up, post gains of over 0.44% at 99.62 as Trump crosses the newswires. Tariffs FAQs What are tariffs? Tariffs are customs duties levied on certain merchandise imports or a category of products. Tariffs are designed to help local producers and manufacturers be more competitive in the market by providing a price advantage over similar goods that can be imported. Tariffs are widely used as tools of protectionism, along with trade barriers and import quotas. What is the difference between taxes and tariffs? Although tariffs and taxes both generate government revenue to fund public goods and services, they have several distinctions. Tariffs are prepaid at the port of entry, while taxes are paid at the time of purchase. Taxes are imposed on individual taxpayers and businesses, while tariffs are paid by importers. Are tariffs good or bad? There are two schools of thought among economists regarding the usage of tariffs. While some argue that tariffs are necessary to protect domestic industries and address trade imbalances, others see them as a harmful tool that could potentially drive prices higher over the long term and lead to a damaging trade war by encouraging tit-for-tat tariffs. What is US President Donald Trump’s tariff plan? During the run-up to the presidential election in November 2024, Donald Trump made it clear that he intends to use tariffs to support the US economy and American producers. In 2024, Mexico, China and Canada accounted for 42% of total US imports. In this period, Mexico stood out as the top exporter with $466.6 billion, according to the US Census Bureau. Hence, Trump wants to focus on these three nations when imposing tariffs. He also plans to use the revenue generated through tariffs to lower personal income taxes.

The EUR/JPY pair moved modestly lower on Wednesday, holding near the 162.00 area as it heads into the Asian session. Price action remained contained within a tight daily range, reflecting indecision among traders.

EUR/JPY trades around the 162.00 zone after a quiet session with slight downside pressure. Technical bias is neutral, with mixed intraday signals offering little directional conviction. Short-term indicators remain flat, while longer-term averages suggest underlying support.The EUR/JPY pair moved modestly lower on Wednesday, holding near the 162.00 area as it heads into the Asian session. Price action remained contained within a tight daily range, reflecting indecision among traders. Momentum indicators such as the Relative Strength Index and Williams Percent Range are neutral, while the MACD points to mild bearish pressure. However, longer-term moving averages continue to lean bullish, keeping the broader outlook supported despite the short-term stagnation.EUR/JPY is currently exhibiting a neutral stance. The Relative Strength Index is hovering near 51, reinforcing the lack of momentum in either direction. The MACD, however, has turned lower and now flashes a sell signal, hinting at softening demand. Both the Stochastic %K and Williams Percent Range confirm the indecision, holding at neutral levels that reflect the absence of overbought or oversold conditions.Looking at trend indicators, the 20-day, 100-day, and 200-day Simple Moving Averages are all positioned below the market and point upward, offering a supportive structure in the medium term. In contrast, the Ichimoku Base Line remains flat and neutral, failing to confirm directional strength in the near term.Immediate support rests at 161.91, followed by 161.81 and 161.78. Resistance is seen at 161.96, 162.00, and 162.17.Daily Chart

Mexico Fiscal Balance, pesos: -24.6B (March) vs -95.31B

Scroll Top
위험 경고: 트레이딩은 투자위험도가 높습니다. 원금 손실 위험이 있습니다. Exinity Limited는 FSC(모리셔스)의 규제를 받습니다.
위험 경고: 트레이딩은 투자위험도가 높습니다. 원금 손실 위험이 있습니다. Exinity Limited는 FSC(모리셔스)의 규제를 받습니다.