Forex Today: The Dollar now looks at PCE
The continuation of the downward bias hurt the Greenback and prompted the USD Index (DXY) to recede to multi-day lows following disheartening GDP readings and higher inflation prints, all prior to Friday’s release of PCE data.
Here is what you need to know on Friday, April 26:
The USD Index (DXY) revisited the mid-105.00s amidst rising yields and the dominating appetite for the risk complex. On April 26, inflation readings measured by the PCE will be at the centre of the debate, seconded by Personal Income, Personal Spending, and the final Michigan Consumer Sentiment for the month of April.
EUR/USD advanced further north of the 1.0700 barrier amidst the persistent selling pressure around the US Dollar. There will be no data releases in the euro docket at the end of the week.
GBP/USD extended further its weekly recovery and reclaimed the area well past 1.2500 the figure. The GfK Consumer Confidence gauge is only expected on April 26.
USD/JPY maintained its bullish mood well in place and rose to fresh tops around 155.75 prior to the BoJ gathering. The BoJ meets and releases its Quarterly Outlook Report on April 26.
AUD/USD traded with gains for the fourth consecutive session and flirted once again with the key 200-day SMA near 0.6530. The Australian calendar will be empty on April 26.
Extra losses sparked the second day in a row of losses in WTI prices in response to the resurgence of demand fears and the likelihood of a tighter-for-longer Fed.
Gold advanced decently after three straight daily declines on the back of rising geopolitical jitters and higher-than-expected US inflation. Silver, in the meantime, seems to have embarked on a consolidative range underpinned by the $27.00 region so far.