Forex News Timeline

12:41 Germany 10-y Bond Auction down to 2.47% from previous 2.68%
Germany 10-y Bond Auction down to 2.47% from previous 2.68%

12:38 EUR/USD retraces on ebbing concerns over Fed’s autonomy, global trade war
EUR/USD trades broadly stable on Wednesday after dipping well below 1.1400 earlier in the European trading hours. The major currency pair is off from its over three-year high of 1.1575 as the US Dollar (USD) bounces back.

.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 briefly corrects below 1.1400 as the US Dollar rebounds after Trump pushes back fears of Fed Powell’s removal and intense tariff war with China.Trump says that tariffs on China won’t be as high as 145%.The Eurozone PMI suggests the economy barely grew in April as the service sector activity contracts.EUR/USD trades broadly stable on Wednesday after dipping well below 1.1400 earlier in the European trading hours. The major currency pair is off from its over three-year high of 1.1575 as the US Dollar (USD) bounces back. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, has rebounded to near 99.30 from its three-year low of 98.00. The USD attracts bids after United States (US) President Donald Trump expressed confidence in closing a trade deal with China and backed away fears of sacking Federal Reserve (Fed) Chair Jerome Powell. Still, he said, he remained frustrated over the Fed’s decision to keep interest rates on hold for an uncertain period of time. Financial market participants are seeing this event as an attempt to regain the “safe-haven” status of the US Dollar. Investors had been doubting the credibility of the US Dollar and US assets due to back-and-forth announcements on tariff policies by Donald Trump and his attacks on the autonomous status of the Fed. On Tuesday, US President Trump stated that discussions with China are going well, adding that he thinks they will reach a deal. Trump didn’t provide clarity over how much he will reduce import duty on China, but clarified that the tariff on Beijing “would not be as high as 145%, but they wouldn’t be zero”. President Trump pushed back against market expectations that he is aiming to remove Jerome Powell for not lowering interest rates. “The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates,” Trump said. Daily digest market movers: EUR/USD expected to face pressure from weak Eurozone PMI data The downside move in the EUR/USD pair seen during the early European session is also driven by the Euro’s (EUR) underperformance due to weakness in the domestic business activity. Preliminary Hamburg Commercial Bank (HCOB) Purchasing Managers’ Index (PMI) data for April has shown that overall business activity has barely managed to stay in the expanding territory. The Composite PMI has come in lower at 50.1 compared to estimates of 50.3 and the March reading of 50.9. A figure below the 50.0 threshold is considered a contraction in private sector activity. A sharp slowdown in the overall PMI data came from an unexpected decline in the service sector activity. The Service PMI declined to 49.7, while it was expected to grow at a moderate pace to 50.5 from the prior release of 51.0. Meanwhile, activities in the manufacturing sector continued to contract, but at a slower-than-expected pace. The Manufacturing PMI came in at 48.7, higher than estimates of 47.5 and the previous release of 48.6. Commenting on the flash PMI data, Dr. Cyrus de la Rubia, Chief Economist at HCOB, has warned that the weak trend in the service sector could continue as the “new business has seen a faster drop”. However, de la Rubia remained confident that “higher fiscal spending on infrastructure in Germany and defence spending across Europe should eventually benefit not just manufacturing but also the service sector, though with a bit of a lag”. Meanwhile, firming expectations that the European Central Bank (ECB) could cut interest rates again in the June policy meeting are also adding to weakness in the shared currency. Traders have become increasingly confident that the ECB could cut interest rates again in June as officials, including President Christine Lagarde, are confident that inflation will return to the central bank’s 2% target soon. Christine Lagarde expressed confidence in an interview with CNBC on Tuesday that the “disinflationary path is clearly on its way”, adding that inflation could be seen around 2.1% by the year-end. Lagarde refrained from guiding the monetary policy path. "Either we cut or pause, but we will be data dependent to the extreme," Lagarde said. Technical Analysis: EUR/USD drops below 1.1400 EUR/USD briefly dipped below 1.1400 on Wednesday after facing selling pressure above 1.1500 on Tuesday and recovered afterwards. The major currency pair had shown a strong rally in the last few weeks after a breakout above the September 25 high of 1.1215. Advancing 20-week Exponential Moving Average (EMA) near 1.0840 suggests a strong upside trend. The 14-week Relative Strength Index (RSI) climbs to overbought levels above 70.00, which indicates a strong bullish momentum but also signals increasing chances of a correction. Looking up, the round-level figure of 1.1600 will be the major resistance for the pair. Conversely, the July 2023 high of 1.1276 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.

12:33 AUD/USD breaks out of spring range – Société Générale
AUD/USD has staged a notable recovery this month, breaching key resistance levels and eyeing a test of the 200-day moving average. A sustained break higher could signal a broader bullish trend reversal, with targets at 0.6550 and beyond, Société Générale's FX analysts note.

AUD/USD has staged a notable recovery this month, breaching key resistance levels and eyeing a test of the 200-day moving average. A sustained break higher could signal a broader bullish trend reversal, with targets at 0.6550 and beyond, Société Générale's FX analysts note. Focus shifts to key 200-DMA"AUD/USD has experienced a swift rebound after forming a low near 0.5910 earlier this month. It has crossed the highs of February / March and is gradually heading towards the 200-DMA at 0.6470. If the pair establishes beyond the MA, a larger up move may take shape." "Next objectives could be located at 0.6550, the 61.8% retracement from last year and 0.6640. Last week low of 0.6270 is short-term support."

12:32 Silver price today: Silver rises, according to FXStreet data
Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data.

12:27 CHF: Are negative interest rates coming back? – Commerzbank
One of the most exciting G10 currencies at the moment is probably the Swiss Franc (CHF).

One of the most exciting G10 currencies at the moment is probably the Swiss Franc (CHF). This should not come as a complete surprise, because even though EUR/CHF has risen by one Rappen in recent days, the Swiss franc remains the clear winner of the last three weeks since 'Liberation Day' - after all, the franc has appreciated by more than 7% against the US dollar this month. Against the G10 average, it is still up close to 4%, Commerzbank's FX analyst Michael Pfister notes.SNB’s FX intervention dilemma persists"The problem is that, despite its willingness to do so, it hardly intervened at all last year. In total, it bought just around 1 billion CHF in foreign currencies last year, compared with more than 20 billion CHF in foreign currency sales in the last quarter of 2023 alone. The SNB probably wants to avoid inflating its balance sheet too much. Foreign exchange reserves also carry risks, and given the current market volatility, I can understand any SNB trader who does not want to have more bonds on the balance sheet than necessary. Moreover, the SNB would run the risk of attracting too much attention from Donald Trump if it intervened more. Not a very desirable scenario.""It could cut its key rate further. But even here there is a problem: at 0.25%, the SNB has already used most of its ammunition for rate cuts. Of course, it could repeat the negative interest rate experiment (and the market is now pricing in negative rates again), but that is probably not a particularly desirable scenario for the SNB. Especially not if a global recession really does set in and it runs out of room to cut interest rates further. After all, the effective lower bound is likely to be around -0.75%, and other central banks, such as the ECB, are a long way from there. In the event of a global recession, the ECB is likely to cut rates more sharply - and the Swiss franc will appreciate accordingly against the euro.""Given these bad options, the SNB is probably very happy that the franc has not appreciated further. But the fundamental problem remains. We pointed out several times last year that the SNB was in a dilemma. Since then, it has used up most of its ammunition for rate cuts, while Trump has provided another argument against more interventions. This does not necessarily mean that the SNB will not respond with negative rates or more interventions. If the appreciation accelerates, the SNB is likely to react. However, in our view, the risks are clearly pointing to a stronger Swiss franc at the moment."

12:20 Chinese smelters boost Copper output – Commerzbank
LME Copper climbed to a two-week high yesterday after reopening from the long Easter weekend.

LME Copper climbed to a two-week high yesterday after reopening from the long Easter weekend. Trump's comments suggest room for de-escalation on the trade front"Dollar weakness seen in recent days is providing some support. Meanwhile, comments from Trump suggesting a reduction in China tariffs leave room for de-escalation on the trade front. Copper smelters in China boosted output to a record high in March." "This is despite record-low processing fees, partly driven by rising prices for by-products including gold and sulphuric acid. Production of refined Copper rose 8.6% in March from a year earlier to 1.25 million tonnes, according to China’s National Bureau of Statistics. In the first quarter, China’s total output of refined Copper was 3.54 million tonnes, up 5% from 2024."

12:18 Signs of easing for the USD – Commerzbank
EUR-USD did not stay above 1.15 for long, instead we saw a broad-based recovery in the US dollar yesterday. A number of factors may have played a role. One of the most important was certainly Donald Trump's announcement last night that he has 'no intention of firing Fed Chairman Jerome Powell'.

EUR-USD did not stay above 1.15 for long, instead we saw a broad-based recovery in the US dollar yesterday. A number of factors may have played a role. One of the most important was certainly Donald Trump's announcement last night that he has 'no intention of firing Fed Chairman Jerome Powell'. This should, for the time being, ease (justified) concerns about the Fed's independence, Commerzbank's FX analyst Michael Pfister notes. EUR/USD retreats as USD finds temporary relief"There were a number of reports yesterday suggesting an easing of the trade war, at least in the short term. On the one hand, there were reports that a deal with Japan and India could be imminent, while on the other hand there were cautious signs for a de-escalation on the China front." "Trump insisted that Chinese tariffs, currently at 145%, would come down 'significantly' and the US Treasury Secretary said he expected a de-escalation soon. So there are plenty of signs of easing, although it should also be noted that the air in EUR/USD was getting thinner towards 1.16.""The US administration has given many indications recently that it prefers a weaker US dollar. And Trump is unlikely to change his erratic policy approach. Moreover, if the US real economy weakens as a result of trade policy, he will continue to blame Powell, whether it makes sense or not. We probably need to see more sustained signs of easing before EUR/USD falls more significantly towards 1.10. And after the last few weeks, I have to admit that I find it hard to believe that such signs will appear."

12:13 EUR/USD dips on USD relief rally – Danske Bank
EUR/USD edged lower toward the 1.14 mark, as the broader USD staged a modest rebound across the G10 space, Danske Bank's FX analysts report.

EUR/USD edged lower toward the 1.14 mark, as the broader USD staged a modest rebound across the G10 space, Danske Bank's FX analysts report. Buy-the-dip bias intact amid USD positioning risks"The move followed easing signals on the trade front, with Treasury Secretary Bessent noting that the tariff standoff with China is 'unsustainable,' triggering a mild relief rally in risk assets." "In this week's edition of Reading the Markets USD, we highlight that aggregate USD positioning is now approaching stretched short territory, while the cost of hedging further USD downside has reached record highs in the options market." "Overall, with investor confidence in US assets continuing to deteriorate and concerns over the economic outlook potentially deepening, we prefer to tactically buy EUR/USD on dips and maintain a strategically bullish stance on the cross, now targeting 1.22 over the next 12M."

12:12 Gold price falls further as Trump softens tone on Powell
Gold price (XAU/USD) is facing profit-taking pressure and nosedives on Wednesday towards $3,300 at the time of writing. The profit taking picked up on comments from United States (US) President Donald Trump, who did a 180-degree turn on his stance on China and the Federal Reserve (Fed).

.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 sees a 5% decline after hitting a new all-time high at $3,500 on Tuesday. US President Trump backtracks on earlier statements and hints at lower tariffs for China and backs down from his threats of firing Fed’s Powell. Markets buy into the turnaround, with equities and bonds higher. Gold price (XAU/USD) is facing profit-taking pressure and nosedives on Wednesday towards $3,300 at the time of writing. The profit taking picked up on comments from United States (US) President Donald Trump, who did a 180-degree turn on his stance on China and the Federal Reserve (Fed). After the closing bell, Tesla’s (TSLA) Chief Executive Officer Elon Musk said he will reduce his role at the Department of Government Efficiency (DOGE). President Trump rebuked earlier statements in which he was seeking to fire Fed Chair Jerome Powell to say now that he has no intention to fire him despite his frustration with the Fed not moving more quickly with the interest rate cuts, the Wall Street Journal reported. The president went on to say that he will be “very nice” to China in any trade talks and that tariffs will drop if the two countries can reach a deal. Final tariffs on China would not be near 145%, but much lower, he said, Bloomberg reports. Daily digest market movers: Gold inversed with BitcoinGold has dipped in relation to Bitcoin this week, but its long-term trend of outperformance is expected to extend on demand for its safe-haven qualities. Investors will be expecting more sound bites from US leaders, which will muddy the outlook in the days ahead, Bloomberg reports. Central banks will keep buying Gold in a push to diversify from paper currencies amid the current political and economic upheaval, according to billionaire hedge-fund manager John Paulson, Reuters reports. “Gold’s tactically very overbought and extended - it’s risen $500 plus in 8 trading days, so naturally there’s likely a mix of a buyers’ pause and some risk reduction,” said Nicky Shiels, head of research and metals strategy at MKS Pamp SA, Bloomberg reports.Gold Price Technical Analysis: Some profit taking at handThe precious metal sees its Relative Strength Index (RSI) come back in the normal trading range after having spent several days in the overbought area. Some more profit taking would make sense given the softer rhetoric from President Trump. Currently at around 63, it would make sense for the RSI to fall back to 50 with the Gold price probably looking for support near $3,167, the pivotal level from early April. The daily Pivot Point on the upside at $3,415 is the first level of resistance, which is quite far away and would mean Gold reverses in full and even turns positive on the day. Such a move would push the RSI back into overbought territory. Further up, the next resistance comes in at $3,464. On the downside, the first support is at $3,331, which already broke in early trading. Look at least for a test on the S2 at $3,282, which coincides with the April 17 low. Below, the pivotal level from early April should catch the traders’ attention as well at $3,167. XAU/USD: Daily Chart 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.

12:07 US Dollar Index Price Forecast: Tests 99.00 support after pulling back from nine-day EMA
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against a basket of six major currencies, has lost its intraday gains, trading around 99.00 during the European hours on Wednesday.

12:01 Eurozone Trade Balance s.a. increased to €21B in February from previous €14B
Eurozone Trade Balance s.a. increased to €21B in February from previous €14B

12:01 Eurozone Construction Output w.d.a (YoY) rose from previous 0% to 0.2% in February
Eurozone Construction Output w.d.a (YoY) rose from previous 0% to 0.2% in February

12:00 Eurozone Trade Balance n.s.a. rose from previous €1B to €24B in February
Eurozone Trade Balance n.s.a. rose from previous €1B to €24B in February

12:00 Eurozone Construction Output s.a (MoM) dipped from previous 0.2% to -0.5% in February
Eurozone Construction Output s.a (MoM) dipped from previous 0.2% to -0.5% in February

11:57 European gas dips, but structural risks remain – ING
European natural gas prices plunged almost 4% yesterday as storage continues to build. Gas inventories stand at 37% full after bottoming out at less than 34% full in late March, ING's commodity experts Ewa Manthey and Warren Patterson note.

European natural gas prices plunged almost 4% yesterday as storage continues to build. Gas inventories stand at 37% full after bottoming out at less than 34% full in late March, ING's commodity experts Ewa Manthey and Warren Patterson note.EU mulls ban on Russian spot LNG amid gas market calm"However, storage levels are below last year’s levels and lower than average. Meanwhile, the Title Transfer Facility (TTF) forward curve continues to move towards a more normal shape, with summer prices trading at a discount to winter prices. Behind this move are broader demand concerns and the potential for flexibility in EU storage targets.""The EU is reportedly discussing a potential ban on spot purchases of Russian gas to help reduce the region’s reliance on Russian fossil fuels. Possible actions to be taken are expected to be presented to EU members on 6 May. Russia is still a large supplier of natural gas to the region." "While Russian pipeline flows have fallen significantly in recent years, Russian LNG arrivals into Europe have grown. The fact that the EU is looking at options to reduce flows suggests that a return of Russian pipeline gas to Europe as part of a Russia/Ukraine peace deal is unlikely."

11:55 Oil rises on easing Fed and trade fears – ING
Oil rebounded yesterday along with other risk assets. ICE Brent settled almost 1.8% higher on the day after President Trump calmed concerns over the future of Federal Reserve Chair Jerome Powell’s position, ING's commodity experts Ewa Manthey and Warren Patterson note.

Oil rebounded yesterday along with other risk assets. ICE Brent settled almost 1.8% higher on the day after President Trump calmed concerns over the future of Federal Reserve Chair Jerome Powell’s position, ING's commodity experts Ewa Manthey and Warren Patterson note.API data confirms physical tightness in oil market"Trump stated he has no intention of firing Powell. In addition, comments from both President Trump and Treasury Secretary Scott Bessent on tariffs opened the door for an easing of tensions between the US and China. Yet, signs of tightness in the prompt physical market should continue to support the oil market. This tightness can be seen in the strengthening of timespreads.""Numbers from the American Petroleum Institute (API) overnight were also constructive. US crude oil inventories fell by 4.57m barrels, while stocks at Cushing declined by 354k barrels. Refined product inventories declined, with gasoline and distillate stocks falling by 2.18m barrels and 1.64m barrels, respectively." "The more widely followed Energy Information Administration report will be published later today. Numbers similar to API’s would mark the eighth consecutive week of declines in gasoline inventories."

11:52 GBP/JPY Price Forecast: Rebounds to 189.00 as risk-on mood offsets weaker UK PMIs
The GBP/JPY cross retreats from the vicinity of the 190.00 psychological mark, or over a two-week top touched earlier this Wednesday.

11:51 USD: US-China de-escalation in sight? – ING
The US Dollar (USD) rebounded alongside US equities yesterday as market fears about tariffs eased partially, ING's FX analyst Francesco Pesole notes.

The US Dollar (USD) rebounded alongside US equities yesterday as market fears about tariffs eased partially, ING's FX analyst Francesco Pesole notes.USD finds footing after oversold stretch"We also suspect some positioning rebalancing is behind the dollar recovery. As we warned in yesterday’s FX Daily, the dollar was facing a new degree of downside risks stemming from Trump’s attack on the Fed’s independence, but the greenback’s position was undeniably oversold and undervalued, meaning that a return to better FX liquidity on Tuesday could have favoured some stabilisation.""Treasury Secretary Scott Bessent threw a lifeline to fragile US sentiment with conciliatory remarks on the US-China trade war. Bessent said the current tariff situation is “unsustainable” and expects a de-escalation in the near term. We could witness a period where the dollar is tossed around by headlines of Fed independence risk and market-friendly news on US tariff policy. What is clear by now is that no other G10 currency has a higher positive beta to trade news than the dollar.""Net-net, we still think the balance of risks remains skewed to the downside for USD in the near term, but we don’t expect a repetition of the one-way traffic in dollar selling we have witnessed of late. Looking a few weeks ahead, our preference is for a stabilisation in the dollar rather than another structural weakening."

11:34 EUR/INR today: Indian Rupee cross rates edge higher at the start of the European session
Indian Rupee (INR) crosses trade on the front foot at the beginning of Wednesday, according to FXStreet data.

11:31 UK Preliminary Services PMI contracts to 48.9 in April vs. 51.3 expected
The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) eased to 44 in April from 44.9 in March. The data matched the market consensus of 44 in the reported period.

11:30 United Kingdom S&P Global/CIPS Services PMI came in at 48.9 below forecasts (51.3) in April
United Kingdom S&P Global/CIPS Services PMI came in at 48.9 below forecasts (51.3) in April

11:30 United Kingdom S&P Global/CIPS Manufacturing PMI in line with expectations (44) in April
United Kingdom S&P Global/CIPS Manufacturing PMI in line with expectations (44) in April

11:30 United Kingdom S&P Global/CIPS Composite PMI below expectations (50.4) in April: Actual (48.2)
United Kingdom S&P Global/CIPS Composite PMI below expectations (50.4) in April: Actual (48.2)

11:17 AUD/JPY trades higher near 91.00 despite cautious remarks from Chinese Foreign Ministry
AUD/JPY snaps a three-day losing streak, trading around 90.90 during Wednesday’s European session.

11:11 China SMEI: Moderation in April – Standard Chartered
Headline SMEI retreated to 50.4 in April as all key sub-indices edged down from March. IT and transport services performance sub-indices fell below 50; manufacturing SMEs outperformed.

Headline SMEI retreated to 50.4 in April as all key sub-indices edged down from March. IT and transport services performance sub-indices fell below 50; manufacturing SMEs outperformed. Credit conditions remained steady, but not more favourable; exchange rate expectations were more stable, Standard Chartered's note. Tariff impact appears limited for now"Our proprietary Small and Medium Enterprise Confidence Index (SMEI; Bloomberg: SCCNSMEI <Index>) returned to the February reading of 50.4 in April after jumping to 51.2 in March. While the performance and expectations sub-indices edged down by 0.9pts and 1pt, respectively, from March, both stayed in expansionary territory, indicating still-steady growth and a stable outlook.""Manufacturing SMEs outperformed on steady growth in sales, production, new orders and new export orders, despite heightened bilaterial tariffs imposed by both China and the US. The US’ 90-day pause on non-China reciprocal tariffs may have supported front-loaded activity. In contrast, the performance index for non-manufacturing SMEs fell marginally below 50 again, after rising sharply in the previous month. Sales and new orders remained relatively stable, but labour usage, investment and profitability for non-manufacturing SMEs declined versus March. Real estate and construction activity picked up entering Q2, while that of IT and transport performance softened." "The credit sub-indices edged down further to 50 in April, the lowest reading since August 2024, suggesting a stable credit environment for SMEs. Banks appear to have remained supportive to SMEs, albeit without further improvement. Funding costs for SMEs borrowing from non-bank financial institutions (NBFIs) fell again. Interestingly, c.97% of the surveyed SMEs expect a stable USD-CNY in the coming three months."

11:02 Eurozone Preliminary Manufacturing PMI ticks up to 48.7 in April vs. 47.5 expected
The Eurozone manufacturing sector remained in contraction, while the service sector followed suit in April, according to data from the HCOB's latest Purchasing Managers' Index (PMI) Survey, published on Wednesday.

11:01 Palladium price today: Rare metals advance at the start of the European session
Platinum Group Metals (PGMs) trade with a positive tone at the beginning of Wednesday, according to FXStreet data.

Platinum Group Metals (PGMs) trade with a positive tone at the beginning of Wednesday, according to FXStreet data. Palladium (XPD) changes hands at $943.75 a troy ounce, with the XPD/USD pair advancing from its previous close at $933.05. In the meantime, Platinum (XPT) trades at $967.85 against the United States Dollar (USD) early in the European session, also up after the XPT/USD pair settled at $961.15 at the previous close.

11:00 South Africa Consumer Price Index (YoY) down to 2.7% in March from previous 3.2%
South Africa Consumer Price Index (YoY) down to 2.7% in March from previous 3.2%

11:00 South Africa Consumer Price Index (MoM) declined to 0.4% in March from previous 0.9%
South Africa Consumer Price Index (MoM) declined to 0.4% in March from previous 0.9%

11:00 Eurozone HCOB Manufacturing PMI above expectations (47.5) in April: Actual (48.7)
Eurozone HCOB Manufacturing PMI above expectations (47.5) in April: Actual (48.7)

11:00 Eurozone HCOB Composite PMI below forecasts (50.3) in April: Actual (50.1)
Eurozone HCOB Composite PMI below forecasts (50.3) in April: Actual (50.1)

11:00 Eurozone HCOB Services PMI came in at 49.7, below expectations (50.5) in April
Eurozone HCOB Services PMI came in at 49.7, below expectations (50.5) in April

11:00 S&P Global PMIs expected to confirm US economic pullback in April
This Wednesday, S&P Global will unveil its preliminary April Purchasing Managers’ Indices (PMIs) for the United States, drawing on surveys of senior private sector executives to offer an early read on economic momentum.

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#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 S&P Global advanced PMIs for April are seen worsening further.Markets expect the Federal Reserve to cut rates in June by 25 bps.EUR/USD keeps the trade in the area of three-year highs past 1.1500.This Wednesday, S&P Global will unveil its preliminary April Purchasing Managers’ Indices (PMIs) for the United States, drawing on surveys of senior private sector executives to offer an early read on economic momentum. The report comprises three measures — the Manufacturing PMI, the Services PMI and the Composite PMI (a weighted blend of the two) — each calibrated so that readings above 50 denote expansion and those below 50 signal contraction. Published well ahead of many official statistics, these monthly snapshots assess everything from output and export trends to capacity utilization, employment and inventory levels, providing one of the first indicators of the economy’s direction. In March, the Composite PMI came in at 53.5, improving from the previous month’s 51.6 reading. According to Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, “The strong start to the year for US manufacturers has faltered in March. A combination of improved optimism surrounding the new administration and the need to front-run tariffs had buoyed the goods-producing sector in the first two months of the year, but cracks are now starting to appear. Production fell for the first time in three months in March, and order books are becoming increasingly depleted.” What can we expect from the next S&P Global PMI report? Investors are bracing for a modest pullback in April’s flash Manufacturing PMI, expected to slip from 50.2 to 49.4, while the Services PMI is forecast to ease from 54.4 to 52.8. Although a slight downturn in factory output may not alarm markets, any resilience — or rebound — above the 50 threshold could soothe lingering growth concerns, especially if service sector momentum holds firm. Investors will be zeroing in on the PMIs’ granular inflation and employment gauges. In his latest comments, Fed Chair Jerome Powell underscored the Fed’s deliberate approach to restarting its easing cycle, warning that anchoring consumer price expectations remains paramount amid mounting uncertainty over President Trump’s tariff crusade. A marked surprise in the services PMI — paired with manufacturing’s return to expansion — would likely give the US Dollar a boost. Meanwhile, evidence of rising input costs in services alongside robust job gains would cement bets on a “higher‑for‑longer” Fed. Conversely, signs of easing price pressures and lackluster private sector hiring could rekindle hopes for fresh monetary relief — and weigh on the Greenback. When will the March flash US S&P Global PMIs be released, and how could they affect EUR/USD? The S&P Global Manufacturing, Services and Composite PMIs report will be released on Wednesday at 13:45 GMT and is expected to show US business activity extending the loss of momentum observed since the turn of the year. Ahead of Wednesday’s PMI flash readings, Pablo Piovano, Senior Analyst at FXStreet warns that a bullish turn in EUR/USD could see spot challenge its YTD peak of 1.1572 (April 21), ahead of the October 2021 high at 1.1692 (October 28), and the September 2021 top at 1.1909 (September 3). Conversely, Piovano notes that occasional bearish moves should not meet any support of relevance until the critical 200-day Simple Moving Average (SMA) at 1.0762, which reinforces the weekly trough at 1.0732 (March 27). “While above the 200-day SMA, the pair’s bullish stance should remain unchanged”, Piovano adds. Technical indicators still paint a constructive picture, although they warn of a potential correction in the pipeline: While the Average Directional Index (ADX) surpasses the 51 level, indicative of a strong trend, the Relative Strength Index (RSI) well in the overbought region above 75 hints at the idea that a probable “technical correction” may be in the offing, Piovano concludes. Economic Indicator S&P Global Manufacturing PMI The S&P Global Manufacturing Purchasing Managers Index (PMI), released on a monthly basis, is a leading indicator gauging business activity in the US manufacturing sector. The data is derived from surveys of senior executives at private-sector companies from the manufacturing sector. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. A reading above 50 indicates that the manufacturing economy is generally expanding, a bullish sign for the US Dollar (USD). Meanwhile, a reading below 50 signals that activity in the manufacturing sector is generally declining, which is seen as bearish for USD. Read more. Last release: Tue Apr 01, 2025 13:45 Frequency: MonthlyActual: 50.2Consensus: 49.8Previous: 49.8Source: S&P Global GDP FAQs What is GDP and how is it recorded? A country’s Gross Domestic Product (GDP) measures the rate of growth of its economy over a given period of time, usually a quarter. The most reliable figures are those that compare GDP to the previous quarter e.g Q2 of 2023 vs Q1 of 2023, or to the same period in the previous year, e.g Q2 of 2023 vs Q2 of 2022. Annualized quarterly GDP figures extrapolate the growth rate of the quarter as if it were constant for the rest of the year. These can be misleading, however, if temporary shocks impact growth in one quarter but are unlikely to last all year – such as happened in the first quarter of 2020 at the outbreak of the covid pandemic, when growth plummeted. How does GDP influence currencies? A higher GDP result is generally positive for a nation’s currency as it reflects a growing economy, which is more likely to produce goods and services that can be exported, as well as attracting higher foreign investment. By the same token, when GDP falls it is usually negative for the currency. When an economy grows people tend to spend more, which leads to inflation. The country’s central bank then has to put up interest rates to combat the inflation with the side effect of attracting more capital inflows from global investors, thus helping the local currency appreciate. How does higher GDP impact the price of Gold? When an economy grows and GDP is rising, people tend to spend more which leads to inflation. The country’s central bank then has to put up interest rates to combat the inflation. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold versus placing the money in a cash deposit account. Therefore, a higher GDP growth rate is usually a bearish factor for Gold price.

10:53 Pound Sterling retraces against US Dollar as fears of global trade war, Powell’s removal diminish
The Pound Sterling (GBP) recovers some of its initial losses against the US Dollar (USD) in Wednesday’s European session, still trading lower in the day around 1.3300. The GBP/USD pair pares some intraday losses as the US Dollar (USD) retraces after a sharp upside move on Wednesday.

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The GBP/USD pair pares some intraday losses as the US Dollar (USD) retraces after a sharp upside move on Wednesday. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, corrects to near 99.20 from the earlier high of 99.88.Investors brace for more recovery in the US Dollar on optimism over de-escalation in the United States (US)-China trade war and diminishing fears of President Donald Trump sacking Federal Reserve (Fed) Chair Jerome Powell for not lowering interest rates.While addressing reporters at the Oval Office on Tuesday, Donald Trump highlighted a “sharp reduction in trade deficits” and “rising revenue” generated from the imposition of tariffs on foreign cars, aluminium, and steel. Trump expressed confidence that his administration is negotiating deals with several countries, which will be effective soon. On the current situation with China, Trump commented that “discussions with Beijing are going well”. The President added that he thinks “they will reach a deal”. Trump further added that tariffs on China would not be as high as “145%, but they wouldn’t be zero”.Moreover, President Trump pushed back fears of removing Jerome Powell despite criticizing him for not supporting monetary policy expansion. “The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates.”In the last few trading sessions, investors were punishing the US Dollar and US assets due to Trump’s assault on the Fed’s independence and ever-changing headlines on trade policies. Market participants started doubting the safe-haven status of the US Dollar. In North American trading hours, investors will focus on the flash US S&P Global Purchasing Managers’ Index (PMI) data for April.Daily digest market movers: Pound Sterling declines ahead of flash UK/US PMI dataThe Pound Sterling trades lower against most of its peers on Wednesday ahead of the preliminary S&P Global/CIPS PMI data for April, which will be published at 08:30 GMT. The PMI report is expected to show that the overall business activity grew at a moderate pace. The Composite PMI is expected to come in at 50.4, down from 51.5 in March due to weakness in both the manufacturing and services sectors.According to estimates, the Manufacturing PMI is expected to decline to 44.0 from the prior release of 44.9. At the same time, the Services PMI is expected to expand at a moderate pace of 51.3 from 52.5 in March. Business owners are expected to have underutilized their capacity in April due to fears of potential global economic turmoil in the face of uncertainty over tariff policies by US President Trump. This week, investors will also focus on the United Kingdom (UK) Retail Sales data for March, which will be released on Friday. The Retail Sales data, a key measure of consumer spending, is estimated to have declined by 0.4% month-on-month after rising by 1% in February. On the monetary policy front, market participants are confident that the Bank of England (BoE) could reduce interest rates in the May policy meeting. Traders have become increasingly confident about an interest rate reduction next month due to slower-than-expected growth in the Consumer Price Index (CPI) data for March and the uncertainty over the global economic outlook.Additionally, slowing UK wage growth is also paving the way for further monetary policy easing. Britain’s human resources data firm Brightmine showed on Tuesday that pay awards rose by 3% for the fourth rolling quarter in a row, which is the slowest increase since December 2021.Technical Analysis: Pound Sterling holds key EMAsThe Pound Sterling corrects to near 1.3300 against the US Dollar during European trading hours on Wednesday after visiting the three-year high around 1.3430 the previous day. However, the outlook of the pair remains firm as all short-to-long Exponential Moving Averages (EMAs) are sloping higher.The 14-day Relative Strength Index (RSI) cools down slightly after reaching overbought levels above 70.00. This indicates a mild correction in the pair after a strong rally, but the upside trend is intact.On the upside, the psychological level of 1.3500 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.

10:40 Indonesia Bank Indonesia Rate in line with forecasts (5.75%)
Indonesia Bank Indonesia Rate in line with forecasts (5.75%)

10:36 Crude Oil price today: WTI price bullish at European opening
West Texas Intermediate (WTI) Oil price advances on Wednesday, early in the European session. WTI trades at $64.53 per barrel, up from Tuesday’s close at $63.36.

10:31 German Preliminary Manufacturing PMI declines to 48 in April vs. 47.6 expected
· Germany’s Manufacturing PMI dropped to 48 in April vs. 47.6 forecast.

10:30 Germany HCOB Services PMI below expectations (50.2) in April: Actual (48.8)
Germany HCOB Services PMI below expectations (50.2) in April: Actual (48.8)

10:30 Germany HCOB Manufacturing PMI above forecasts (47.6) in April: Actual (48)
Germany HCOB Manufacturing PMI above forecasts (47.6) in April: Actual (48)

10:30 Germany HCOB Composite PMI below expectations (50.4) in April: Actual (49.7)
Germany HCOB Composite PMI below expectations (50.4) in April: Actual (49.7)

10:22 China’s Foreign Ministry: US can't say it wants to reach a deal and keep exerting extreme pressure
Responding to US President Donald Trump’s comment regarding a trade deal with China, the Chinese Foreign Ministry said that “the US can't say it wants to reach an agreement with China and on the other hand, keeps exerting extreme pressure.”

10:15 France HCOB Composite PMI registered at 47.3, below expectations (47.8) in April
France HCOB Composite PMI registered at 47.3, below expectations (47.8) in April

10:15 France HCOB Services PMI below forecasts (47.7) in April: Actual (46.8)
France HCOB Services PMI below forecasts (47.7) in April: Actual (46.8)

10:15 France HCOB Manufacturing PMI above expectations (48) in April: Actual (48.2)
France HCOB Manufacturing PMI above expectations (48) in April: Actual (48.2)

10:13 NZD/USD Price Forecast: Bounces off 0.5950 near ascending channel’s lower boundary
The NZD/USD pair recovers its recent losses registered in the previous session, trading around 0.6000 during early European trading hours on Wednesday. Technical analysis on the daily chart indicates a bullish bias, with the formation of an ascending channel pattern.

10:10 BoJ: Japan's financial system has been maintaining stability on the whole
The Bank of Japan (BoJ) published its Financial System Report on Wednesday, noting that “Japan's financial system has been maintaining stability on the whole.”

The Bank of Japan (BoJ) published its Financial System Report on Wednesday, noting that “Japan's financial system has been maintaining stability on the whole.”Additional takeawaysFinancial institutions need to be vigilant against materialization of various risks.Since the beginning of April, financial markets at home and abroad have fluctuated significantly.Considering that Japanese banks have a certain amount of market risk associated with stockholdings, developments in asset prices warrant attention.Market reactionAt the time of writing, USD/JPY is up 0.10% on the day at 141.70.

09:59 Forex Today: US Dollar consolidates recovery gains, attention shifts to PMI data
Here is what you need to know on Wednesday, April 23:

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S&P Global will publish preliminary Manufacturing and Services Purchasing Managers Index (PMI) data for Germany, the Eurozone, the UK and the US on Wednesday. Markets will also pay close attention to comments from central bankers. 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 Swiss Franc. USD EUR GBP JPY CAD AUD NZD CHF USD 0.09% -0.18% -0.26% -0.23% -0.55% -1.05% 0.63% EUR -0.09% -0.42% -0.40% -0.37% -0.82% -1.19% 0.53% GBP 0.18% 0.42% 0.21% 0.06% -0.41% -0.76% 0.95% JPY 0.26% 0.40% -0.21% 0.02% -0.39% -0.64% 0.94% CAD 0.23% 0.37% -0.06% -0.02% -0.43% -0.81% 0.89% AUD 0.55% 0.82% 0.41% 0.39% 0.43% -0.33% 1.33% NZD 1.05% 1.19% 0.76% 0.64% 0.81% 0.33% 1.75% CHF -0.63% -0.53% -0.95% -0.94% -0.89% -1.33% -1.75% 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). Easing fears over the Federal Reserve (Fed) losing its independence allowed the market mood to improve in the American session on Tuesday.US President Donald Trump said at a press conference that he had no intention of firing Fed Chair Jerome Powell, despite being frustrated with high interest rates. "The press runs away with things. No, I have no intention of firing him. I would like to see him be a little more active in terms of his idea to lower interest rates," Trump said. Regarding the trade negotiations with China, he noted that they were going well and added that he thinks they will reach a deal.Reflecting the risk-positive market environment, Wall Street's main indexes gained more than 2.5% on Tuesday. Early Wednesday, US stock index futures rise between 1.3% and 2%, while the USD Index stays in negative territory above 99.00. Later in the day, the Fed will publish its Beige Book.After touching a new record high of $3,500 on Tuesday, Gold reversed its direction and ended the day below $3,400. XAU/USD extends its correction in the European morning and was last seen losing more than 2% on the day near $3,300.EUR/USD fell 0.8% on Tuesday and erased a large part of Monday's gains. After dropping toward 1.1300 in the Asian session on Wednesday, the pair regained its traction and recovered toward 1.1400 by the beginning of the European session.GBP/USD fell below 1.3250 early Wednesday after closing in negative territory on Tuesday. The pair managed to stage a rebound and advanced beyond 1.3300 in the early European morning, erasing its daily losses in the process. After slumping to its weakest level since September below 140.00 early Tuesday, USD/JPY reversed its direction and ended the day with a gain of about 0.5%. The pair holds steady above 141.50 in the European session. Risk sentiment FAQs What do the terms"risk-on" and "risk-off" mean when referring to sentiment in financial markets? In the world of financial jargon the two widely used terms “risk-on” and “risk off'' refer to the level of risk that investors are willing to stomach during the period referenced. In a “risk-on” market, investors are optimistic about the future and more willing to buy risky assets. In a “risk-off” market investors start to ‘play it safe’ because they are worried about the future, and therefore buy less risky assets that are more certain of bringing a return, even if it is relatively modest. What are the key assets to track to understand risk sentiment dynamics? Typically, during periods of “risk-on”, stock markets will rise, most commodities – except Gold – will also gain in value, since they benefit from a positive growth outlook. The currencies of nations that are heavy commodity exporters strengthen because of increased demand, and Cryptocurrencies rise. In a “risk-off” market, Bonds go up – especially major government Bonds – Gold shines, and safe-haven currencies such as the Japanese Yen, Swiss Franc and US Dollar all benefit. Which currencies strengthen when sentiment is "risk-on"? The Australian Dollar (AUD), the Canadian Dollar (CAD), the New Zealand Dollar (NZD) and minor FX like the Ruble (RUB) and the South African Rand (ZAR), all tend to rise in markets that are “risk-on”. This is because the economies of these currencies are heavily reliant on commodity exports for growth, and commodities tend to rise in price during risk-on periods. This is because investors foresee greater demand for raw materials in the future due to heightened economic activity. Which currencies strengthen when sentiment is "risk-off"? The major currencies that tend to rise during periods of “risk-off” are the US Dollar (USD), the Japanese Yen (JPY) and the Swiss Franc (CHF). The US Dollar, because it is the world’s reserve currency, and because in times of crisis investors buy US government debt, which is seen as safe because the largest economy in the world is unlikely to default. The Yen, from increased demand for Japanese government bonds, because a high proportion are held by domestic investors who are unlikely to dump them – even in a crisis. The Swiss Franc, because strict Swiss banking laws offer investors enhanced capital protection.

09:46 EUR/GBP tumbles to near 0.8550 ahead of Eurozone/UK PMI data
The EUR/GBP cross trades in the negative territory near 0.8550 during the early European session on Wednesday. The dovish stance of the European Central Bank (ECB) weighs on the Euro (EUR) against the Pound Sterling.

09:10 FX option expiries for Apr 23 NY cut
FX option expiries for Apr 23 NY cut at 10:00 Eastern Time via DTCC can be found below.

FX option expiries for Apr 23 NY cut at 10:00 Eastern Time via DTCC can be found below.EUR/USD: EUR amounts1.1370 929m1.1375 863m1.1400 2b1.1510 847mUSD/JPY: USD amounts 140.55 430mUSD/CHF: USD amounts 0.8000 550m0.8450 450mAUD/USD: AUD amounts0.6300 1.2b0.6320 865m0.6355 1.1b0.6400 872mUSD/CAD: USD amounts 1.3975 592mNZD/USD: NZD amounts0.5855 705m

09:00 United Kingdom Public Sector Net Borrowing came in at £16.444B, above expectations (£16.05B) in March
United Kingdom Public Sector Net Borrowing came in at £16.444B, above expectations (£16.05B) in March

08:17 GBP/USD trades lower around 1.3300, retreats from seven-month highs due to US optimism
GBP/USD extended its losses during Wednesday’s Asian session, trading around 1.3300 after pulling back from a seven-month high of 1.3424 recorded in the previous session.

08:06 USD/CHF Price Forecast: Outlook remains bearish below 0.8250
The USD/CHF pair drifts higher to near 0.8225 during the early European session on Wednesday, bolstered by the renewed US Dollar (USD) demand. Hope for the US-China trade deal provides a boost for investors.

08:01 India HSBC Services PMI climbed from previous 58.5 to 59.1 in April
India HSBC Services PMI climbed from previous 58.5 to 59.1 in April

08:01 India HSBC Composite PMI climbed from previous 59.5 to 60 in April
India HSBC Composite PMI climbed from previous 59.5 to 60 in April

08:00 India HSBC Manufacturing PMI increased to 58.4 in April from previous 58.1
India HSBC Manufacturing PMI increased to 58.4 in April from previous 58.1

08:00 Singapore Consumer Price Index (YoY) below expectations (1) in March: Actual (0.9)
Singapore Consumer Price Index (YoY) below expectations (1) in March: Actual (0.9)

07:44 EUR/USD Price Forecast: Bounces off 1.1300 neighborhood; shows resilience below 23.6% Fibo.
The EUR/USD pair attracts some follow-through selling for the second straight day on Wednesday and drops to a one-week low during the Asian session. Spot prices, however, rebound a few pips from the 1.1300 neighborhood and currently trade around the 1.1380 region, still down over 0.35% for the day.

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A sustained break and acceptance below 1.1300 could pave the way for some meaningful decline.The EUR/USD pair attracts some follow-through selling for the second straight day on Wednesday and drops to a one-week low during the Asian session. Spot prices, however, rebound a few pips from the 1.1300 neighborhood and currently trade around the 1.1380 region, still down over 0.35% for the day. The US Dollar (USD) builds on the overnight bounce from the vicinity of a three-year low touched on Monday and turns out to be a key factor exerting downward pressure on the EUR/USD pair. That said, the weakening confidence in the US economy, along with the prospects for more aggressive policy easing by the Federal Reserve (Fed) and the risk-on impulse, caps gains for the safe-haven buck and helps limit losses for the currency pair. From a technical perspective, the EUR/USD pair showed resilience below the 23.6% Fibonacci retracement level of the recent rally witnessed over the past month or so, from the very important 200-day Simple Moving Average (SMA). Furthermore, the bullish Moving Average Convergence Divergence (MACD), along with the fact that the daily Relative Strength Index (RSI) on the daily chart has eased from the overbought zone, favors bulls. Hence, it will be prudent to wait for a sustained break and acceptance below the 1.1300 round figure before confirming that the EUR/USD pair has topped out near the 1.1575 area, or the highest level since November 2021 touched earlier this month. This will set the stage for a further corrective decline towards the 1.1250 area, or the 38.2% Fibo. level, en route to the 1.1200 mark and the 1.1160-1.1155 region, representing the 50% Fibo. level.On the flip side, the 1.1400 round figure might now act as an immediate hurdle ahead of the Asian session high, around the 1.1425-1.1430 region. Some follow-through buying should lift the EUR/USD pair further beyond the 1.1500 psychological mark, towards challenging the multi-year peak, around the 1.1575 region touched earlier this month. Spot prices could eventually aim to reclaim the 1.1600 round-figure mark.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.

07:35 India Gold price today: Gold falls, according to FXStreet data
Gold prices fell in India on Wednesday, 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 Wednesday, according to data compiled by FXStreet. The price for Gold stood at 9,163.75 Indian Rupees (INR) per gram, down compared with the INR 9,272.21 it cost on Tuesday. The price for Gold decreased to INR 106,883.00 per tola from INR 108,148.30 per tola a day earlier. Unit measure Gold Price in INR 1 Gram 9,163.75 10 Grams 91,636.47 Tola 106,883.00 Troy Ounce 285,027.20 2025 Gold Forecast Guide [PDF] Download your free copy of the 2025 Gold Forecast Daily Digest Market Movers: Gold price bulls remain on the defensive amid hopes for a US-China trade deal US equity indices rose sharply on Tuesday after US President Donald Trump backtracked on his criticism of Federal Reserve Chair Jerome Powell and said that he has no intention of firing him before the expiry of his term in May 2026. Adding to this, upbeat comments from Trump administration officials about US-China trade talks further boosted investors' confidence and prompted some profit-taking around the safe-haven Gold price following the recent record run. US Treasury Secretary Scott Bessent said that the tariff war between the US and China would de-escalate soon. Later, White House spokeswoman Karoline Leavitt told reporters that the Trump administration is setting the stage for a deal. Russian President Vladimir Putin said that he had a positive attitude towards any peace initiatives. In response, Ukrainian President Volodymyr Zelenskyy said on Tuesday that we are ready to sit down in any format after the ceasefire. Meanwhile, Trump's rapidly shifting stance on trade policies has eroded investors' trust and weakened confidence in the US economy. This fails to assist the US Dollar in preserving modest Asian session gains and supports the XAU/USD pair. Furthermore, the markets have been pricing in the possibility that the Federal Reserve will resume its rate-cutting cycle in June and lower borrowing costs at least three times by the end of this year, further benefiting the non-yielding yellow metal. Traders now look forward to the release of global flash PMIs for a fresh insight into global economic health. This, along with trade-related developments, will influence the risk sentiment and provide some impetus to the precious metal. 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.)

07:32 Japan Tertiary Industry Index (MoM) rose from previous -0.3% to 0% in February
Japan Tertiary Industry Index (MoM) rose from previous -0.3% to 0% in February

07:24 Silver Price Forecast: XAG/USD holds position above $32.50 despite easing Fed concerns
Silver price (XAG/USD) retraces its recent losses from the previous session, trading around $32.70 per troy ounce during the Asian hours on Wednesday. However, prices of grey metal faced headwinds as investor optimism grew over the Federal Reserve's (Fed) independence.

07:09 EUR/JPY hangs near daily low, below 162.00 as traders eye Eurozone PMIs for fresh impetus
The EUR/JPY cross struggles to capitalize on its modest Asian session gains and attracts some intraday sellers in the vicinity of mid-162.00s on Wednesday.

06:46 Gold price shows signs of bullish exhaustion amid positive turnaround in risk sentiment
Gold price (XAU/USD) attracted dip-buyers in Asia on Wednesday, stalling its retreat from the $3,500 peak hit the day before.

.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 rebounds from the Asian session trough as the USD stalls its recovery from a multi-year low.The weakening investors’ confidence in the US economy and Fed rate cut bets weigh on the Greenback. The optimism over easing US-China tensions remains supportive of the risk-on impulse and caps the XAU/USD pair. Gold price (XAU/USD) attracted dip-buyers in Asia on Wednesday, stalling its retreat from the $3,500 peak hit the day before. The attempted US Dollar (USD) recovery from a multi-year low faltered amid the weakening confidence in the US economy on the back of US President Donald Trump’s back-and-forth tariff announcements. Apart from this, the prospects for more aggressive policy easing by the Federal Reserve (Fed) prompt some intraday USD selling and turn out to be a key factor that helps revive demand for the non-yielding yellow metal.Meanwhile, Trump administration officials hinted at a potential de-escalation of the ongoing tariff dispute with China and fueled optimism about a trade deal. Adding to this Trump stepped back from his threats to dismiss Federal Reserve (Fed) Chair Jerome Powell. Furthermore, Russian President Vladimir Putin indicated he is open to the prospect of direct talks with his Ukrainian counterpart Volodymyr Zelenskyy, raising hopes for a ceasefire and further boosting investors' appetite for riskier assets. This is evident from a sharp recovery across the global equity markets, which, in turn, is holding back traders from placing fresh bullish bets around the safe-haven Gold price. Daily Digest Market Movers: Gold price bulls remain on the defensive amid hopes for a US-China trade dealUS equity indices rose sharply on Tuesday after US President Donald Trump backtracked on his criticism of Federal Reserve Chair Jerome Powell and said that he has no intention of firing him before the expiry of his term in May 2026. Adding to this, upbeat comments from Trump administration officials about US-China trade talks further boosted investors' confidence and prompted some profit-taking around the safe-haven Gold price following the recent record run. US Treasury Secretary Scott Bessent said that the tariff war between the US and China would de-escalate soon. Later, White House spokeswoman Karoline Leavitt told reporters that the Trump administration is setting the stage for a deal. Russian President Vladimir Putin said that he had a positive attitude towards any peace initiatives. In response, Ukrainian President Volodymyr Zelenskyy said on Tuesday that we are ready to sit down in any format after the ceasefire.Meanwhile, Trump's rapidly shifting stance on trade policies has eroded investors' trust and weakened confidence in the US economy. This fails to assist the US Dollar in preserving modest Asian session gains and supports the XAU/USD pair. Furthermore, the markets have been pricing in the possibility that the Federal Reserve will resume its rate-cutting cycle in June and lower borrowing costs at least three times by the end of this year, further benefiting the non-yielding yellow metal. Traders now look forward to the release of global flash PMIs for a fresh insight into global economic health. This, along with trade-related developments, will influence the risk sentiment and provide some impetus to the precious metal.Gold price could extend the corrective slide from the all-time peak while below the 23.6% Fibo. levelFrom a technical perspective, the precious metal now seems to have found acceptance below the 23.6% Fibonacci retracement level of the latest leg up from the vicinity of mid-$2,900s, or the monthly swing low. This, along with the lack of any further intraday buying, could be seen as initial signs of possible bullish exhaustion and supports prospects for further losses. However, oscillators on the daily chart are still holding comfortably in positive territory and warrant caution before placing aggressive bearish bets. Hence, any subsequent slide below the Asian session low, around the $3,315 area, is likely to find decent support and remain limited near the 38.2% Fibo. level, around the $3,289 region. That said, a convincing break below the latter should pave the way for some meaningful corrective fall in the near term. On the flip side, the $3,370 area (23.6% Fibo. level) now seems to act as an immediate hurdle ahead of the $3,400 mark. Some follow-through buying has the potential to lift the Gold price to the $3,424-3,425 horizontal resistance, above which bulls could make a fresh attempt to conquer the $3,500 psychological mark. A sustained strength beyond the latter will set the stage for an extension of the recent well-established uptrend witnessed over the past four months or so. 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.

06:45 WTI extends gains to near $64.00 on Iran sanctions, falling US inventories
West Texas Intermediate (WTI) Oil price extends its rally for a second straight session, trading around $63.90 per barrel during Asian hours on Wednesday. The continued rise in Oil prices comes amid fresh United States (US) sanctions on Iran and signs of tightening supply.

06:04 USD/INR attracts some buyers on Pahalgam terror attack
The Indian Rupee (INR) edges lower on Wednesday as rising crude oil prices and a renewed US Dollar (USD) demand weigh on sentiment and drag the Indian currency lower. The terrorist attack in Kashmir, India, contributes to the INR's downside.

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The flash readings of India’s HSBC PMI and US S&P Global PMI will take center stage later on Wednesday. The Indian Rupee (INR) edges lower on Wednesday as rising crude oil prices and a renewed US Dollar (USD) demand weigh on sentiment and drag the Indian currency lower. The terrorist attack in Kashmir, India, contributes to the INR's downside. At least 28 people were killed and many wounded on Tuesday when terrorists opened fire in a picturesque meadow near the resort town of Pahalgam in J&K, marking the deadliest attack since 2019.Nonetheless, potential portfolio inflows into local shares might help limit the INR’s losses. The preliminary reading of India’s April HSBC Purchasing Managers’ Index (PMI) is due later on Wednesday. On the US docket, the flash S&P Global PMI report will be the highlight. Indian Rupee remains weak amid global trade uncertaintyIndia’s Prime Minister Narendra Modi is cutting short his visit to Saudi Arabia following the deadly terror attack on tourists in Jammu and Kashmir’s Pahalgam, sources said Tuesday. Modi is expected to leave Jeddah tonight and land in India early Wednesday morning, given the 2.5-hour time difference.Mumbai has emerged as the top destination for real estate equity investments in India, attracting $6.9 billion between calendar years 2022 and 2024, according to CBRE South Asia Pvt. Ltd. and the Confederation of Indian Industry (CII).The White House said on Tuesday that the Trump administration was making progress on negotiations of trade deals aimed at reducing the sweeping tariffs he announced earlier this month. US Press Secretary Karoline Leavitt said that 18 different countries have presented trade offers to the US and that Trump's trade team was meeting with 34 countries this week to discuss potential agreements. Fed Board Governor Adriana Kugler said late Tuesday that with US import tariffs significantly larger than expected and likely to put upward pressure on prices, the US central bank ought to keep short-term borrowing costs steady until inflation risks recede.Money market traders have priced in 91 basis points (bps) of Fed rate cuts by the end of 2025, with the first cut expected in July, according to the CME FedWatch tool. USD/INR’s bearish bias prevails under the 100-day EMAThe Indian Rupee trades on a weaker note on the day. The longer-term downtrend of the USD/INR remains in play, with the price holding below the key 100-day Exponential Moving Average (EMA) on the daily chart. The downward momentum is supported by the 14-day Relative Strength Index (RSI), which stands below the midline near 37.25. The 85.00-84.90 zone acts as a key support level for USD/INR, representing the psychological level and the lower limit of the descending trend channel. A breach of this level could drag the price lower to 84.53, the low of December 6, 2024. The next contention level to watch is 84.22, the low of November 25, 2024. In the bullish case, the first upside barrier emerges at 85.85, the 100-day EMA. If momentum picks up, bulls could target 86.45, the upper boundary of the trend channel. Indian Rupee FAQs What are the key factors driving the Indian Rupee? The Indian Rupee (INR) is one of the most sensitive currencies to external factors. The price of Crude Oil (the country is highly dependent on imported Oil), the value of the US Dollar – most trade is conducted in USD – and the level of foreign investment, are all influential. Direct intervention by the Reserve Bank of India (RBI) in FX markets to keep the exchange rate stable, as well as the level of interest rates set by the RBI, are further major influencing factors on the Rupee. How do the decisions of the Reserve Bank of India impact the Indian Rupee? The Reserve Bank of India (RBI) actively intervenes in forex markets to maintain a stable exchange rate, to help facilitate trade. In addition, the RBI tries to maintain the inflation rate at its 4% target by adjusting interest rates. Higher interest rates usually strengthen the Rupee. This is due to the role of the ‘carry trade’ in which investors borrow in countries with lower interest rates so as to place their money in countries’ offering relatively higher interest rates and profit from the difference. What macroeconomic factors influence the value of the Indian Rupee? Macroeconomic factors that influence the value of the Rupee include inflation, interest rates, the economic growth rate (GDP), the balance of trade, and inflows from foreign investment. A higher growth rate can lead to more overseas investment, pushing up demand for the Rupee. A less negative balance of trade will eventually lead to a stronger Rupee. Higher interest rates, especially real rates (interest rates less inflation) are also positive for the Rupee. A risk-on environment can lead to greater inflows of Foreign Direct and Indirect Investment (FDI and FII), which also benefit the Rupee. How does inflation impact the Indian Rupee? Higher inflation, particularly, if it is comparatively higher than India’s peers, is generally negative for the currency as it reflects devaluation through oversupply. Inflation also increases the cost of exports, leading to more Rupees being sold to purchase foreign imports, which is Rupee-negative. At the same time, higher inflation usually leads to the Reserve Bank of India (RBI) raising interest rates and this can be positive for the Rupee, due to increased demand from international investors. The opposite effect is true of lower inflation.

05:42 USD/CAD trades higher near 1.3850 due to potential de-escalation of ongoing tariff dispute
USD/CAD edges higher, rebounding from two consecutive sessions of losses, and is trading near 1.3830 during Asian hours on Wednesday.

05:27 Japanese Yen recovers a major part of early lost ground against USD
The Japanese Yen (JPY) drifts lower against its American counterpart for the second successive day on Wednesday and retreats further from a multi-month peak 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}}The Japanese Yen attracts some dip-buyers and stalls its pullback from a multi-month low against the USD. Hopes for a US-Japan trade deal and rising bets for more BoJ rate hikes in 2025 continue to underpin the JPY.A positive turnaround in the global risk sentiment might cap any meaningful gains for the safe-haven JPY. The Japanese Yen (JPY) drifts lower against its American counterpart for the second successive day on Wednesday and retreats further from a multi-month peak touched the previous day. Upbeat comments from Trump administration officials about US-China trade talks trigger a sharp recovery in the global risk sentiment, which, in turn, weighs heavily on traditional safe-haven assets, including the JPY. Moreover, some follow-through US Dollar (USD) recovery from a multi-year low, bolstered by easing fears about the Federal Reserve's (Fed) independence, pushed the USD/JPY pair to a one-week high – a level beyond the 143.00 mark during the Asian session.The growing optimism that the US and Japan are moving closer to an interim arrangement on trade helps the JPY, which reacted little to rather unimpressive domestic PMIs, in stalling the intraday slide. Adding to this, firming expectations that the Bank of Japan (BoJ) will continue raising interest rates in 2025 hold back the JPY bears from placing aggressive bets. Meanwhile, investors have been losing confidence in the US economy on the back of Trump's rapidly shifting stance on trade policies. This, along with bets that the Fed will resume its rate-cutting cycle soon, caps the Greenback and drags the USD/JPY pair below the 142.00 mark in the last hour.Japanese Yen bulls turn cautious amid receding safe-haven demand; downside seems cushionedThe global risk sentiment gets a strong boost after US Treasury Secretary Scott Bessent said at a private investor summit that the tit-for-tat tariff war between the US and China would de-escalate soon. Later, White House spokeswoman Karoline Leavitt told reporters that the Trump administration is setting the stage for a deal. This, in turn, contributes to improving investors' appetite for riskier assets and driving flows away from perceived safe-haven assets, including the Japanese Yen.Meanwhile, US President Donald Trump ruled out the possibility of taking the unprecedented step of firing Federal Reserve Chair Jerome Powell before the expiry of his term in May 2026. This, in turn, triggers a goodish US Dollar recovery from a three-year low, which assists the USD/JPY pair to attract some follow-through buyers during the Asian session on Wednesday. The USD move up, however, runs out of steam amid the prospects for more aggressive policy easing by the Fed. According to the CME Group's FedWatch Tool, traders are pricing in the possibility that the Fed will lower borrowing costs by 25 basis points in June and deliver at least three rate cuts by the end of this year. This marks a big divergence in comparison to a rising consensus that the Bank of Japan will continue hiking interest rates in 2025. Apart from this, the hope that Japan might strike a trade deal with the US helps limit the JPY losses and prompt some intraday selling around the USD/JPY pair. In fact, the new US ambassador to Japan said last Friday that he is optimistic about a deal in the ongoing US-Japan tariff negotiations. However, Japan's Economic Revitalization Minister Ryosei Akazawa said that any agreement would likely take some time as it's difficult to say how long it will take to bridge the gap between the two sides. This might keep a lid on any optimism in the market and warrants some caution before placing aggressive bullish bets around the USD/JPY pair.Meanwhile, the preliminary Purchasing Managers' Index (PMI) released earlier this Wednesday showed that Japanese manufacturing activity has shrunk for the tenth consecutive month in April. The au Jibun Bank manufacturing PMI came in at 48.5 in April, slightly higher compared to 48.4 in the previous month. In contrast, Japanese services activity rebounded and the au Jibun Bank Services PMI rose to 52.2 during the reported month compared to a neutral reading of 50.0 in March.Wednesday's economic docket also features the release of flash global PMIs, which might provide a fresh insight into the global economic health. Apart from this, trade-related developments would play a key role in influencing the broader market risk sentiment and driving demand for the safe-haven JPY. USD/JPY struggles to find acceptance above the 143.00 mark or the 23.6% Fibo. level
From a technical perspective, the USD/JPY pair showed some resilience below the 140.00 psychological mark on Tuesday and the subsequent short-covering rally warrants some caution for bearish traders. The recovery momentum, however, struggles to find acceptance above the 143.00 mark or the 23.6% Fibonacci retracement level of the March-April downfall. This, in turn, should now act as a key pivotal point, above which spot prices might aim to surpass the Asian session peak, around the 143.20 area, and climb further towards reclaiming the 144.00 mark. The momentum could extend further towards the 144.25-144.30 region or the 38.2% Fibo. level.On the flip side, weakness below the 141.45 zone, or the Asian session low, now seems to find decent support near the 141.00 mark. A convincing break below the latter, however, will suggest that the recent downtrend is still far from being over and make the USD/JPY pair vulnerable to retesting sub-140.00 levels, with some intermediate support near the 140.45 region. The subsequent downfall would expose the 2024 swing low, around the 139.60-139.55 area. Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen (JPY) is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors. How do the decisions of the Bank of Japan impact the Japanese Yen? One of the Bank of Japan’s mandates is currency control, so its moves are key for the Yen. The BoJ has directly intervened in currency markets sometimes, generally to lower the value of the Yen, although it refrains from doing it often due to political concerns of its main trading partners. The BoJ ultra-loose monetary policy between 2013 and 2024 caused the Yen to depreciate against its main currency peers due to an increasing policy divergence between the Bank of Japan and other main central banks. More recently, the gradually unwinding of this ultra-loose policy has given some support to the Yen. How does the differential between Japanese and US bond yields impact the Japanese Yen? Over the last decade, the BoJ’s stance of sticking to ultra-loose monetary policy has led to a widening policy divergence with other central banks, particularly with the US Federal Reserve. This supported a widening of the differential between the 10-year US and Japanese bonds, which favored the US Dollar against the Japanese Yen. The BoJ decision in 2024 to gradually abandon the ultra-loose policy, coupled with interest-rate cuts in other major central banks, is narrowing this differential. How does broader risk sentiment impact the Japanese Yen? The Japanese Yen is often seen as a safe-haven investment. This means that in times of market stress, investors are more likely to put their money in the Japanese currency due to its supposed reliability and stability. Turbulent times are likely to strengthen the Yen’s value against other currencies seen as more risky to invest in.

04:46 NZD/USD strengthens above 0.5950 amid hopes for US-China trade deal
The NZD/USD pair gathers strength to around 0.5980 during the Asian trading hours on Wednesday. The New Zealand Dollar (NZD) has risen to its highest level since early November 2024 against the US Dollar (USD) after the optimistic comments from the US Treasury Secretary Scott Bessent.

04:33 Australian Dollar holds gains following Judo Bank PMI data
The Australian Dollar (AUD) recovered some ground on Wednesday, retracing its losses from the previous session.

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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 retraces its losses registered in the previous session.Australia's Judo Bank Purchasing Managers Index indicated that private sector activity grew for the seventh straight month in April.President Trump reassured investors that he has no intention of removing Fed’s Powell, helping ease concerns about central bank independence.The Australian Dollar (AUD) recovered some ground on Wednesday, retracing its losses from the previous session. The AUD/USD pair stabilized following the release of preliminary data from Australia's Judo Bank Purchasing Managers Index (PMI), which showed that private sector activity expanded for the seventh consecutive month in April, driven by continued growth in both manufacturing and services output.The Judo Bank Manufacturing PMI edged down to a two-month low of 51.7 in April, compared to 52.1 in March. While manufacturing output remained in expansion territory, the increase in new orders was modest. Meanwhile, the Services PMI dipped slightly to 51.4 from 51.6 in the previous month, and the Composite PMI also eased to 51.4 from 51.6.The AUD/USD pair came under pressure as the US Dollar (USD) strengthened, supported by comments from US Treasury Secretary Scott Bessent, who described the ongoing tariff standoff as “unsustainable,” suggesting a potential move toward de-escalation. Market sentiment was further boosted by US President Donald Trump, who reassured investors that he has no intention of removing Federal Reserve (Fed) Chair Jerome Powell, helping ease concerns about central bank independence and policy direction.Australian Dollar advances as Trump says that tariffs on Chinese goods wouldn’t be highPresident Trump also expressed optimism about ongoing trade negotiations with China, stating that discussions were progressing well. Trump added that while tariffs on Chinese goods wouldn’t be as high as 145%, they also wouldn’t be eliminated entirely.The White House announced on Tuesday that the Trump administration is making headway in negotiating trade deals aimed at easing the broad tariffs introduced earlier this month. According to US Press Secretary Karoline Leavitt, 18 countries have already submitted trade proposals to the US, and President Trump’s trade team is scheduled to meet with representatives from 34 nations this week to explore potential agreements.Federal Reserve Board Governor Adriana Kugler stated on Tuesday that the unexpectedly large US import tariffs are likely to push prices higher. As reported by Reuters, Kugler emphasized that the Federal Reserve should maintain current short-term interest rates until inflationary pressures begin to ease.The US Consumer Price Index (CPI) inflation eased to 2.4% year-over-year in March, down from 2.8% in February and below the market forecast of 2.6%. Core CPI, which excludes food and energy prices, rose 2.8% annually, compared to 3.1% previously and missing the 3.0% estimate. On a monthly basis, headline CPI dipped by 0.1%, while core CPI edged up by 0.1%.Reserve Bank of Australia's (RBA) March 31–April 1 Meeting Minutes indicated ongoing uncertainty around the timing of the next interest rate adjustment. Although the Board considered the May meeting a suitable point to review monetary policy, it stressed that no decisions had been made in advance. The Board also pointed to both upside and downside risks facing Australia's economy and inflation trajectory.China’s economy grew at an annual rate of 5.4% in the first quarter of 2025, matching the pace seen in Q4 2024 and surpassing market expectations of 5.1%. On a quarterly basis, GDP rose by 1.2% in Q1, following a 1.6% increase in the previous quarter, falling short of the forecasted 1.4% gain.Australian Dollar hovers around 0.6400, nine-day EMA acts as immediate supportThe AUD/USD pair is hovering near 0.6390 on Wednesday, with daily chart technicals signaling a bullish bias. The pair remains above the nine-day Exponential Moving Average (EMA), while the 14-day Relative Strength Index (RSI) holds firm above the 50 mark—both indicators pointing to continued upward momentum.On the upside, immediate resistance lies at the recent four-month high of 0.6439, reached on April 22. A clear break above this level could open the door for a rally toward the five-month high of 0.6515.To the downside, initial support is seen at the nine-day EMA near 0.6350, followed by stronger support around the 50-day EMA at 0.6295. A sustained move below these levels could invalidate the current bullish outlook and expose the pair to deeper losses, 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 Swiss Franc. USD EUR GBP JPY CAD AUD NZD CHF USD 0.24% 0.19% 0.36% 0.11% -0.57% -0.26% 0.45% EUR -0.24% -0.07% 0.10% -0.14% -0.78% -0.51% 0.21% GBP -0.19% 0.07% 0.17% -0.08% -0.70% -0.45% 0.29% JPY -0.36% -0.10% -0.17% -0.26% -0.83% -0.65% 0.12% CAD -0.11% 0.14% 0.08% 0.26% -0.57% -0.35% 0.37% AUD 0.57% 0.78% 0.70% 0.83% 0.57% 0.27% 1.02% NZD 0.26% 0.51% 0.45% 0.65% 0.35% -0.27% 0.74% CHF -0.45% -0.21% -0.29% -0.12% -0.37% -1.02% -0.74% 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 Judo Bank Manufacturing PMI The Manufacturing Purchasing Managers Index (PMI), released on a monthly basis by Judo Bank and S&P Global, is a leading indicator gauging business activity in Australia’s manufacturing sector. The data is derived from surveys of senior executives at private-sector companies. Survey responses reflect the change, if any, in the current month compared to the previous month and can anticipate changing trends in official data series such as Gross Domestic Product (GDP), industrial production, employment and inflation. The index varies between 0 and 100, with levels of 50.0 signaling no change over the previous month. A reading above 50 indicates that the manufacturing economy is generally expanding, a bullish sign for the Australian Dollar (AUD). Meanwhile, a reading below 50 signals that activity among goods producers is generally declining, which is seen as bearish for AUD. Read more. Last release: Tue Apr 22, 2025 23:00 (Prel) Frequency: Monthly Actual: 51.7 Consensus: - Previous: 52.1 Source: S&P Global

04:15 PBOC sets USD/CNY reference rate at 7.2116 vs. 7.2074 previous
On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.2116 as compared to the previous day's fix of 7.2074.

03:54 ECB's Villeroy: Trump’s trade policies will weaken financial stability and growth
European Central Bank member Francois Villeroy de Galhau said on Tuesday that US President Donald Trump’s trade tirades dampen economic growth, including for the US, and threaten to undermine financial stability, per Bloomberg.

03:31 Japan Jibun Bank Manufacturing PMI rose from previous 48.4 to 48.5 in April
Japan Jibun Bank Manufacturing PMI rose from previous 48.4 to 48.5 in April

03:31 GBP/USD weakens below 1.3300 as US Dollar rises
The GBP/USD pair remains weak near 1.3280 during the early Asian session on Wednesday. Comments by US Treasury Secretary Scott Bessent hint at a thaw in US-China trade tensions, fueling optimism in markets and strengthening the US Dollar (USD) against the Pound Sterling (GBP).

02:37 US will aim for UK to lower its automotive tariff - WSJ
The United States is preparing its terms for trade talks with the United Kingdom, according to people familiar with the plans, aiming for London to reduce levies and other non-tariff barriers on a wide range of US goods.

02:19 EUR/USD tumbles to near 1.1350 on renewed US Dollar demand
The EUR/USD pair attracts some sellers to around 1.1355 during the early Asian session on Wednesday, pressured by the renewed US Dollar (USD) demand.

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Trump said he had no intention of firing Fed’s Powell, despite being frustrated with the high interest rates.Traders ramp up ECB rate cut bets in the June meeting. The EUR/USD pair attracts some sellers to around 1.1355 during the early Asian session on Wednesday, pressured by the renewed US Dollar (USD) demand. The Greenback recovers after US President Donald Trump said he had no intention of firing Federal Reserve (Fed) Chair Jerome Powell despite his frustration with the central bank not moving more quickly to slash interest rates.The White House said on Tuesday that the Trump administration was making progress on negotiations of trade deals aimed at reducing the sweeping tariffs he announced earlier this month. US Press Secretary Karoline Leavitt said that 18 different countries have presented trade offers to the US and that Trump's trade team was meeting with 34 countries this week to discuss potential agreements. The positive developments surrounding US trade talks with trading partners lift the USD and act as a headwind for the major pair. Additionally, the hawkish comments from the Fed officials contribute to the Greenback’s upside. Fed Board Governor Adriana Kugler said late Tuesday that with US import tariffs significantly larger than expected and likely to put upward pressure on prices, the US central bank ought to keep short-term borrowing costs steady until inflation risks recede.Across the pond, the rising expectation that the European Central Bank (ECB) could cut interest rates again in the June policy meeting weighs on the shared currency. Traders are now pricing in nearly a 75% odds of a June rate cut, up from roughly 60% before the ECB's decision, according to LSEG data.Investors will keep an eye on the preliminary reading of the HCOB Purchasing Managers Index (PMI) from the Eurozone and Germany for April, which is due later on Wednesday. On the US docket, the flash S&P Global Manufacturing and Services PMIs for April will be published. 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.

02:02 Australia's Judo Bank Manufacturing PMI declines to 51.7 in April, Services PMI eases to 51.4
The preliminary reading of Australia's Judo Bank Manufacturing Purchasing Managers Index (PMI) declined to 51.7 in April from 52.1 in March, the latest data published by Judo Bank and S&P Global showed on Wednesday.

02:00 Australia Judo Bank Composite PMI down to 51.4 in April from previous 51.6
Australia Judo Bank Composite PMI down to 51.4 in April from previous 51.6

02:00 Australia Judo Bank Manufacturing PMI: 51.7 (April) vs previous 52.1
Australia Judo Bank Manufacturing PMI: 51.7 (April) vs previous 52.1

02:00 Australia Judo Bank Services PMI declined to 51.4 in April from previous 51.6
Australia Judo Bank Services PMI declined to 51.4 in April from previous 51.6

01:36 Fed's Kugler: Higher than expected tariffs likely to send prices higher
Federal Reserve Board Governor Adriana Kugler said late Tuesday that with US import tariffs significantly larger than expected and likely to put upward pressure on prices, the Fed ought to keep short-term borrowing costs unchanged until inflation risks recede, per Reuters.

00:57 GBP/JPY afloat near 189.00 amid risk jitters, bearish bias prevails
GBP/JPY trades modestly higher near 189.00 during Tuesday’s session after bouncing from intraday lows around 187.47. The pair’s upside follows a minor recovery in the Pound Sterling, which briefly reached 1.3423 against the US Dollar before retreating amid political and economic crosswinds.

GBP/JPY holds near the 189.00 zone but upside remains limitedMarket sentiment rattled by Fed uncertainty and weak UK inflation outlookTechnical picture tilts bearish with key resistance at 188.93 and 189.72GBP/JPY trades modestly higher near 189.00 during Tuesday’s session after bouncing from intraday lows around 187.47. The pair’s upside follows a minor recovery in the Pound Sterling, which briefly reached 1.3423 against the US Dollar before retreating amid political and economic crosswinds. President Trump’s latest remarks targeting Fed Chair Powell and renewed speculation around the Fed’s independence continue to weigh on risk sentiment and cast a shadow over the broader USD outlook.Meanwhile, the Japanese Yen remains well supported by safe-haven flows and expectations that the Bank of Japan (BoJ) will continue tightening policy. This dynamic keeps JPY resilient across G10 crosses. The British Pound, while still outperforming many peers, shows signs of exhaustion following a strong rally, as traders begin to price in possible rate cuts by the Bank of England (BoE) due to weak inflation and labor market trends.From a technical perspective, GBP/JPY flashes a bearish signal despite today’s modest gains. The pair trades near the top of its daily range (187.47–188.83), but the MACD and Awesome Oscillator both support selling pressure. The Relative Strength Index (RSI) remains neutral at 44.74, while moving averages paint a clearly bearish backdrop. The 20-day (190.32), 100-day (192.15), and 200-day (192.84) Simple Moving Averages all slope lower, joined by bearish confirmation from the 10-day EMA (188.94) and 30-day EMA (190.25). Resistance is found at 188.81, 188.94, and 189.73, while support lies at 188.57.The overall trend leans negative unless a sustained break above 189.70 materializes. For now, GBP/JPY remains vulnerable to deeper pullbacks amid political risk and technical headwinds.
GBP/JPY Daily chart

00:44 US President Trump eases market jitters, says no plans to fire Powell, China tariffs to be lower
Recently, US President Donald Trump said at a press conference that his discussions with China are going well, adding that he thinks they will reach a deal. He said that tariffs on China would not be as high as 145%, but they wouldn’t be zero.

00:34 EUR/JPY Price Analysis: Drifts near 162.00 as technical picture turns indecisive
The EURJPY pair is currently neutral, trading near the 162.00 zone after easing slightly on Tuesday. The pair remains confined within a narrow range between 160.98 and 162.32, showing no clear directional bias as Asian markets approach.

EUR/JPY trades near the 162.00 zone, slightly lower ahead of the Asian session.Mixed signals from indicators, with MACD flashing a sell and most others remaining neutral.Support seen at 161.72, 161.71, and 161.66, while resistance stands at 161.79, 161.86, and 161.87.The EURJPY pair is currently neutral, trading near the 162.00 zone after easing slightly on Tuesday. The pair remains confined within a narrow range between 160.98 and 162.32, showing no clear directional bias as Asian markets approach.Momentum indicators reflect the indecision in price action. The Relative Strength Index holds steady in neutral territory near 51, while the MACD suggests a slight bearish tilt. Other short-term signals, such as the Stochastic RSI Fast and the Average Directional Index, are also neutral, further reinforcing the lack of strong trend conviction.On the moving averages front, the 20-day SMA points to a short-term bearish trend, while the 100-day and 200-day SMAs suggest a longer-term bullish outlook. The Ichimoku Base Line remains neutral, in line with the broader sideways structure seen in recent sessions.Key support levels are located at 161.72, 161.71, and 161.66, while resistance lies overhead at 161.79, 161.86, and 161.87. The pair will likely require a decisive break beyond this range to establish clearer momentum in either direction.Daily chart

00:30 USD/CHF bounces over 1% as trade optimism lifts mood, but Powell tensions linger
The USD/CHF makes a U-turn and trade with gains of over 1% on Tuesday as market mood improved on trade headlines and a possible de-escalation of US-Sino conflict tensions. At the time of writing, the pair trades at 0.8181 after hitting a daily low of 0.8065.

00:10 AUD/JPY Price Analysis: Trades soft near 90.10 zone with bearish outlook intact
The AUDJPY pair is flashing an overall bearish signal, currently trading around 90.10 after a modest dip during Tuesday’s session. The cross remains mid-range between the day’s low of 89.64 and high of 90.58, suggesting hesitation in either direction as markets await fresh momentum into Asia.

AUD/JPY trades near the 90.10 area after easing modestly ahead of the Asian session.Momentum indicators are mixed, but moving averages continue to align with bearish pressure.Resistance is seen at 90.49, 90.50, and 90.57, while downside risk builds below the 90.00 handle.The AUDJPY pair is flashing an overall bearish signal, currently trading around 90.10 after a modest dip during Tuesday’s session. The cross remains mid-range between the day’s low of 89.64 and high of 90.58, suggesting hesitation in either direction as markets await fresh momentum into Asia.From a technical perspective, short-term indicators show a mixed picture. The Relative Strength Index (RSI) holds neutral near the 42 level, while the MACD is beginning to flash a buy signal. Complementing the indecisiveness, both the Stochastic %K and the Commodity Channel Index (CCI) remain in neutral territory, suggesting consolidation rather than trend continuation in the near term.Despite the muted momentum, broader trend signals continue to lean bearish. The 20-day, 100-day, and 200-day Simple Moving Averages (SMAs), all located above 91.00, confirm prevailing downside bias. The 10-day EMA and SMA, sitting just above the current price at 90.57 and 90.50 respectively, add immediate resistance.Traders may look to resistance levels at 90.49, 90.50, and 90.57 should any bullish correction emerge. However, the overall tone remains cautious, with sellers likely to retain control if the pair remains capped below the 91.00 region.
AUD/JPY daily chart

00:00 South Korea Consumer Sentiment Index: 93.8 (April) vs 93.4
South Korea Consumer Sentiment Index: 93.8 (April) vs 93.4

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Forex News Timeline

12:41 Germany 10-y Bond Auction down to 2.47% from previous 2.68% Germany 10-y Bond Auction down to 2.47% from previous 2.68%

12:32 Silver price today: Silver rises, according to FXStreet data Silver prices (XAG/USD) rose on Wednesday, according to FXStreet data.

12:27 CHF: Are negative interest rates coming back? – Commerzbank One of the most exciting G10 currencies at the moment is probably the Swiss Franc (CHF).

12:20 Chinese smelters boost Copper output – Commerzbank LME Copper climbed to a two-week high yesterday after reopening from the long Easter weekend.

12:13 EUR/USD dips on USD relief rally – Danske Bank EUR/USD edged lower toward the 1.14 mark, as the broader USD staged a modest rebound across the G10 space, Danske Bank's FX analysts report.

12:01 Eurozone Trade Balance s.a. increased to €21B in February from previous €14B Eurozone Trade Balance s.a. increased to €21B in February from previous €14B

12:01 Eurozone Construction Output w.d.a (YoY) rose from previous 0% to 0.2% in February Eurozone Construction Output w.d.a (YoY) rose from previous 0% to 0.2% in February

12:00 Eurozone Trade Balance n.s.a. rose from previous €1B to €24B in February Eurozone Trade Balance n.s.a. rose from previous €1B to €24B in February

12:00 Eurozone Construction Output s.a (MoM) dipped from previous 0.2% to -0.5% in February Eurozone Construction Output s.a (MoM) dipped from previous 0.2% to -0.5% in February

11:52 GBP/JPY Price Forecast: Rebounds to 189.00 as risk-on mood offsets weaker UK PMIs The GBP/JPY cross retreats from the vicinity of the 190.00 psychological mark, or over a two-week top touched earlier this Wednesday.

11:51 USD: US-China de-escalation in sight? – ING The US Dollar (USD) rebounded alongside US equities yesterday as market fears about tariffs eased partially, ING's FX analyst Francesco Pesole notes.

11:34 EUR/INR today: Indian Rupee cross rates edge higher at the start of the European session Indian Rupee (INR) crosses trade on the front foot at the beginning of Wednesday, according to FXStreet data.

11:31 UK Preliminary Services PMI contracts to 48.9 in April vs. 51.3 expected The seasonally adjusted S&P Global/CIPS UK Manufacturing Purchasing Managers’ Index (PMI) eased to 44 in April from 44.9 in March. The data matched the market consensus of 44 in the reported period.

11:30 United Kingdom S&P Global/CIPS Services PMI came in at 48.9 below forecasts (51.3) in April United Kingdom S&P Global/CIPS Services PMI came in at 48.9 below forecasts (51.3) in April

11:30 United Kingdom S&P Global/CIPS Manufacturing PMI in line with expectations (44) in April United Kingdom S&P Global/CIPS Manufacturing PMI in line with expectations (44) in April

11:30 United Kingdom S&P Global/CIPS Composite PMI below expectations (50.4) in April: Actual (48.2) United Kingdom S&P Global/CIPS Composite PMI below expectations (50.4) in April: Actual (48.2)

11:17 AUD/JPY trades higher near 91.00 despite cautious remarks from Chinese Foreign Ministry AUD/JPY snaps a three-day losing streak, trading around 90.90 during Wednesday’s European session.

11:11 China SMEI: Moderation in April – Standard Chartered Headline SMEI retreated to 50.4 in April as all key sub-indices edged down from March. IT and transport services performance sub-indices fell below 50; manufacturing SMEs outperformed.

11:01 Palladium price today: Rare metals advance at the start of the European session Platinum Group Metals (PGMs) trade with a positive tone at the beginning of Wednesday, according to FXStreet data.

11:00 South Africa Consumer Price Index (YoY) down to 2.7% in March from previous 3.2% South Africa Consumer Price Index (YoY) down to 2.7% in March from previous 3.2%

11:00 South Africa Consumer Price Index (MoM) declined to 0.4% in March from previous 0.9% South Africa Consumer Price Index (MoM) declined to 0.4% in March from previous 0.9%

11:00 Eurozone HCOB Manufacturing PMI above expectations (47.5) in April: Actual (48.7) Eurozone HCOB Manufacturing PMI above expectations (47.5) in April: Actual (48.7)

11:00 Eurozone HCOB Composite PMI below forecasts (50.3) in April: Actual (50.1) Eurozone HCOB Composite PMI below forecasts (50.3) in April: Actual (50.1)

11:00 Eurozone HCOB Services PMI came in at 49.7, below expectations (50.5) in April Eurozone HCOB Services PMI came in at 49.7, below expectations (50.5) in April

11:00 S&P Global PMIs expected to confirm US economic pullback in April This Wednesday, S&P Global will unveil its preliminary April Purchasing Managers’ Indices (PMIs) for the United States, drawing on surveys of senior private sector executives to offer an early read on economic momentum.

10:40 Indonesia Bank Indonesia Rate in line with forecasts (5.75%) Indonesia Bank Indonesia Rate in line with forecasts (5.75%)

10:36 Crude Oil price today: WTI price bullish at European opening West Texas Intermediate (WTI) Oil price advances on Wednesday, early in the European session. WTI trades at $64.53 per barrel, up from Tuesday’s close at $63.36.

10:31 German Preliminary Manufacturing PMI declines to 48 in April vs. 47.6 expected · Germany’s Manufacturing PMI dropped to 48 in April vs. 47.6 forecast.

10:30 Germany HCOB Services PMI below expectations (50.2) in April: Actual (48.8) Germany HCOB Services PMI below expectations (50.2) in April: Actual (48.8)

10:30 Germany HCOB Manufacturing PMI above forecasts (47.6) in April: Actual (48) Germany HCOB Manufacturing PMI above forecasts (47.6) in April: Actual (48)

10:30 Germany HCOB Composite PMI below expectations (50.4) in April: Actual (49.7) Germany HCOB Composite PMI below expectations (50.4) in April: Actual (49.7)

10:15 France HCOB Composite PMI registered at 47.3, below expectations (47.8) in April France HCOB Composite PMI registered at 47.3, below expectations (47.8) in April

10:15 France HCOB Services PMI below forecasts (47.7) in April: Actual (46.8) France HCOB Services PMI below forecasts (47.7) in April: Actual (46.8)

10:15 France HCOB Manufacturing PMI above expectations (48) in April: Actual (48.2) France HCOB Manufacturing PMI above expectations (48) in April: Actual (48.2)

10:10 BoJ: Japan's financial system has been maintaining stability on the whole The Bank of Japan (BoJ) published its Financial System Report on Wednesday, noting that “Japan's financial system has been maintaining stability on the whole.”

09:59 Forex Today: US Dollar consolidates recovery gains, attention shifts to PMI data Here is what you need to know on Wednesday, April 23:

09:46 EUR/GBP tumbles to near 0.8550 ahead of Eurozone/UK PMI data The EUR/GBP cross trades in the negative territory near 0.8550 during the early European session on Wednesday. The dovish stance of the European Central Bank (ECB) weighs on the Euro (EUR) against the Pound Sterling.

09:10 FX option expiries for Apr 23 NY cut FX option expiries for Apr 23 NY cut at 10:00 Eastern Time via DTCC can be found below.

09:00 United Kingdom Public Sector Net Borrowing came in at £16.444B, above expectations (£16.05B) in March United Kingdom Public Sector Net Borrowing came in at £16.444B, above expectations (£16.05B) in March

08:17 GBP/USD trades lower around 1.3300, retreats from seven-month highs due to US optimism GBP/USD extended its losses during Wednesday’s Asian session, trading around 1.3300 after pulling back from a seven-month high of 1.3424 recorded in the previous session.

08:06 USD/CHF Price Forecast: Outlook remains bearish below 0.8250 The USD/CHF pair drifts higher to near 0.8225 during the early European session on Wednesday, bolstered by the renewed US Dollar (USD) demand. Hope for the US-China trade deal provides a boost for investors.

08:01 India HSBC Services PMI climbed from previous 58.5 to 59.1 in April India HSBC Services PMI climbed from previous 58.5 to 59.1 in April

08:01 India HSBC Composite PMI climbed from previous 59.5 to 60 in April India HSBC Composite PMI climbed from previous 59.5 to 60 in April

08:00 India HSBC Manufacturing PMI increased to 58.4 in April from previous 58.1 India HSBC Manufacturing PMI increased to 58.4 in April from previous 58.1

08:00 Singapore Consumer Price Index (YoY) below expectations (1) in March: Actual (0.9) Singapore Consumer Price Index (YoY) below expectations (1) in March: Actual (0.9)

07:35 India Gold price today: Gold falls, according to FXStreet data Gold prices fell in India on Wednesday, according to data compiled by FXStreet.

07:32 Japan Tertiary Industry Index (MoM) rose from previous -0.3% to 0% in February Japan Tertiary Industry Index (MoM) rose from previous -0.3% to 0% in February

07:09 EUR/JPY hangs near daily low, below 162.00 as traders eye Eurozone PMIs for fresh impetus The EUR/JPY cross struggles to capitalize on its modest Asian session gains and attracts some intraday sellers in the vicinity of mid-162.00s on Wednesday.

06:46 Gold price shows signs of bullish exhaustion amid positive turnaround in risk sentiment Gold price (XAU/USD) attracted dip-buyers in Asia on Wednesday, stalling its retreat from the $3,500 peak hit the day before.

05:42 USD/CAD trades higher near 1.3850 due to potential de-escalation of ongoing tariff dispute USD/CAD edges higher, rebounding from two consecutive sessions of losses, and is trading near 1.3830 during Asian hours on Wednesday.

05:27 Japanese Yen recovers a major part of early lost ground against USD The Japanese Yen (JPY) drifts lower against its American counterpart for the second successive day on Wednesday and retreats further from a multi-month peak touched the previous day.

04:33 Australian Dollar holds gains following Judo Bank PMI data The Australian Dollar (AUD) recovered some ground on Wednesday, retracing its losses from the previous session.

04:15 PBOC sets USD/CNY reference rate at 7.2116 vs. 7.2074 previous On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.2116 as compared to the previous day's fix of 7.2074.

03:31 Japan Jibun Bank Manufacturing PMI rose from previous 48.4 to 48.5 in April Japan Jibun Bank Manufacturing PMI rose from previous 48.4 to 48.5 in April

02:37 US will aim for UK to lower its automotive tariff - WSJ The United States is preparing its terms for trade talks with the United Kingdom, according to people familiar with the plans, aiming for London to reduce levies and other non-tariff barriers on a wide range of US goods.

02:19 EUR/USD tumbles to near 1.1350 on renewed US Dollar demand The EUR/USD pair attracts some sellers to around 1.1355 during the early Asian session on Wednesday, pressured by the renewed US Dollar (USD) demand.

02:00 Australia Judo Bank Composite PMI down to 51.4 in April from previous 51.6 Australia Judo Bank Composite PMI down to 51.4 in April from previous 51.6

02:00 Australia Judo Bank Manufacturing PMI: 51.7 (April) vs previous 52.1 Australia Judo Bank Manufacturing PMI: 51.7 (April) vs previous 52.1

02:00 Australia Judo Bank Services PMI declined to 51.4 in April from previous 51.6 Australia Judo Bank Services PMI declined to 51.4 in April from previous 51.6

00:00 South Korea Consumer Sentiment Index: 93.8 (April) vs 93.4 South Korea Consumer Sentiment Index: 93.8 (April) vs 93.4

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