Forex Today: UK inflation figures take centre stage along with the Spring statement
The Greenback’s recovery took a breather on Tuesday, allowing some recovery in the risk-associated universe, while tariff concerns remained well in place as well as speculation of an economic slowdown in the US economy.
Here is what you need to know on Wednesday, March 26:
The US Dollar Index (DXY) gave away part of the multi-day recovery and briefly pierced the 104.00 support amid mixed US yields across the board. The weekly MBA’s Mortgage Applications are due, seconded by Durable Goods Orders, and the EIA’s weekly repor on US crude oil stockpiles.
EUR/USD could not sustain the earlier advance and eventually added to the ongoing multi-day decline. The ECB’s Cipollone is only due to speak.
GBP/USD added to the promising start to the week and rose further north of the 1.2900 barrier. Investors’ attention will be on the UK Inflation Rate and the Spring Economic Statement by Chancellor Reeves.
USD/JPY came under strong downside pressure soon after hitting fresh tops in the boundaries of the 151.00 hurdle. The final Coincident Index and Leading Economic Index will be published.
AUD/USD picked up extra pace and surpassed the 0.6300 mark, advancing to three-day highs. The focus is expected to be on the RBA’s Monthly CPI Indicator.
WTI prices could not sustain the early move to new three-week highs, succumbing to the selling mood and revisiting the sub-$69.00 region amid supply concerns.
Prices of Gold regained composure, reversed three daily drops in a row and reclaimed the $3,030 region per troy ounce. Silver prices rallied to three-day peaks near the $34.00 mark per ounce.
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