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USD Dips in Final April Trading Day

FOREX
  • Markets are bouncing early Friday, with this week's sharp moves in currency markets partially reversing on the final trading day of the month. The greenback is the poorest performer so far, providing some relief for the likes of EUR/USD and GBP/USD and allowing the pairs to ease their currently oversold technical conditions.
  • Data out this morning gave markets a firm clue on today's higher-than-expected April Eurozone inflation release, with core CPI now reaching 3.50% - another series high and confusing further the monetary policy outlook for the ECB. Nonetheless, regional releases suggested this would be the case, keeping EUR/GBP slightly underwater and just above the 0.8400 mark.
  • Oil prices hold the bulk of the Thursday rally, keeping Brent and WTI prices in the green and helping support the likes of NOK, which is the firmest currency so far Friday. A solid set of Norwegian retail sales figures (+3.3% in March) and Credit growth keep the Norges Bank on track to raise rates further this year - although a number of analysts have flagged the risk of a rate rise at next week's non-policy report meeting.
  • Looking ahead, US personal income/spending data for March is the data highlight ahead of MNI Chicago PMI and the final read for April UMich confidence. Canada's February GDP also crosses.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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