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23 Apr 2025

Forex Today: US data, Germany’s morale gauges, and tariffs take centre stage

The Greenback extended their recovery on the back of auspicious headlines around the US-China trade crisis and mitigating fears around potential threats to the Fed’s independence by President Trump.

Here is what you need to know on Thursday, April 24:

The US Dollar Index (DXY) advanced further and retargeted the psychological 100.00 barrier, up for the second straight day. The weekly Initial Jobless Claims are due, seconded by the Chicago Fed National Activity Index, Durable Goods Orders, and Existing Home Sales.

EUR/USD came under extra selling pressure, challenging the 1.1300 key support, or multi-day troughs. Germany’s IFO Business Climate will be only released on the domestic calendar.

GBP/USD broke below the 1.3300 support to reach new four-day lows amid the persistent advance in the Greenback. Next on tap across the Channel will be the CBI Business Optimism Index, seconded by Industrial Trend Orders.

USD/JPY gained extra steam and broke above the 143.00 hurdle, hitting fresh multi-day peaks. The weekly readings of Foreign Bond Investment are expected.

Prices of WTI dipped to four-day lows, breaching the $62.00 mark per barrel following the likelihood that the OPEC+ could hike the crude oil output next month.

The better tone in the risk-linked assets as well as the higher US Dollar and easing US-China trade concerns all weighed on the yellow metal, dragging Gold prices below the $3,300 mark per troy ounce. Silver prices, in the meantime, rallied to three-week highs around the $33.70 zone per ounce.

Apr 23, 2025

Gold sinks as risk appetite improves on Trump-Powell calm, China tariff relief hopes

Gold prices plunged more than 2.50% on Wednesday as risk appetite improved due to a possible de-escalation of US-China tensions and US President Donald Trump's statement that he doesn’t plan to fire Federal Reserve (Fed) Chair Jerome Powell.
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Apr 23, 2025

Mexican Peso slips as Trump softens stance on Powell, China duties

The Mexican Peso (MXN) registered modest losses against the US Dollar (USD) on Wednesday amid an improvement in risk appetite and regained confidence in the Greenback as US President Donald Trump denied that he would remove Federal Reserve (Fed) Chair Jerome Powell.
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