Currencies Steady Ahead of U.S. Confidence Data
Daily Currency Update
Markets have opened quietly with traders focusing on upcoming data releases. Oil and gold prices are under pressure after a weaker start to the week. Meanwhile, currency markets are steady ahead of U.S. consumer confidence and job openings data later today.
Key Events Today
- Eurozone Confidence Data: Business and consumer confidence indicators are due this morning. Sentiment in the bloc is expected to remain weak.
- BoE Speech: Bank of England’s Ramsden is speaking today. Any mention of inflation or growth risks could move GBP.
- U.S. Housing Data (Feb): House price index expected to show modest monthly growth.
- U.S. Consumer Confidence (Apr): A key gauge of spending sentiment, with markets expecting a slight drop from March levels.
- U.S. JOLTS Job Openings (Mar): Labour market tightness remains in focus ahead of Friday’s jobs report.
Commodities
- Oil: Brent is trading at $65.10, and WTI at $61.32. Both benchmarks are lower today as investors worry about slowing demand and higher supply if OPEC+ relaxes output cuts.
- Gold: Gold has slipped to $3,315.21, down 0.67% as risk appetite picks up slightly.
- Silver: Silver is holding firmer, up 0.05% at $33.13, helped by steady industrial demand.
Currency Snapshot – Expected Ranges
- EUR/USD: 1.1365 – 1.1415 ▼
The euro is soft ahead of confidence data.
Weaker sentiment could weigh further. - GBP/USD: 1.3365 – 1.3445 ▼
Sterling is steady but may react to the BoE speech later. - AUD/USD: 0.6385 – 0.6445 ▬
The Australian dollar holds within a narrow range, limited by weaker metals prices. - NZD/USD: 0.5945 – 0.6005 ▬
The New Zealand dollar is stable, but U.S. data could shift direction. - USD/JPY: 142.10 – 143.40 ▲
The yen remains under pressure from firm bond yields. - USD/CHF: 0.8195 – 0.8285 ▲
The franc softens as demand for safe-haven assets fades. - USD/CAD: 1.3805 – 1.3865 ▬
The loonie moves in line with oil price action. - USD/MXN: 19.5500 – 19.6400 ▬
The peso holds firm, though it may drift if U.S. numbers beat expectations. - USD/INR: 85.15 – 85.50 ▬
The rupee remains range-bound, with moves driven by U.S. dollar trends.
Market Outlook
Today’s U.S. consumer confidence and job openings data will likely set the tone for the dollar into midweek. If consumer sentiment shows unexpected weakness, there could be room for further USD softness. However, resilient jobs data could support risk sentiment and strengthen the greenback. Commodity currencies will stay sensitive to any major shifts in oil and metals prices.