Dollar Firms as Commodities Dip
Daily Currency Update
Markets have opened quietly today as traders wait for fresh data later this week. The dollar is pushing slightly stronger, while oil prices have risen. Gold and silver have both slipped lower, with investors pulling back from safe-haven assets for now.
Key Events Today
For today, the economic calendar is relatively light. The primary scheduled release is the Dallas Fed Manufacturing Business Index for April, expected at 10:30 AM Eastern Time. This index provides insight into manufacturing activity in Texas and can influence market expectations for broader U.S. manufacturing trends.
Looking ahead data releases:
- Tuesday, 29 April: U.S. Consumer Confidence Index for April and JOLTS Job Openings for March.
- Wednesday, 30 April: Advance estimates of U.S. GDP for Q1 and Core PCE Prices.
- Thursday, 1 May: U.S. Initial Jobless Claims and ISM Manufacturing PMI for April. Federal Reserve Bank of New York
- Friday, 2 May: U.S. Nonfarm Payrolls and Unemployment Rate for April.
Commodities
- Oil prices are firmer this morning. Brent crude is trading at $67.22 per barrel, and WTI at $63.38. Steady demand and reduced supply worries are helping to keep prices supported.
- Gold prices have dropped by 0.95% to $3,288.44 per ounce. Silver is also lower, down 0.54% to $32.89. The decline in precious metals reflects a small shift towards riskier investments.
Currency Movements – Expected Ranges
EUR/USD: 1.1320 – 1.1390 ▼
The euro is under pressure after last week’s weaker PMI readings. Focus now shifts to upcoming U.S. data.
GBP/USD: 1.3270 – 1.3350 ▼
The pound is trading quietly. UK markets are waiting for domestic economic news later this week.
AUD/USD: 0.6370 – 0.6430 ▼
The Australian dollar is steady but struggling to extend gains. Falling gold prices are limiting any upside.
NZD/USD: 0.5935 – 0.5990 ▼
The New Zealand dollar remains soft, moving in line with global risk appetite.
USD/JPY: 143.00 – 144.40 ▲
The dollar is firm against the yen. Stable U.S. bond yields continue to support the pair.
USD/CHF: 0.8290 – 0.8365 ▲
The Swiss franc has weakened as gold prices fall. The dollar remains well supported.
USD/CAD: 1.3845 – 1.3910 ▲
The Canadian dollar is holding steady, helped by higher oil prices.
USD/MXN: 19.5900 – 19.6800 ▲
The Mexican peso is trading quietly. Oil prices are offering some support, but gains are limited.
USD/INR: 85.45 – 85.75 ▲
The rupee is stuck in a tight range. Most moves are tied to broader dollar trends.
Market Outlook
Trading is likely to stay calm today. Markets are waiting for U.S. economic updates, including manufacturing and inflation reports later this week. Attention will also remain on central bank speakers for any hints on future interest rate moves.