The Dollar's bullish momentum remained intact, extending to new yearly highs around 106.20, amid rising yields in a week that appears to be dominated by rising geopolitical tensions, especially in the Middle East.
Here's what you need to know on Tuesday, April 16:
The Dollar maintained its bullish bias and advanced to new 2024 highs near 106.20 when measured by the USD Index (DXY) on Monday. On April 16, construction permits, housing starts and industrial production will be published.
The EUR/USD pair remained on the defensive and retreated to new yearly lows near 1.0620. On April 16, economic sentiment measured by the ZEW survey in Germany and the Euro bloc will be published.
GBP/USD closed Monday's session little changed around the 1.2450 area. In the UK, the February labor market report will be published on April 16.
The new rises pushed USD/JPY to a new 34-year high, far surpassing the 154.00 point barrier. In Japan, the Reuters Tankan index and trade balance results will be published on April 17.
AUD/USD maintained its negative sentiment and challenged the 2024 lows in the 0.6450-0.6440 zone. The next featured release in Oz will be the Westpac Leading Index on April 17.
USD/CAD maintained its uptrend and reached new highs near 1.3800. On April 16, the Canadian inflation rate and the BoC core inflation rate will take center stage.
USD/CNH extended its consolidation mood near 7.2600, resuming the downtrend after Friday's decent advance. In the Chinese calendar, the first quarter GDP growth rate, industrial production, retail sales and unemployment rate will be released on April 16.
WTI fell for the third consecutive session due to easing geopolitical jitters and a lower likelihood of the Fed cutting interest rates in the summer.
Gold prices quickly put Friday's decline behind them and once again focused on the area of all-time highs beyond $2,400 per troy ounce. Silver prices resumed their upward trend and reached Friday's highs again near $30.00 per ounce.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
