The Dollar started the week on the wrong foot in a week in which the Fed's interest rate cut bets will continue to take center stage amid the FOMC event and the release of April Non-Farm Payrolls .
Here's what you need to know on Tuesday, April 30:
A negative start to the week saw the Dollar give up Friday's gains following alleged intervention by the Japanese Ministry of Finance to support the yen after it weakened to multi-decade lows above 160.00 against the US Dollar. On April 30, the employment cost index will be published, supported by the FHFA Consumer Price Index and the Conference Board consumer confidence indicator.
EUR/USD quickly put Friday's pullback behind it and regained more upside traction, helped by renewed bearish pressure from the dollar. Retail sales, the labor market report and the first quarter GDP growth rate in Germany will be released on April 30, followed by the inflation rate and the preliminary first quarter GDP growth rate in the euro bloc.
GBP/USD rose to three-week highs and flirted with the key 200-day SMA in the 1.2550-1.2560 area. On April 30, mortgage and home loan approval figures will be published.
USD/JPY fell sharply after reaching new highs above 160.00, all against a backdrop of suspected intervention in the currency market. On April 30, the unemployment rate will be published on the Japanese agenda, in addition to industrial production, retail sales and housing starts.
The AUD/USD pair continued to advance and reached new three-week highs near the 0.6600 area. In Australia, preliminary housing credit and retail sales data will be released on April 30.
WTI prices fell to two-day lows near $82.00 per barrel on easing geopolitical fears and the Fed's talk of tightening monetary policy for longer.
Gold prices advanced for the third consecutive session and touched $2,350 per troy ounce in response to the weakness of the Dollar and persistent US inflation. Silver extended its consolidative mood even further, always supported in the $27.00 area.
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.
