The unexpected rise in the US CPI in March propelled the dollar to yearly highs and kept the risk space under renewed strong downward pressure. There were no developments in the minutes of the Federal Open Market Committee (FOMC), while the ECB is expected to leave its interest rates unchanged on Thursday.
Here's what you need to know on Thursday, April 11:
The Dollar rose noticeably and pushed the Dollar Index (DXY) to new yearly highs north of the 105.00 barrier. On April 11, producer prices will take center stage, supported by initial weekly jobless claims. Additionally, the Fed's John Williams, Susan Collins and Raphael Bostic are scheduled to speak.
EUR/USD retreated sharply and revisited the 1.0720-1.0730 band, while challenging the monthly low zone. The ECB meets on April 11 and is expected to leave its monetary conditions unchanged. In addition, President Lagarde will offer her usual press conference after the bank's decision.
GBP/USD traded well on the defensive and flirted with the 2024 low in the 1.2520 area. In the UK, GDP figures are expected at the end of the week.
The strengthening of the Dollar and the increase in US yields motivated the USD/JPY to shoot up to the limits of the 153.00 barrier. In Japan, weekly foreign bond investment data is expected on April 10.
AUD/USD fell to multi-day lows and tested the 0.6500 support following the strong rebound in the Dollar. Consumer inflation expectations will be published on April 11.
Dimming hopes for a ceasefire in the Middle East reinforced the daily rally in WTI prices despite the unexpected buildup of crude oil inventories in the United States.
Gold prices retreated from their recent all-time highs due to the dollar's buying bias and rising US yields. Silver prices were also pressured by selling after reaching new highs around $28.50 an 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.
