Forex Daily Recap – The Fiber Reflected Multiple Highs on the Backdrop of the USD Specific EventsThe EUR/USD moved beyond the 1.1180 levels. The safe-haven and AUD/USD pair getting pushed up with rising greenback. Pound sterling hovered around 1.2918 levels amid Brexit deadlock. The loonie pair gained momentum following the US PCE events.
The ninja kicked off the day near 111.60 levels. The pair recorded few high levels throughout the day. In the Asian session, the USD/JPY had attempted to remain above the resistance point around 111.70 levels. The pair hit the highest point of the day near 111.88 levels during the North American session.
In the morning hours of the day, the US PCE (Both YoY & MoM) for February and the Personal Spending appeared positive. The USD/JPY gained some momentum to travel upward contrary to any JPY events for today.
The Green Money was ascending since the release of positive PCE index which reported above-the-consensus estimates. This growing US Dollar also further pushed up the USD/JPY pair.
The pair was trading at around 1.1168 levels at 15:15 GMT. The early hours of the day marked with a small correction and later hours displayed many highs for the cable. Followed by many EUR & USD events, the pair had managed to remain above the support line near 1.1146 levels.
In the Asian Session, the pair was drifting in the top over bullish outlook the EUR calendar events. The EUR Service Sentiments, Italian PPI, and M3 March Money Supply came out ahead of the market anticipation.
Later in the day, a high reading recorded with the PCE data for the US. These reports helped the EUR/USD pair to create multiple-high levels for today.
The pair experienced pull back from the actual numbers of the EUR Business, Industrial & Consumer Confidence. However, these reports turned bearish over the currency.
The loonie pair started the day, with 1.3459 levels and remained trending upside. A break-even point appeared with the pair during the European session. The pair tumbled down with 21 pips after 12:00 GMT.
The USD/CAD pair gained pace in the early hour od the day with the optimistic yield over the US Treasury Bonds. Further, aided with the broadcasting of the US March PCE index recorded a bullish outlook over the previous figures.
Further in the day, the disruptions in the crude oil prices stayed uncooperative with the USD/CAD pair from any upthrust.
The GBP/USD pair seesawed throughout today and remained between 1.2945 / 07 levels.
The pair were seen hovering around the resistance point near 1.2918 levels. Post 12:30 GMT the pair took a new turn for making corrections ahead and stood above this resistance point.
Today, the void cross-party talks over Brexit stood unsupportive towards the pair. After the release of BoE’s Governor speech during the start of the day, allowed the cable to bounce up. The GBP/USD pair marked a new high for this day following this speech.
Moreover, the US Treasury Bonds performed well, and it shores up the USD. This improvement in US Dollars added in the pullback of the GBP/USD pair during the mid-hours.
The Aussie pair started the day with 0.7042 levels and displayed waving up & down ahead. The pair remained within the 0.7060 / 40 levels. Currently, the AUD/USD was trading around the 0.7056 levels at 17:30 GMT.
The PCE & core PCE of February recorded optimistic data and helped the USD to crop up. The US Dollars got strongly supported with the US events aligned for today. During the European session, the Dallas Fed manufacturing business index got released. This report appeared bearish and resulted in lowering of the USD. The reduction in the US dollars helped pair to climb above the lowest 0.7042 levels.
In the absence of any significant AUD specific events, the currency relied upon the US events scheduled for the day.