Headlines:
Dip buyers will have but one more shot before the weekendJapan's largest union group Rengo sees average wage hike of 5.40% in second-round dataWhite House reportedly begins review on plans for second round of mass layoffsPBOC says will cut RRR and interest rates at appropriate timeFrance March business confidence 97 vs 96 priorEurozone January current account balance €13.2 billion vs €50.5 billion priorUK March CBI trends total orders -29 vs -28 priorGermany's upper house of parliament passes debt reformUK stats office to pause publication of producer price indexMarkets:
It was a quiet session in Europe as market players are gearing up for perhaps a more volatile end to the week when we get to US trading later. Equities remain more guarded, with US futures slipping during the session as a sense of nervousness continues to permeate.
That helped to keep the dollar a little more bid early one before the greenback is now keeping little changed as yields also ease lower during the session.
EUR/USD fell from 1.0840 to 1.0820 before recovering losses to near flat levels on the day now. USD/JPY also raced up to a high of 149.65 before slipping back to 148.95 currently amid the retreat in Treasury yields. 10-year yields in the US are down to 4.21%, continuing to hold around its 100-week moving average of 4.206%.
Besides that, GBP/USD also fell from 1.2950 to 1.2923 before holding around 1.2940 levels now. And USD/CAD is just seen marginally higher by 0.1% to 1.4335 ahead of the Canadian retail sales data later.
All in all, the movement among dollar pairs is still relatively contained besides USD/JPY that is.
But with the risk tone keeping more cautious, it sets up for a bit of a nervy end to the week. That especially if we do get another selloff in risk trades later in the day.
In other markets, gold is also down slightly to $3,034 with the earlier low touching $3,022 during the session. Meanwhile, oil is also giving back some of its advance from yesterday as it is down to $67.80. But it is at least still poised to end the week slightly higher, still holding on to support from the 2024 lows for now.
This article was written by Justin Low at www.forexlive.com. Read More Details
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