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Hello everyone, today Avatrade Aihua Foreign Exchange will bring you "[Aihua Foreign Exchange]: The US dollar continues the recovery triggered by the Federal Reserve, and tariffs become a tight curse on April 2!" Hope it will be helpful to you! The original content is as follows:
The US dollar accumulated bullish momentum on Thursday and outperformed other currencies. The U.S. dollar index, which tracks the valuation of the dollar against a basket of six major currencies, continued to rise slightly in early Friday and remained in the positive zone on the weekly chart. Friday's economic calendar will not release any data that has a big impact, and investors will closely monitor avatradescn.comments from Fed officials and U.S. President Donald Trump.
The US dollar benefited from cautious market sentiment and optimistic data released on Thursday. Following Wednesday's rebound, major U.S. stock indexes closed down on the day. The U.S. Department of Labor reported that the number of first-time unemployment claims for the week ended March 15 was 223,000, slightly lower than market expectations of 224,000. Other data from the U.S. show that existing home sales rose 4.2% in February after a 4.7% drop in January. In addition, the Philadelphia Fed Manufacturing Index was 12.5 in March, surpassing analysts' expectations of 8.5. In the early European session, U.S. stock index futures remained flat on the same day, and the US dollar index consolidated around 104.00.
U.S. President Trump once again called on social media earlier on Friday to “do the right thing and lower interest rates.”
Basic foreign exchange market trend:
Euro/USD fell about 0.5%, closing in the negative area for the second consecutive day on Thursday. The pair struggled to rebound in early European trading, trading below 1.0850. Later that day, the European avatradescn.commission will release preliminary consumer confidence data for March.
The Bank of England (BoE) announced on Thursday that it would keep the policy interest rate unchanged at 4.5%, as widely expected. Only one policymaker voted for a 25 basis point cut (bps) rate cut, while market expectationsThere are two policy makers. The GBP/USD failed to gain traction after the Bank of England incident and closed slightly lower on the day. The pair remained behind early Friday, trading below 1.2950.
Japanese data shows that the national consumer price index rose 3.7% year-on-year in February after rising 4% in January. The core CPI rose 3% during the same period, higher than the market forecast of 2.9%. After almost flat on Thursday, the U.S. dollar/yen turned higher during the Asian session on Friday, up about 0.4% for the last time above 149.30.
Bulle market fundamentals:
In the avatradescn.commodity market, oil prices rose on Friday and are expected to record the strongest weekly gains since January. Brent crude oil futures rose 0.36%, while US WTI crude oil futures rose 0.4%. Both rose about 2% this week.
Gold price fell 0.46% to $3,030. Investors took profits as gold prices hit record highs. However, gold is still expected to rise for the third consecutive week, supported by safe-haven demand.
Analysis of major currency trends:
Euro: The intraday tendency of the euro/dollar is slightly downward. The 1.0953 pullback from the short-term top will extend to the 38.2% retracement level of 1.0726 from 1.0358 to 1.0953. A strong support should be seen to bring a rebound. At the same time, breaking through 1.0953 will resume the rebound from 1.0176 to the key resistance level 1.1274.
JPY: The correction mode of USD/JPY is still expanding from 146.52, and intraday bias remains neutral. If the recovery is stronger, the upward space should be limited by the 150.92 support rotation resistance level. On the downside, a firm breakthrough in the 148.17 support level will be retested 146.52 first. The 61.8% retracement level of 146.32, which continues to fall below 139.57 to 158.86, will resume the decline from 158.86 to 139.57 support.
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