Forex Today: Powell and the US NFP will be in the limelight

FXStreet
Updated
Mitrade
coverImg
Source: DepositPhotos

The Greenback tumbled to multi-month lows as market participants digested President Trump’s newly announced reciprocal tariffs, all against a backdrop of sharp losses in global stock markets and escalating concerns over a global trade war.


Here is what you need to know on Friday, April 4:


The US Dollar Index (DXY) almost fully faded the October-January rally, retreating to multi-month troughs in the low 101.00s amid an equally pronounced drop in US yields across the curve. The release of the Nonfarm Payrolls will be the salient event, followed by the Unemployment Rate and speeches by Chair Powell, Waller, and Barr.


EUR/USD advanced markedly and revisited the 1.1150 region for the first time since early October. Germany’s Factory Orders are due along with the HCOB Construction PMI in Germany and the EMU, all ahead of the speech by the ECB’s De Guindos.


GBP/USD briefly surpassed the 1.3200 barrier to hit new six-month peaks following the important decline in the Greenback. The final S&P Global Construction PMI will be published.


USD/JPY extended its bearish move to six-month troughs near the 145.00 support on the back of increased safe haven demand post-Trump’s tariffs. The Household Spending figures are due in the Japanese docket.


AUD/USD rose for the third consecutive day, this time approaching the key resistance area around the 0.6400 barrier. Next on tap in Oz will be the Consumer Confidence gauge tracked by Westpac, due on April 8.


WTI prices collapsed to the area of yearly lows in the sub-$66.00 region per barrel amid the generalised sour sentiment as traders adjusted to Trump’s tariffs.


In a volatile day, Gold prices settled above the $3,100 mark per troy ounce, down mildly for the day despite hitting an all-time peak near $3,170 early in the session. Silver prices tumbled heavily to four-week troughs below the $32.00 mark per ounce.


* The content presented above, whether from a third party or not, is considered as general advice only.  This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.

goTop
quote
Do you find this article useful?
Related Articles
placeholder
EUR/USD declines as US Dollar gains on hopes of easing US-China trade warEUR/USD trades lower around 1.1350 during European trading hours on Friday. The major currency pair weakens due to a recovery move in the US Dollar (USD) on hopes of an improvement in trade relations between the United States (US) and China.
Author  FXStreet
16 hours ago
EUR/USD trades lower around 1.1350 during European trading hours on Friday. The major currency pair weakens due to a recovery move in the US Dollar (USD) on hopes of an improvement in trade relations between the United States (US) and China.
placeholder
Forex Today: US Dollar regains traction on renewed optimism about easing US-China tensionsFollowing Thursday's decline, the US Dollar (USD) gathers strength against its rivals early Friday as markets assess the latest headlines surrounding the US-China trade relations.
Author  FXStreet
18 hours ago
Following Thursday's decline, the US Dollar (USD) gathers strength against its rivals early Friday as markets assess the latest headlines surrounding the US-China trade relations.
placeholder
USD/CHF maintains position above 0.8300 due to US-China trade optimismUSD/CHF recovered its previous session losses and is trading around 0.8320 during the Asian session on Friday.
Author  FXStreet
19 hours ago
USD/CHF recovered its previous session losses and is trading around 0.8320 during the Asian session on Friday.
placeholder
US Dollar Index rebounds above 99.50 on US trade talks progressThe US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, edges higher to near 99.75 during the early European session on Friday amid positive developments in negotiations with allies India, Japan and South Korea.
Author  FXStreet
20 hours ago
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, edges higher to near 99.75 during the early European session on Friday amid positive developments in negotiations with allies India, Japan and South Korea.
placeholder
Japanese Yen struggles to lure buyers despite strong Tokyo CPI printThe Japanese Yen (JPY) edges lower during the Asian session on Friday as hopes for the potential de-escalation of the US-China trade standoff remain supportive of a positive risk tone and temper demand for traditional safe-haven assets.
Author  FXStreet
23 hours ago
The Japanese Yen (JPY) edges lower during the Asian session on Friday as hopes for the potential de-escalation of the US-China trade standoff remain supportive of a positive risk tone and temper demand for traditional safe-haven assets.