The British Pound has found some footing after sliding on BoE stepping back from more hawkish rhetoric. Will the downtrend resume for GBP/USD?
U.S. stocks fail to maintain momentum and take a turn to the downside as war worries drive oil prices higher, fueling concerns about cost-push inflation.
USD/CAD may depreciate over the remainder of the week as the exchange rate fails to defend the opening range for 2022.
The major EUR-crosses are coalescing around a singular theme.
After a brief pullback on Tuesday, oil prices stage a solid rebound on Wednesday on fears that the geopolitical situation in Eastern Europe will lead to further disruptions in energy trade flows.
A weaker Dollar has pushed USD/CAD to critical support as Oil and Gold recover from their recent slide. US indices lose grip after strong rally.
The New Zealand Dollar fell versus the US Dollar overnight as Covid lockdowns in China dampened sentiment in the APAC region. Traders are watching Australian retail sales due out this morning.
Employment data for March came in stronger than expected, with an ADP survey showing the US added 455,000 jobs in March.
The Japanese Yen has recovered lost ground vs the dollar but the duration and strength of the pullback will be tested if US PCE and NFP data advances even further.
Sterling remains weak against a range of currencies and with little seen propping GBP up in the near term then further losses may lie ahead.
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