The Melbourne Institute will publish the Westpac-Melbourne Leading Index of Economic Activity and Japan will report its Industrial Production. These figures should not trigger much action. Markets are quiet on Tuesday, with the US dollar paring half of its recent gains.
Here’s what to know on Wednesday, April 19:
The dollar fell on a quiet Tuesday in all financial markets. The Index of Dollar (DXY) fell below 102.00, but is still far from the recent low. US yields were little changed, holding close to recent monthly highs.
China reported that its economy grew 4.5% year-on-year in the first quarter, beating expectations. It reflects the rebound after the end of the monetary policy based on a zero interest rate. Retail sales for March rose 10.6%. The numbers modestly helped market sentiment. Wall Street ended mixed as investors digested first-quarter earnings.
The pair EUR/USD rose above 1.0950, but remains capped below 1.1000. The trend is still bullish. On Wednesday the final March Consumer Price Index will be published in the euro zone and the Federal Reserve (Fed) will publish the Beige Book. Mixed US housing data was released on Tuesday.
GBP/USD rallied from the 20-day SMA to break above 1.2400 again, while EUR/GBP bottomed at 0.8808 (3-day low) and then bounced towards 0.8830. In the UK, the unemployment rate rose to 3.8% in the three months ending in February and wage growth stood at 5.9% from a year earlier. On Wednesday the Consumer Price Index will be published in the United Kingdom, which will stand at 9.8% year-on-year.
The USD/CAD pair it ended flat around 1.3390, with the Loonie lagging behind inflation data from Canada. The AUD/USD pair peaked around 0.6740, buoyed by the dour tone of the Reserve Bank of Australia (RBA) minutes, and then lost momentum. NZD/USD recovered from its weekly lows to the 0.6200 zone.
Gold recovered $2,000 and Silver $25.00, benefiting from a weaker US dollar. Cryptocurrencies also had a mixed day. Bitcoin it holds firm above $30,000. Crude Oil prices are flat with WTI slightly below $81.00.
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Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
