Forex Today: Dollar Stabilizes Ahead of Key Data Release

This is what you need to know to trade today friday march 24:

The US dollar seems to have found its footing late on Thursday after the pullback seen in the main Wall Street indices. As of early Friday, the Dollar Index is relatively quiet ahead of US Durable Goods Orders data for February and preliminary S&P Global Manufacturing & Services PMI surveys for March. PMI surveys for Germany, the UK and the Eurozone will also be released on Friday. The Canadian economic calendar will include Retail Sales for January.

Following Wednesday’s sharp decline, the 10-year US Treasury yield fluctuated below 3.5% on Thursday and ended the day virtually unchanged. As of early Friday, the 10-year yield is nearing 3.4%. US Durable Goods Orders are forecast to rise 0.6% in February, following a 4.5% decline in January.

During the Asian day, a spokesman for the Chinese Ministry of Commerce stated that China does not intend to achieve a trade surplus with the United States. Meanwhile, Reuters reported that authorities raided the Beijing office of Mintz Group, a US corporate due diligence firm, and five Chinese employees were detained. However, US stock index futures are trading slightly higher.

Data from Japan showed early on Friday that the national Consumer Price Index fell to 3.3% a year in February, from 4.3% in January. This reading was well below market expectations, which had expected 4.1%. However, at USD/JPY It is having a hard time picking up momentum and is now trading in negative territory around 130.50.

He GBP/USD fluctuates below 1.2300 in the European morning. The UK’s Office for National Statistics reported on Friday that February Retail Sales rose 1.2%, compared with the market expectation of a 0.2% rise, but failed to lift more than a few pips per pound. On Thursday, the bank of england (BoE) announced that it was raising its official interest rate by 25 basis points, to 4.25%.

Having reached its highest level since early February above 1.0900 on Thursday, the EUR/USD reversed its direction and ended up closing the day in the red below 1.0850. The pair is relatively quiet around 1.0830 early Friday. Eurozone PMI surveys are expected to point to a modest expansion in private sector business activity in early March.

He AUD/USD moves up and down in a tight channel below 0.6700 on Friday. Data from Australia revealed that the S&P Global Composite PMI fell to 48.1% in early March, from 50.6 in February.

On Thursday, for the second time this week, the price of Gold rose above $2,000. XAU/USD appears to have entered a consolidation phase on Friday and is trading slightly lower around $1,890.

Bitcoin it gained nearly 4% on Thursday and erased all of Wednesday’s gains. BTC/USD moved sideways near $28,300. ethereum It rose 4.5% on Thursday and recaptured $1,800 before stabilizing slightly above that level early Friday.