Forex Report: USD Index at 2-Week Low

The ICE U.S. Dollar Index has posted a four-day decline...

FOREX 3

Overnight, the ICE U.S. Dollar Index dropped 0.4% on day to a two-week low of 99.48, posting a four-day decline.

EUR/USD rose 0.5% to 1.0876. Official data showed that the eurozone's Economic Confidence Index declined to 67.0 in April (73.1 expected) from 94.2 in March. Meanwhile, investors are expecting the European Central Bank to keep its key rates unchanged later today. Also, the eurozone's first-quarter GDP (-3.4% on year estimated) and March jobless rate (7.8% expected) will be reported.

GBP/USD advanced 0.4% to 1.2471, 

USD/JPY lost 0.2% to 106.61. This morning, government data showed that Japan's industrial production fell 3.7% on month in March (-5.0% estimated), and retail sales declined 4.5% (as expected).

The Canadian dollar strengthened against the greenback, lifted by a sharp rebound in oil prices. USD/CAD dipped 0.9% to 1.3876. Later today, Canada's GDP data for February will be released (+0.2% on month expected).

Meanwhile, AUD/USD jumped 1.0% to 0.6554 and NZD/USD rallied 1.4% to 0.6140.

USD/JPY Intraday 30-Minute Chart:

Source: GAIN Capital, TradingView


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