Market News & Analysis
Forex Report: APR 24 (FRI)
Ming Lam April 24, 2020 2:22 AM
EUR/USD slid 0.4% to 1.0776, posting a four-day decline. Research firm Markit reported that the eurozone's Manufacturing PMI slid to 33.6 in April (38.0 estimated) from 44.5 in March and Services PMI slumped to 11.7 (22.8 expected) from 26.4. Meanwhile, the European leaders failed to reach an agreement on the longer term economic rebuilding plan, according to media reports.
Later today, German IFO Business Climate Index for April will be released (79.7 expected).
EUR/USD: Intraday 30-minute Chart
Source: GAIN Capital, TradingView
GBP/USD gained 0.2% to 1.2352. The Markit U.K. Manufacturing PMI declined to 32.9 in April (42.0 estimated) from 47.8 in March and Services PMI plunged to 12.3 (27.8 expected) from 34.5. Investor will watch closely the U.K. retail sales report for March due later in the day (-5.0% on month estimated).
USD/JPY slipped 0.1% to 107.64. This morning, government data showed that Japan's national CPI grew 0.4% on year in March (as expected).
Commodity-linked currencies were broadly higher against the greenback, as sentiment was lifted by a further rebound in oil prices. AUD/USD advanced 0.8% to 0.6375 and NZD/USD climbed 0.9% to 0.6006, while USD/CAD dropped 0.7% to 1.4067.
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