The U.S. Dollar Index, which gauges the greenback vs. a bundle of its main competitors now regains the positive ground and retakes 90.50 and beyond.
Major equity indexes in the US opened in the positive territory following the long weekend and notched new all-time highs. As of writing, the Dow Jones Industrial Average was up 0.28% on the day at 31,548, the S&P 500 was gaining 0.3% at 3,947 and the Nasdaq Composite was rising 0.4% at 13,860.
Today, we will have a series of economic data that may have a significant impact on the market: UK CPI, ECB Monetary Policy Statement, US PPI, US Retail Sales, and Canada Core CPI. Therefore, the market is expected to get busy in the European and US sessions.
The EUR/USD pair closed the first day of the week little changed and gained traction during the European trading hours on Tuesday. After touching its highest level in three weeks at 1.2170, however, the pair reversed its course and turned negative on the day. Now, the pair was down 0.15% on the day at 1.2107.
It’s been a choppy session thus far for cable, the pair having swung back from session lows around 1.3870 to above the 1.3900 level again in recent trade, though still some way from Asia Pacific session highs of just above the 1.3950 mark.
AUDUSD has been on the back foot since the arrival of US market participants at 11:00GMT following their long weekend. The pair had managed to surpass the 0.7800 level on two occasions during the Asia Pacific and European morning sessions, its highest levels since mid-January, but is now trading just to the north of the 0.7250 mark. At present, AUD trades around 0.3% lower on the day versus the US dollar.
NZDUSD has recovered following a brief slip below the 0.7200 level in recent trade. However, the currency pair still trades well below the six-week highs its set earlier on in the session of nearly as high as the 0.7270 mark. On the day, the pair trades with losses of around 0.15% or just over 10 pips.
The USDJPY pair dropped to a daily low of 105.18 during the European trading hours but turned north in the early American session and touched its best level since October at 105.79. Now, the pair was up 0.39% on the day at 105.77.
The USDCAD pair closed the first day of the week deep in the negative territory and dropped to its lowest level since January 21 at 1.2608 on Tuesday. With the greenback gathering strength in the second half of the day, the pair reversed its direction and was last seen trading at 1.2692, rising 0.45% on a daily basis.
Gold prices are firmly in the hands of the bears targeting weekly support of $1,765.
WTI has dropped back below $60.00 on Tuesday from Monday’s highs of close to $61.00. But crude oil markets remain broadly underpinned, with weather-related supply issues in the US underpinning the price action.
Bitcoin spent the last trading day moving up and down, now trading at $48614. In a larger time frame, bitcoin is in a strong bullish trend and looking forward to testing a historical high.
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