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Forex Today: US Dollar consolidates recovery gains, attention shifts to PMI data
Forex Today: US Dollar consolidates recovery gains, attention shifts to PMI data
Here is what you need to know on Wednesday, April 23:
Currencies
Majors
EconomicIndicator
Commodities
Macroeconomics
SEC Alleges PGI's Forex Operations Diverted $57 Million to Fund Luxury Lifestyle
SEC Alleges PGI's Forex Operations Diverted $57 Million to Fund Luxury Lifestyle
News Discussion Forum
By Finance Magnates
SEC Alleges PGI's Forex Operations Diverted $57 Million to Fund Luxury Lifestyle
. The Securities and Exchange Commission ( SEC ) has filed charges against Ramil Palafox for allegedly defrauding investors worldwide of approximately $198 million through his company PGI Global, w...
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Ponzi Scheme
EUR/GBP tumbles to near 0.8550 ahead of Eurozone/UK PMI data
EUR/GBP tumbles to near 0.8550 ahead of Eurozone/UK PMI data
The EUR/GBP cross trades in the negative territory near 0.8550 during the early European session on Wednesday. The dovish stance of the European Central Bank (ECB) weighs on the Euro (EUR) against the Pound Sterling.
Crosses
EURGBP
Macroeconomics
What are the main events for today?
What are the main events for today?
The highlights include Flash PMIs and central bank speakers, but the focus remains on tariff related news
market overview
Eurostoxx futures +1.6% in early European trading
Eurostoxx futures +1.6% in early European trading
A more positive mood after the Wall Street gains
FX option expiries for Apr 23 NY cut
FX option expiries for Apr 23 NY cut
FX option expiries for Apr 23 NY cut at 10:00 Eastern Time via DTCC can be found below.
Currencies
Options
NZDUSD
It's a question of when and not if the market rhetoric will turn again
It's a question of when and not if the market rhetoric will turn again
Policy consistency and coherence are things that haven't been a pillar of Trump's tariffs war
market overview
GBP/USD trades lower around 1.3300, retreats from seven-month highs due to US optimism
GBP/USD trades lower around 1.3300, retreats from seven-month highs due to US optimism
GBP/USD extended its losses during Wednesday’s Asian session, trading around 1.3300 after pulling back from a seven-month high of 1.3424 recorded in the previous session.
UnitedKingdom
Majors
Macroeconomics
GBPUSD
USD/CHF Price Forecast: Outlook remains bearish below 0.8250
USD/CHF Price Forecast: Outlook remains bearish below 0.8250
The USD/CHF pair drifts higher to near 0.8225 during the early European session on Wednesday, bolstered by the renewed US Dollar (USD) demand. Hope for the US-China trade deal provides a boost for investors.
Majors
USDCHF
Macroeconomics
And round and round we go..
And round and round we go..
Trump backs down to provide some relief for US markets
market overview
EUR/USD Price Forecast: Bounces off 1.1300 neighborhood; shows resilience below 23.6% Fibo.
EUR/USD Price Forecast: Bounces off 1.1300 neighborhood; shows resilience below 23.6% Fibo.
The EUR/USD pair attracts some follow-through selling for the second straight day on Wednesday and drops to a one-week low during the Asian session. Spot prices, however, rebound a few pips from the 1.1300 neighborhood and currently trade around the 1.1380 region, still down over 0.35% for the day.
EURUSD
Fed
RiskAppetite
Technical Analysis
Currencies
India Gold price today: Gold falls, according to FXStreet data
India Gold price today: Gold falls, according to FXStreet data
Gold prices fell in India on Wednesday, according to data compiled by FXStreet.
Gold
Commodities
Metals
India
Silver Price Forecast: XAG/USD holds position above $32.50 despite easing Fed concerns
Silver Price Forecast: XAG/USD holds position above $32.50 despite easing Fed concerns
Silver price (XAG/USD) retraces its recent losses from the previous session, trading around $32.70 per troy ounce during the Asian hours on Wednesday. However, prices of grey metal faced headwinds as investor optimism grew over the Federal Reserve's (Fed) independence.
Silver
Metals
Commodities
Macroeconomics
XAGUSD
Economists now more split on next BOJ rate hike - poll
Economists now more split on next BOJ rate hike - poll
The findings from Reuters' latest poll on the BOJ outlook
EUR/JPY hangs near daily low, below 162.00 as traders eye Eurozone PMIs for fresh impetus
EUR/JPY hangs near daily low, below 162.00 as traders eye Eurozone PMIs for fresh impetus
The EUR/JPY cross struggles to capitalize on its modest Asian session gains and attracts some intraday sellers in the vicinity of mid-162.00s on Wednesday.
RiskAppetite
Currencies
BOJ
EURJPY
PMI
Gold price touches fresh weekly low, below $3,300 amid easing US-China trade tensions
Gold price touches fresh weekly low, below $3,300 amid easing US-China trade tensions
Gold price (XAU/USD) extends its steady intraday descent through the first half of the European session and momentarily slips below the $3,300 mark in the last hour as the upbeat market mood conditions undermine demand for safe-haven assets.
RiskAppetite
Fed
SEO
Gold
Commodities
WTI extends gains to near $64.00 on Iran sanctions, falling US inventories
WTI extends gains to near $64.00 on Iran sanctions, falling US inventories
West Texas Intermediate (WTI) Oil price extends its rally for a second straight session, trading around $63.90 per barrel during Asian hours on Wednesday. The continued rise in Oil prices comes amid fresh United States (US) sanctions on Iran and signs of tightening supply.
Oil
WTI
Macroeconomics
Commodities
Majors
USD/INR gains traction as traders await US PMI release
USD/INR gains traction as traders await US PMI release
The Indian Rupee (INR) edges lower on Wednesday as rising crude oil prices and a renewed US Dollar (USD) demand weigh on sentiment and drag the Indian currency lower. The terrorist attack in Kashmir, India, contributes to the INR's downside.
EmergingMarkets
SEO
USDINR
India
Macroeconomics
USD/CAD trades higher near 1.3850 due to potential de-escalation of ongoing tariff dispute
USD/CAD trades higher near 1.3850 due to potential de-escalation of ongoing tariff dispute
USD/CAD edges higher, rebounding from two consecutive sessions of losses, and is trading near 1.3830 during Asian hours on Wednesday.
Canada
Oil
USDCAD
Majors
Macroeconomics
Japanese Yen climbs to the top end of its daily range against USD; bullion potential seems intact
Japanese Yen climbs to the top end of its daily range against USD; bullion potential seems intact
The Japanese Yen (JPY) recovers early lost ground to a one-week trough touched against its American counterpart earlier this Wednesday and climbs to the top end of the daily range heading into the European session.
RiskAppetite
TradeWar
BOJ
SEO
USDJPY
NZD/USD strengthens above 0.5950 amid hopes for US-China trade deal
NZD/USD strengthens above 0.5950 amid hopes for US-China trade deal
The NZD/USD pair gathers strength to around 0.5980 during the Asian trading hours on Wednesday. The New Zealand Dollar (NZD) has risen to its highest level since early November 2024 against the US Dollar (USD) after the optimistic comments from the US Treasury Secretary Scott Bessent.
Majors
NZDUSD
Macroeconomics
Australian Dollar holds gains as US Dollar remains subdued ahead of S&P Global PMI data
Australian Dollar holds gains as US Dollar remains subdued ahead of S&P Global PMI data
The Australian Dollar (AUD) recovered some ground on Wednesday, retracing its losses from the previous session.
Australia
SEO
Majors
AUDUSD
Macroeconomics
PBOC sets USD/CNY reference rate at 7.2116 vs. 7.2074 previous
PBOC sets USD/CNY reference rate at 7.2116 vs. 7.2074 previous
On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.2116 as compared to the previous day's fix of 7.2074.
Currencies
CentralBanks
USDCNY
PBOC
PBOC sets USD/ CNY mid-point today at 7.2116 (vs. estimate at 7.3466)
PBOC sets USD/ CNY mid-point today at 7.2116 (vs. estimate at 7.3466)
PBOC CNY reference rate setting for the trading session ahead.
CNY
China Stock Market
China
CNH
pboc
ECB's Villeroy: Trump’s trade policies will weaken financial stability and growth
ECB's Villeroy: Trump’s trade policies will weaken financial stability and growth
European Central Bank member Francois Villeroy de Galhau said on Tuesday that US President Donald Trump’s trade tirades dampen economic growth, including for the US, and threaten to undermine financial stability, per Bloomberg. 
ECB
Eurozone
CentralBanks
Macroeconomics
Japan flash April manufacturing PMI 48.5 (prior 48.4)
Japan flash April manufacturing PMI 48.5 (prior 48.4)
Japan Jibun Bank PMI Manufacturing April 2025 Preliminary
GBP/USD weakens below 1.3300 as US Dollar rises
GBP/USD weakens below 1.3300 as US Dollar rises
The GBP/USD pair remains weak near 1.3280 during the early Asian session on Wednesday. Comments by US Treasury Secretary Scott Bessent hint at a thaw in US-China trade tensions, fueling optimism in markets and strengthening the US Dollar (USD) against the Pound Sterling (GBP). 
Majors
Macroeconomics
GBPUSD
PBOC is expected to set the USD/CNY reference rate at 7.3466 – Reuters estimate
PBOC is expected to set the USD/CNY reference rate at 7.3466 – Reuters estimate
PBOC CNY reference rate setting for the trading session ahead.
CNY
China Stock Market
China
CNH
pboc
US will aim for UK to lower its automotive tariff  - WSJ
US will aim for UK to lower its automotive tariff  - WSJ
The United States is preparing its terms for trade talks with the United Kingdom, according to people familiar with the plans, aiming for London to reduce levies and other non-tariff barriers on a wide range of US goods.
TradeWar
UnitedStates
UnitedKingdom
Macroeconomics
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