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Forexlive European FX news wrap: Eurozone GDP beats, inflation remains in check (for now)
Forexlive European FX news wrap: Eurozone GDP beats, inflation remains in check (for now)
Forex news from the European morning session on Apr 30, 2025
Session wrap
Wrap Europe
Ukraine is ready to sign US resource deal as early as Wednesday
Ukraine is ready to sign US resource deal as early as Wednesday
Bloomberg reporting citing person familiar with the matter
Politics
US Dollar Index stuck while recession and stagflation fears resurface
US Dollar Index stuck while recession and stagflation fears resurface
The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades flat at 99.30 at the time of writing on Wednesday.
TradeWar
UnitedStates
SEO
Macroeconomics
DollarIndex
US MBA mortgage applications w.e. 25 April -4.2% vs -12.7% prior
US MBA mortgage applications w.e. 25 April -4.2% vs -12.7% prior
Latest data from the Mortgage Bankers Association for the week ending 25 April 2025
AUD/USD rises to near 0.6400 as Australian Dollar outperforms
AUD/USD rises to near 0.6400 as Australian Dollar outperforms
The AUD/USD pair trades slightly higher near 0.6400 during European trading hours on Wednesday. The Aussie pair ticks higher as the Australian Dollar (AUD) performs strongly despite soft Reserve Bank of Australia (RBA) Q1 Trimmed Mean Consumer Price Index (CPI) data.
RBA
China
Fed
Inflation
AUDUSD
CNY: Some early soft spots – Commerzbank
CNY: Some early soft spots – Commerzbank
The official purchasing managers' indices for the Chinese economy were published this morning, revealing the first signs of the impact of the prohibitive US tariffs. The PMI for the manufacturing sector fell by 1.5 points to 49.0, its lowest level since late 2023.
China
USDCNY
PBOC
USDCNH
Banks
EUR/GBP holds near 0.85 as UK outlook softens – Danske Bank
EUR/GBP holds near 0.85 as UK outlook softens – Danske Bank
EUR/GBP remained close to the 0.85 mark during yesterday's session, Danske Bank's FX analysts report.
Crosses
Currencies
EURGBP
Banks
BoJ is going to sit this one out – Commerzbank
BoJ is going to sit this one out – Commerzbank
While we enjoy the bank holiday tomorrow morning, the Bank of Japan will be holding its May monetary policy meeting. Having raised its key interest rate from 0.25% to 0.5% in January, the Bank of Japan then decided to pause in March.
Technical Analysis
BOJ
CentralBanks
Japan
Banks
EUR/USD declines as US Dollar extends upside after US Q1 GDP data
EUR/USD declines as US Dollar extends upside after US Q1 GDP data
EUR/USD slides to near 1.1350 during North American trading hours on Wednesday. The major currency pair weakens as the US Dollar (USD) extends its initial gains after the release of a string of United States (US) economic data.
ECB
EURUSD
TradeWar
Fed
SEO
USD holds ground despite weaker JOLTS data – Danske Bank
USD holds ground despite weaker JOLTS data – Danske Bank
In an otherwise relatively quiet week, the USD found some support from the continued positive risk environment, bolstered by de-escalating tariff headlines - even as JOLTS job openings saw a larger-than-expected decline in March (ahead of Liberation Day), Danske Bank's FX analysts report.
Currencies
UnitedStates
Employment
Banks
DollarIndex
US: The tariff house of cards is collapsing – Commerzbank
US: The tariff house of cards is collapsing – Commerzbank
To the impartial observer, it should be quite obvious that the US government's trade policy strategy is currently failing spectacularly. Chinese President Xi Jingping is refusing to call to make a 'deal'.
Technical Analysis
China
UnitedStates
Banks
DollarIndex
Reminder: Trump will speak at an "Investing in America" event at 16:00 ET/20:00 GMT
Reminder: Trump will speak at an "Investing in America" event at 16:00 ET/20:00 GMT
CEOs from various companies including Nvidia, General Electric, and SoftBank will visit the White House today
market overview
Silver price today: Silver falls, according to FXStreet data
Silver price today: Silver falls, according to FXStreet data
Silver prices (XAG/USD) fell on Wednesday, according to FXStreet data.
Silver
Commodities
Metals
Gold off session's low on Wednesday with GDP in contraction
Gold off session's low on Wednesday with GDP in contraction
Gold price (XAU/USD) is recovering from incurred losses and trades around $3,288 on Wednesday after the US Gross Domestic Product and Personal Consumption Expenditures (PCE).  Bullion is facing a second day of some profit taking after United States (US) President Donald Trump signed an executive ord
TradeWar
UnitedStates
SEO
Gold
Commodities
ICSG expects Copper surplus to persist – ING
ICSG expects Copper surplus to persist – ING
In its latest forecasts, the International Copper Study Group (ICSG) expects the global Copper market to see a supply surplus of 289kt in 2025, largely on higher mine supply and rising smelting capacity, compared to the 194kt of surplus projected earlier and 138kt of surplus seen last year.
Metals
Copper
Commodities
Banks
US Dollar Index advances to near 99.50 as US yields rebound ahead of Core PCE data
US Dollar Index advances to near 99.50 as US yields rebound ahead of Core PCE data
The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, extends its gains for a second consecutive day, trading near 99.40 during Wednesday’s European session.
UnitedStates
Majors
Macroeconomics
DollarIndex
Australia: Pencilling in a rate cut by RBA in May – Standard Chartered
Australia: Pencilling in a rate cut by RBA in May – Standard Chartered
Q1 trimmed mean CPI fell into the RBA’s 2-3% target range for the first time since end-2021. The growth/stability trade-off likely favours more RBA cuts amid growth headwinds posed by US tariffs.
Australia
RBA
Inflation
InterestRate
Banks
Eurozone Preliminary GDP rises 0.4% QoQ in Q1 vs. 0.2% expected
Eurozone Preliminary GDP rises 0.4% QoQ in Q1 vs. 0.2% expected
The Eurozone economy expanded by 0.4% in the three months to March of 2025 after growing by 0.2% in the fourth quarter of 2024, the preliminary estimate released by Eurostat showed Wednesday.
Eurozone
EconomicIndicator
GDP
EURUSD
USD: The worse the data, the better? – Commerzbank
USD: The worse the data, the better? – Commerzbank
Yesterday saw the next round of poor sentiment indicators from the US. According to the Conference Board, US consumer confidence fell to its lowest level since the start of the coronavirus pandemic.
DollarIndex
Banks
Technical Analysis
Fed
US Elections
Eurozone Q1 preliminary GDP +0.4% vs +0.2% q/q expected
Eurozone Q1 preliminary GDP +0.4% vs +0.2% q/q expected
Latest data released by Eurostat - 30 April 2025
USD/CAD ticks higher amid bearish Oil prices, remains below mid-1.3800s ahead of US data
USD/CAD ticks higher amid bearish Oil prices, remains below mid-1.3800s ahead of US data
The USD/CAD pair extends its sideways consolidative price move through the first half of the European session on Wednesday and remains confined in a familiar range held over the past two weeks.
Currencies
TradeWar
Fed
USDCAD
EconomicIndicator
President Xi: China needs to adapt to changing situations
President Xi: China needs to adapt to changing situations
Speaking at a symposium on economic development on Wednesday, Chinese President Xi Jinping said that “China needs to adapt to changing situations.”
China
AUDUSD
Macroeconomics
China's Xi: China needs to adapt to changing situations
China's Xi: China needs to adapt to changing situations
President Xi is holding symposium on economic development
High inventory adds pressure on oil – ING
High inventory adds pressure on oil – ING
The oil market continued to decline for a third straight session this morning, ING's commodity experts Ewa Manthey and Warren Patterson note.
Oil
Energy
Brent
Banks
USD: Equities providing shield against bad data – ING
USD: Equities providing shield against bad data – ING
The US Dollar (USD) continues to be pulled by opposing forces: US President Donald Trump’s scaling back of some protectionism measures versus data evidence of a US slowdown. Ultimately, the tiebreak for FX impact seems to be equities performance.
Technical Analysis
Fed
Banks
DollarIndex
EUR/JPY holds ground near 162.50 following key economic data from Germany
EUR/JPY holds ground near 162.50 following key economic data from Germany
EUR/JPY halts its two-day losing streak, trading around 162.40 during the European session on Wednesday. The currency cross holds ground following the release of key economic data from Germany.
Crosses
Eurozone
Japan
EURJPY
Macroeconomics
German Preliminary GDP expands 0.2% QoQ in Q1, as expected
German Preliminary GDP expands 0.2% QoQ in Q1, as expected
The German economy expanded by 0.2% over the quarter in the first quarter of 2025, following a 0.2% contraction in the final quarter of 2024, according to the preliminary data published by Destatis on Wednesday. Markets expected a 0.2% growth in the reported period.
GDP
EURUSD
Germany
EconomicIndicator
Italy Q1 preliminary GDP +0.3% vs +0.2% q/q expected
Italy Q1 preliminary GDP +0.3% vs +0.2% q/q expected
Latest data released by Istat - 30 April 2025
Germany Q1 preliminary GDP +0.2% vs +0.2% q/q expected
Germany Q1 preliminary GDP +0.2% vs +0.2% q/q expected
Latest data released by Destatis - 30 April 2025
Bavaria April CPI +2.1% vs +2.3% y/y prior
Bavaria April CPI +2.1% vs +2.3% y/y prior
Latest data released by Destatis - 30 April 2025
Pound Sterling slumps against US Dollar despite US economic turbulence
Pound Sterling slumps against US Dollar despite US economic turbulence
The Pound Sterling (GBP) extends correction to near 1.3310 against the US Dollar (USD) in Wednesday’s North American session from its fresh three-year high of 1.3445 posted on Tuesday.
GDP
SEO
Inflation
BOE
GBPUSD
Germany April unemployment change 4k vs 15k expected
Germany April unemployment change 4k vs 15k expected
Latest data released by the Federal Employment Agency - 30 April 2025
NZD/USD Price Forecast: Falls toward 0.5900 support after breaking below nine-day EMA
NZD/USD Price Forecast: Falls toward 0.5900 support after breaking below nine-day EMA
The NZD/USD pair extends losses for the second successive session, trading around 0.5920 during early European hours on Wednesday.
Technical Analysis
Majors
NZDUSD
Forex Today: Critical growth and inflation data from major economies to ramp up volatility
Forex Today: Critical growth and inflation data from major economies to ramp up volatility
Here is what you need to know on Wednesday, April 30:
Currencies
Majors
EconomicIndicator
Commodities
Macroeconomics
EUR/INR: Indian Rupee cross rates down at the start of the European session
EUR/INR: Indian Rupee cross rates down at the start of the European session
Indian Rupee (INR) crosses trade with a negative bias at the start of Wednesday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 96.71, with the EUR/INR pair declining from its previous close at 96.95.
EUR/GBP holds positive ground near 0.8500 as traders await German, Eurozone GDP data
EUR/GBP holds positive ground near 0.8500 as traders await German, Eurozone GDP data
The EUR/GBP cross trades in positive territory near 0.8500 during the early European session on Wednesday. The Euro (EUR) remains strong after the German economic data. Traders will shift their attention to the advanced estimate of Q1 Gross Domestic Product (GDP) from Germany later on Wednesday.
Crosses
Germany
RetailSales
EURGBP
Macroeconomics
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