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Forex Today: US hard data steal the show
Forex Today: US hard data steal the show
The renewed buying pressure prompted the Greenback to leave behind Monday’s pessimism and chart decent gains on Tuesday, always on the back of mitigating US-China trade concerns and rising prudence ahead of key US data releases later in the week.
Currencies
EURUSD
Fed
DollarIndex
US Dollar Index weakens as confidence and labor data disappoint
US Dollar Index weakens as confidence and labor data disappoint
The US Dollar Index (DXY), which measures the value of the US Dollar against a basket of currencies, is showing muted gains on Tuesday after soft labor market and consumer sentiment data raised expectations for policy easing.
Technical Analysis
Currencies
DollarIndex
A good bet on what the country is that is near a trade deal with the USA
A good bet on what the country is that is near a trade deal with the USA
Gasparino says the "word on Wall Street" is India or South Korea; one is more likely than the other
Politics
Dow Jones rallies 300 points as soft US data fuels Fed rate cut bets
Dow Jones rallies 300 points as soft US data fuels Fed rate cut bets
The Dow Jones Industrial Average (DJIA) surged over 300 points or 0.80% on Tuesday as softer-than-expected United States (US) economic data suggested the need for lower interest rates, as witnessed by the fall of US Treasury yields.
DowJones
Equities
Fed
SEO
Goldman: Revises USDCAD forecast lower
Goldman: Revises USDCAD forecast lower
Goldman Sachs revises its USDCAD forecasts lower due to robust Canadian economic data and a supportive fiscal policy, expecting the Canadian dollar to outperform the U.S. dollar through 2025.
CAD
USD
USD/CHF holds ground after tariff relief, jobs data
USD/CHF holds ground after tariff relief, jobs data
The USD/CHF pair is trading around 0.8900 during the North American session on Tuesday, benefiting from broader US Dollar (USD) strength.
Technical Analysis
Majors
USDCHF
Macroeconomics
EUR/CAD: Euro steadies near 1.5800 as bullish trend holds despite mixed signals
EUR/CAD: Euro steadies near 1.5800 as bullish trend holds despite mixed signals
The EUR/CAD pair was seen trading around the 1.5800 zone after the European session on Tuesday, showing little movement on the day after a slight decline. Despite the minor dip, the overall technical setup stays bullish.
Crosses
Technical Analysis
Currencies
EURCAD
Bullish
US Lutnick: Domestic car makers could move supply chains to the US
US Lutnick: Domestic car makers could move supply chains to the US
United States (US) Secretary of Commerce Howard Lutnick unveiled the White House’s plans for US auto makers. 
Manufacturing
TradeWar
UnitedStates
Macroeconomics
DollarIndex
EUR/USD Price Analysis: Bullish trend holds despite minor pullback after European session
EUR/USD Price Analysis: Bullish trend holds despite minor pullback after European session
The EUR/USD is flashing a bullish tone on Tuesday’s session after the European close, even as the pair slightly retraced from earlier highs and now trades near the mid-1.13 to low-1.14 area. Despite a modest dip during the session, broader technical signals continue to suggest upside potential.
Technical Analysis
Currencies
EURUSD
Majors
Bullish
GBP/USD slips below 1.34 as risk rally fades, US data disappoints
GBP/USD slips below 1.34 as risk rally fades, US data disappoints
The Pound Sterling (GBP) depreciates against the US Dollar (USD) and falls after testing the year-to-date (YTD) high of 1.3443. However, it fails to remain above 1.34 as it extends its losses. At the time of writing, GBP/USD trades at 1.3379, down 0.29%.
Technical Analysis
Currencies
Majors
GBPUSD
Fundamental Analysis
USD/CAD continues to hold 1.3800 on slight optimism in US-China trade war de-escalation
USD/CAD continues to hold 1.3800 on slight optimism in US-China trade war de-escalation
The USD/CAD pair moves slightly higher to near 1.3855 during North American trading hours on Tuesday. The Loonie pair gains as the US Dollar (USD) ticks higher, with investors turning slightly optimistic on de-escalation in the trade war between the United States (US) and China.
Canada
GDP
China
TradeWar
USDCAD
Goldman Sachs: Revising our USD/CAD forecasts lower
Goldman Sachs: Revising our USD/CAD forecasts lower
Goldman Sachs sees USD/CAD falling to 1.34
China waives tariffs on US ethane imports – Reuters
China waives tariffs on US ethane imports – Reuters
Citing two sources familiar with the matter, Reuters reported on Tuesday that China has decided to waive the 125% tariff on ethane imports from the United States imposed earlier this month.
Oil
China
UnitedStates
Macroeconomics
US CB Consumer Confidence Index dropped to 86.0 in April
US CB Consumer Confidence Index dropped to 86.0 in April
US consumer sentiment extended its decline in April, as the Conference Board’s Consumer Confidence Index fell from 93.9 (revised from 92.9) to 86.0—its weakest reading since April 2020.
ConsumerConfidence
UnitedStates
EconomicIndicator
Macroeconomics
US April consumer confidence 86.0 vs 87.5 expected
US April consumer confidence 86.0 vs 87.5 expected
April consumer confidence data from The Conference Board
China waives ethane tariffs, as rumored last week
China waives ethane tariffs, as rumored last week
There were reports this was coming
Politics
USD/JPY holds above 142.00 ahead of US JOLTS Job Openings data, BoJ policy eyed
USD/JPY holds above 142.00 ahead of US JOLTS Job Openings data, BoJ policy eyed
The USD/JPY pair ticks higher to near 142.30 during the North American session on Tuesday. The pair edges up as the US Dollar (USD) steadies ahead of the United States (US) JOLTS Job Openings data for March, which will be published at 14:00 GMT.
TradeWar
Fed
BOJ
USDJPY
DollarIndex
US stock futures slide after Bessent
US stock futures slide after Bessent
Some were hoping for more from the Treasury Secretary
Politics
US Treasury Sec. Bessent: Trump creating strategic uncertainty in negotiations
US Treasury Sec. Bessent: Trump creating strategic uncertainty in negotiations
United States (US) Treasury Secretary Scott Bessent said on Tuesday that President Donald Trump is creating "strategic uncertainty" in trade negotiations, per Reuters.
China
UnitedStates
Macroeconomics
Forexlive European FX news wrap: Markets await Bessent and Lutnick
Forexlive European FX news wrap: Markets await Bessent and Lutnick
Forex news from the European morning session on Apr 29, 2025
Session wrap
Wrap Europe
JPY underperforming along with haven peer CHF – Scotiabank
JPY underperforming along with haven peer CHF – Scotiabank
The Japanese Yen (JPY) weakened by 0.5% against the dollar, underperforming even fellow haven currencies, as markets brace for soft domestic data and upcoming US-Japan trade negotiations.
Technical Analysis
USDJPY
Banks
Fundamental Analysis
GBP fades modestly from fresh multiyear high – Scotiabank
GBP fades modestly from fresh multiyear high – Scotiabank
Pound Sterling (GBP) soft, down 0.3% against the US Dollar (USD) and trading in tandem with EUR in an environment of broad-based USD strength, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Technical Analysis
Banks
GBPUSD
ECB's Kazaks: Step-by-step rate cuts may continue
ECB's Kazaks: Step-by-step rate cuts may continue
Comments from the ECB policymaker Kazaks
EUR: ECB CPI expectations surprise w/ markets still pricing June cut – Scotiabank
EUR: ECB CPI expectations surprise w/ markets still pricing June cut – Scotiabank
Euro (EUR) is soft, down 0.3% against the US Dollar (USD) and a mid-performer among the G10 in an environment of broad-based USD strength, Scotiabank's Chief FX Strategist Shaun Osborne notes.
Technical Analysis
EURUSD
Banks
Silver Price Forecast: XAG/USD rises to near $33.30, capitalizes on US-China trade uncertainty
Silver Price Forecast: XAG/USD rises to near $33.30, capitalizes on US-China trade uncertainty
Silver price (XAG/USD) trades higher to near $33.30 during European trading hours on Tuesday. The white metal gains as investors start doubting whether de-escalation in the trade war between the United States (US) and China is underway.
Silver
China
Fed
UnitedStates
XAGUSD
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