Italy HCOB Services PMI below forecasts (51) in March: Actual (48.8)
Italy HCOB Services PMI below forecasts (51) in March: Actual (48.8)
US Dollar Index holds near 100.00 on Iran war fears, Trump deadline
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is holding ground after registering losses in the previous trading day and hovering around 100.00 during the European hours on Tuesday.
Oil: War-driven supply risks and security fractures – Rabobank
Rabobank’s Senior Market Strategist Benjamin Picton highlights escalating geopolitical risks around Iran, the Strait of Hormuz and NATO fractures, with direct implications for Oil.
Gold sticks to modest losses on firmer USD; Trump’s Iran deal deadline looms
Gold (XAU/USD) sticks to a negative bias for the third straight day, though it lacks follow-through selling and remains confined in the previous day's broader range through the early European session on Tuesday.
Forex Today: Markets remain cautious as Trump’s deadline approaches
Here is what you need to know on Tuesday, April 7:
CAD: A strong hedge against energy risks – BBH
Brown Brothers Harriman’s (BBH) Elias Haddad expects Canada’s March labor force survey to show a modest job rebound, while the Bank of Canada (BoC) can use its benign inflation backdrop to look through the Oil shock.
NZD/USD Price Forecast: Struggles above YTD low, around 0.5700 amid geopolitical risks
The NZD/USD pair struggles to capitalize on the previous day's modest gains and trades with a negative bias around the 0.5700 mark during the early European session on Tuesday.
Spain HCOB Services PMI came in at 53.3, above expectations (50.8) in March
Spain HCOB Services PMI came in at 53.3, above expectations (50.8) in March
USD: De-escalation seen softening Dollar trend – OCBC
OCBC strategists Christopher Wong and Sim Moh Siong note that global markets are cautious as Hormuz risks and energy disruptions threaten to evolve into a broader energy shock. Survey data already show rising input costs and longer delivery times.
GBP/JPY Price Analysis: Bulls broke the 211.50 resistance area
The Pound (GBP) trades higher against the Japanese Yen (JPY) for the second consecutive day on Tuesday. Bulls have pushed the pair above the top of last week’s trading range, at the 211.50 area, reaching fresh April highs above 211.65 at the time of writing.
GBP/USD Price Forecast: Tests 1.3250 near nine-day EMA barrier
GBP/USD holds its position after registering over 0.25% gains in the previous day, trading around 1.3240 during the early European hours on Tuesday. The technical analysis of the daily chart indicates a persistent bearish bias, as the pair moves lower within the descending channel.
Switzerland Foreign Currency Reserves increased to 721B in March from previous 710B
Switzerland Foreign Currency Reserves increased to 721B in March from previous 710B