China’s exports likely to plunge, but imports may also slow, mitigating the tariff impact on net exports. Import intensity has been falling due to ‘onshoring’ of production and economic rebalancing.
The US Dollar Index (DXY), which tracks the value of the US Dollar (USD) against a basket of six major currencies, is trading around 99.50 during European hours on Wednesday, rebounding after losing over 0.50% in the previous session.
Sterling is trading steadily, but politics should be supportive this month. We've already seen a new UK-Indian trade deal announced yesterday, but speculation is rising that a US-UK trade deal could be reached this week, ING's FX analyst Chris Turner notes.
Price action did not result in any increase in either downward or upward momentum; Euro (EUR) is likely to trade between 1.1290 and 1.1390 vs US Dollar (USD).
It's been quite an attractive story to tell that if German fiscal expansion caused the EUR/USD exchange rate to rise significantly in March (from 1.04 to 1.09), then a weakened Friedrich Merz should see EUR/USD fall a few figures back, ING's FX analyst Chris Turner notes.
EUR/USD flattens near 1.1370 during North American trading hours on Wednesday. The major currency pair consolidates as the US Dollar (USD) trades flat ahead of the Federal Reserve’s (Fed) monetary policy announcement at 18:00 GMT.
Indian Rupee (INR) crosses trade mixed at the start of Wednesday, according to FXStreet data. The Euro (EUR) to the Indian Rupee changes hands at 96.27, with the EUR/INR pair rising from its previous close at 95.85.
Platinum Group Metals (PGMs) trade with a negative tone at the beginning of Wednesday, according to FXStreet data. Palladium (XPD) changes hands at $973.20 a troy ounce, with the XPD/USD pair easing from its previous close at $978.15.
West Texas Intermediate (WTI) Oil price advances on Wednesday, early in the European session. WTI trades at $59.35 per barrel, up from Tuesday’s close at $58.71.
The official data published by the Federal Statistics Office showed Wednesday that Germany's Factory Orders jumped more than expected in March, suggesting that the country’s manufacturing sector has picked up momentum.
EUR/USD retraces its recent gains from the previous session, hovering near 1.1360 during Wednesday’s Asian session. Technical analysis on the daily chart continues to show a bullish bias, with the pair staying within an ascending channel pattern.
The GBP/USD pair attracts some sellers during the Asian session on Wednesday and erodes a part of its weekly gains registered over the past two days, to the 1.3400 mark. The intraday slide is sponsored by a modest US Dollar (USD) strength and drags spot prices below mid-1.3300s in the last hour.
West Texas Intermediate (WTI) US Crude Oil prices gain some follow-through positive traction on Wednesday and climb to a one-week high during the Asian session.
The Japanese Yen (JPY) touches a fresh daily low against its American counterpart during the first half of the European session on Wednesday and lifts the USD/JPY pair closer to mid-143.00s in the last hour.
The Indian Rupee (INR) loses ground against the US Dollar (USD) during Wednesday's European trading session amid rising geopolitical tensions between India and Pakistan.
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