US Dollar slides ahead of key GDP data – Crypto News – Crypto News
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EUR/USD hits a daily high around 1.0202 post-FOMC minutes EUR/USD hits a daily high around 1.0202 post-FOMC minutes

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US Dollar slides ahead of key GDP data – Crypto News

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Here is what you need to know on Thursday, April 25:

The US Dollar (USD) stays under modest selling pressure on Thursday as investors gear up for key data releases. The US Bureau of Economic Analysis will publish the first estimate of the annualized Gross Domestic Product (GDP) growth for the first quarter and the Department of Labor will release the weekly Initial Jobless Claims data. 

Following Tuesday’s sharp decline, the USD Index registered small losses on Wednesday, supported by the upbeat Durable Goods Orders data for March. Additionally, the cautious market stance further helped the currency stay resilient against its risk-sensitive rivals. Early Thursday, the USD Index stays in negative territory and edges lower toward 105.50. The US economy is forecast to grow at an annual rate of 2.5% in Q1, following the 3.4% expansion recorded in the last quarter of 2023. Meanwhile, US stock index futures stretch lower in the European morning and the 10-year US yield continues to fluctuate above 4.6%.

EUR/USD gained traction and climbed to its highest level in nearly two weeks above 1.0720 after closing virtually unchanged on Monday. Several European Central Bank (ECB) policymakers will be delivering speeches throughout the day.

US Dollar price this week

The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the weakest against the Australian Dollar.

  USD EUR GBP CAD AUD JPY NZD CHF
USD   -0.60% -1.02% -0.44% -1.47% 0.66% -0.91% 0.22%
EUR 0.59%   -0.41% 0.16% -0.86% 1.25% -0.30% 0.81%
GBP 0.99% 0.39%   0.58% -0.46% 1.67% 0.11% 1.22%
CAD 0.43% -0.16% -0.56%   -1.03% 1.09% -0.47% 0.66%
AUD 1.45% 0.86% 0.45% 1.02%   2.09% 0.55% 1.66%
JPY -0.66% -1.26% -1.68% -1.10% -2.14%   -1.57% -0.44%
NZD 0.89% 0.30% -0.13% 0.46% -0.56% 1.54%   1.11%
CHF -0.20% -0.83% -1.24% -0.64% -1.67% 0.46% -1.10%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

 

GBP/USD closed the second consecutive day in positive territory on Wednesday and continued to push higher in the early European session on Thursday. The pair was last seen trading within a few pips of 1.2500.

USD/JPY broke above 155.00 and reached its highest level in several decades above 155.50. The Bank of Japan (BoJ) will announce monetary policy decisions during the Asian trading hours on Friday.

Japanese Yen struggles near multi-decade low ahead of US GDP; looks to BoJ on Friday.

Gold (XAU/USD) closed with marginal losses on Wednesday. After edging lower toward $2,300 in the Asian session on Thursday, XAU/USD staged a rebound and was last seen trading above $2,320.

Gold price remains confined in a range, $2,300 holds the key for bulls ahead of US GDP.

Economic Indicator

Gross Domestic Product Annualized

The real Gross Domestic Product (GDP) Annualized, released quarterly by the US Bureau of Economic Analysis, measures the value of the final goods and services produced in the United States in a given period of time. Changes in GDP are the most popular indicator of the nation’s overall economic health. The data is expressed at an annualized rate, which means that the rate has been adjusted to reflect the amount GDP would have changed over a year’s time, had it continued to grow at that specific rate. Generally speaking, a high reading is seen as bullish for the US Dollar (USD), while a low reading is seen as bearish.

Read more.

 

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