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FX Market Wrap at the Wall Street close

Article By: ,  Financial Analyst
April 28, 2020 4:33 PM
Good afternoon, 

FX Market Wrap at the Wall Street close

The US Dollar was bearish against all of its major pairs on Tuesday. On the economic data front, Wholesale Inventories fell 1.0% on month in the March preliminary reading (-0.4% expected), from a revised -0.6% in the February final reading. The Conference Board's Consumer Confidence Index dropped to 86.9 on month in April (87.0 expected), from a revised 118.8 in March. 

On Wednesday, the Mortgage Bankers Association's Mortgage Applications data for the week ending April 24th is expected. GDP for the first quarter advanced reading is expected to fall -3.9% on quarter, from +2.1% in the fourth quarter third reading. Finally, the Federal Open Market Committee (FOMC) is expected to keep the Federal Funds Target Rate at 0.25%, in line with the last meeting.                                                                                                                                         

The Euro was bearish against most of its major pairs with the exception of the USD. In Europe, France's INSEE has released April Consumer Confidence Index at 95 (vs 83 expected).

The Australian dollar was bullish against all of its major pairs.


Regarding major FX pairs,

• EUR/USD dippped 3pips to 1.0826 the day's range was 1.0810 - 1.0888 compared to 1.0799 - 1.0860 the previous session.

• GBP/USD was relatively flat trading at 1.2431 the day's range was 1.2404 - 1.2518 compared to 1.2360 - 1.2455 the previous session.

• USD/JPY dropped 38pips to 106.87 the day's range was 106.56 - 107.34 compared to 106.99 - 107.64 the previous session.

• USD/CHF slid 5pips to 0.9747 the day's range was 0.9721 - 0.9800 compared to 0.9713 - 0.9767 the previous session.

• AUD/USD jumped 30pips to 0.6495 the day's range was 0.6434 - 0.6514 compared to 0.6380 - 0.6472 the previous session.

• USD/CAD dropped 44pips to 1.399 the day's range was 1.3936 - 1.4073 compared to 1.4029 - 1.4121 the previous session.

• The dollar index declined 0.12pt to 99.924 the day's range was 99.450 - 100.209 compared to 99.833 - 100.319 the previous session.



FX pair in focus

The USD/CAD was the largest decliner on Tuesday and remains capped by a declining trend line. 1.4015 plays an important key level as resistance. For now, The USD looks weak against its major pairs.



Source: GAIN Capital, TradingView


Happy trading.

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