The push and pull continues in the dollar this week but it is leaning slightly softer now after easing lower yesterday. AUD/USD in particular looks quite poised at it runs back up to its 100-day moving average at 0.6580 on the week. Meanwhile, USD/JPY continues to stay in the spotlight as it slides back towards the 153.00 mark currently.
With the Fed not offering much of a change to their policy stance, it means traders will have to look towards more data in the weeks ahead to further any convictions. For today, there is the big one in the US jobs report and also the ISM services PMI. So, those will be the two key risk events before the weekend comes along.
As for European trading, we’re most likely going to see a placeholder of a session. There will be watchful eyes on USD/JPY to see if the selling will pick up. Other than that, there won’t be much to work with besides positioning flows before the US data later. There will be a couple of light releases on the agenda in Europe but nothing major.
0645 GMT – France March industrial output
0830 GMT – UK April services, composite PMI
0900 GMT – Eurozone March unemployment rate
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.