USD 
EUR 
JPY 
AUD
The big story today was the slew of economic events and speeches from central bankers, which had a significant impact on the markets. If you were watching the US Dollar / Canadian Dollar pair, you'd have noticed it closed at 1.3741, which was pretty much unchanged from the previous day. And honestly, it wasn't a bad day for the Greenback overall, considering it was up against some tough competition. But what really caught my attention was the BoE Mann Speech, which had a high impact on the markets.
The speech by BoE's Mann was closely watched by traders, and it seems to have had a bit of an effect on the Pound. According to ForexLive, the USDCHF has once again run into a familiar technical ceiling, and sellers are leaning against the resistance area. This is something to keep an eye on, especially with the Gross Domestic Product and GDP Growth Rate numbers coming out of Switzerland. FXStreet pointed out that the USD/JPY pair is rising toward the 158.90 region, which is likely due to traders positioning ahead of Japan's Q1 GDP release. You'd have also noticed that the Australian Dollar / Yen pair closed at 113.7556, and the New Zealand Dollar / Yen pair closed at 93.1705, both of which were unchanged from the previous day.
But what's really interesting is the fact that the Reserve Bank of Australia is likely to raise the cash rate to 4.60% in this cycle, according to TD Securities strategists. This could have a significant impact on the Aussie, especially if you consider the fact that the AUDUSD moved sharply lower on Thursday and Friday of last week. The high price for the week reached 0.7271, just six pips shy of the prior week's high at 0.7277. And if you look at the USD/CAD pair, it's trading around 1.3740, down modestly by 0.05% on the day. The pullback in the US Dollar against its major peers is weighing on the pair after signs of easing.
As we head into the rest of the week, it's going to be interesting to see how these central bank decisions play out. Will the Fed stay dovish, or will they start to hawk up? And what about the BOJ - will they finally make a move? One thing's for sure, it's going to be a wild ride. The US Dollar / Yuan Renminbi pair closed at 6.7995, which is something to keep an eye on, especially with all the geopolitical tensions going on. Anyway, that's all for now - let's see what tomorrow brings.
Central Banks Steal Spotlight
The speech by BoE's Mann was closely watched by traders, and it seems to have had a bit of an effect on the Pound. According to ForexLive, the USDCHF has once again run into a familiar technical ceiling, and sellers are leaning against the resistance area. This is something to keep an eye on, especially with the Gross Domestic Product and GDP Growth Rate numbers coming out of Switzerland. FXStreet pointed out that the USD/JPY pair is rising toward the 158.90 region, which is likely due to traders positioning ahead of Japan's Q1 GDP release. You'd have also noticed that the Australian Dollar / Yen pair closed at 113.7556, and the New Zealand Dollar / Yen pair closed at 93.1705, both of which were unchanged from the previous day.
But what's really interesting is the fact that the Reserve Bank of Australia is likely to raise the cash rate to 4.60% in this cycle, according to TD Securities strategists. This could have a significant impact on the Aussie, especially if you consider the fact that the AUDUSD moved sharply lower on Thursday and Friday of last week. The high price for the week reached 0.7271, just six pips shy of the prior week's high at 0.7277. And if you look at the USD/CAD pair, it's trading around 1.3740, down modestly by 0.05% on the day. The pullback in the US Dollar against its major peers is weighing on the pair after signs of easing.
As we head into the rest of the week, it's going to be interesting to see how these central bank decisions play out. Will the Fed stay dovish, or will they start to hawk up? And what about the BOJ - will they finally make a move? One thing's for sure, it's going to be a wild ride. The US Dollar / Yuan Renminbi pair closed at 6.7995, which is something to keep an eye on, especially with all the geopolitical tensions going on. Anyway, that's all for now - let's see what tomorrow brings.