Speculation Of Japan’s Foreign Exchange Intervention Measures Weighs On Dollar

After the yen started the week on a negative note against the US dollar, falling above multi-decade lows above 160.00, market speculation that Japan’s Ministry of Foreign Affairs intervened to support the yen caused the dollar to give up Friday’s gains. The employment cost index will be released on April 30, followed by the FHA home price index and the Conference Board’s consumer confidence index.

EUR/USD quickly shook off last Friday’s pullback, rising further on renewed downward pressure on the US dollar. German retail sales, labor market reports and preliminary first-quarter GDP will be released on April 30, followed by Eurogroup inflation and preliminary first-quarter GDP.

GBP/USD rose to three-week highs and tested the key 200-day moving average in the 1.2550-1.2560 zone. The UK is expected to announce the size of mortgage approvals and mortgage lending on April 30.

USD/JPY fell sharply after breaking through a fresh high of 160.00 amid suspicions of government FX intervention. Japan will release its unemployment rate on April 30, ahead of data on industrial production, retail sales and housing starts.

AUD/USD moved further higher, hitting a fresh three-week high near 0.6600. Australia will release housing credit and retail sales on April 30.

WTI oil prices fell to a two-day low near $82.00, hurt by waning geopolitical concerns and the Federal Reserve’s “long-term tightening” policy.

Gold prices rose for a third straight session, testing the $2,350 mark on the back of a weaker U.S. dollar and persistently higher U.S. inflation. Silver prices have extended their consolidation further, finding support throughout the $27.00 area.

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