Here is what you need to know for Friday, March 27:
The US Dollar Index (DXY) surged to near 99.90, holding steady as safe-haven demand amid Middle East tensions and rate differentials underpinned the Greenback amid a cautious market mood. During a recent public appearance with Cabinet members, United States (US) President Donald Trump noted that the recent increase in Oil prices and the drop in the stock market amid tensions with Iran were not as severe as he had expected. He expressed confidence in the war effort and asserted that any economic damage would eventually be reversed.
EUR/USD slipped toward the 1.1530 area, pressured by a stronger US Dollar (USD) and lingering concerns over Eurozone growth following weak PMI data, keeping the pair on the defensive.
GBP/USD fell to the 1.3320 zone, struggling to recover amid USD strength and concerns about United Kingdom (UK) economic growth, which limited upside momentum.
USD/JPY rose to the 159.80 region, supported by elevated US Treasury yields and policy divergence. However, geopolitical tensions provided intermittent support to the Yen, preventing a sharper rally.
AUD/USD moved lower toward a two-month low near 0.6890, weighed down by risk aversion and a firm USD, with global growth concerns capping recovery attempts.
West Texas Intermediate (WTI) Oil trades near $94.30 per barrel, holding firm despite earlier easing, as Iran-related uncertainty kept a geopolitical risk premium in prices.
Gold declined toward the $4,380 region, failing to benefit from safe-haven demand amid a stronger USD.
What’s next in the docket:
Friday, March 27:
UK March Consumer Confidence.
UK February Retail Sales.
Eurozone March Harmonized Index of Consumer Prices Prel.
US March Michigan Consumer Sentiment & Inflation Expectations.
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