Oil prices took a big hit yesterday as a barrage of new tariffs raised concerns over global growth and the outlook for oil demand. ICE Brent settled more than 6.4% lower on the day – the largest sell-off since August 2022, ING's commodity experts Ewa Manthey and Warren Patterson note.
Over recent months, EUR/GBP has tended to sell off on tariff-related headlines, given that the eurozone is far more exposed to US trade than the UK. Yet EUR/GBP surprised yesterday and spiked higher, ING's FX analyst Chris Turner notes.
EUR/USD corrects below 1.1000 during North American trading hours on Friday after posting a fresh six-month high at 1.1145 the previous day. The major currency pair retraces as upbeat United States (US) Nonfarm Payrolls (NFP) data for March has supported the US Dollar (USD).
The US Dollar's direction today is likely to be largely determined by the US Non-Farm Payrolls report, which will be released at 1:30 pm BST. The employment report has taken a back seat in terms of its impact on the USD in recent months due to US tariff policy.
The USD got hit hard by the tariffs announcement as traders aggressively increased the rate cuts bets for the Fed, but it's a different story today as the greenback continues to fight back
Outsized rally seems excessive; instead of continuing to rise, Euro (EUR) is more likely to pause and trade in a 1.0950/1.1150 range vs US Dollar (USD).
Thursday's trading session saw a number of interesting moves, one of which was the upward movement in EUR/GBP. At first glance, this was a bit surprising, Commerzbank's FX analyst Michael Pfister notes.
Crude oil is approaching a key support zone after a strong selloff triggered by recessionary fears and exacerbated by a surprising bigger boost to supply from OPEC+
The NFP data doesn't reflect the worse than expected tariffs announcement, therefore it's old news now. The focus should be on Powell as he has the power to turn the sentiment around
The Pound Sterling (GBP) gives up significant Thursday gains and plunges below 1.3000 against the US Dollar (USD) during North American trading hours on Friday.
The USD/CHF pair attracts some sellers to around 0.8550 during the early European session on Friday, pressured by the weaker US Dollar (USD). The Swiss Franc (CHF) gathers strength against the Greenback amid an increased risk-off mood by investors.
The official data published by the Federal Statistics Office showed Friday that Germany's Factory Orders showed no growth in February, suggesting that the country’s manufacturing sector is stagnating.
The EUR/USD pair trades in positive territory for the third consecutive day around 1.1080 during the early European session on Friday bolstered by the broader US Dollar weakness. Investors await the German Factory Orders and US employment report, which will be published later on Friday.
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