Home Daily Commentaries USD rally slows as market anticipates Non-Farm Payroll data release

USD rally slows as market anticipates Non-Farm Payroll data release

See Wah Li
Written by
See Wah Li

See Wah Li

OFXpert

With more than 6 years of experience in the foreign exchange market, See Wah’s strength lies in developing effective solutions to help navigate the complexities of currency fluctuations.

| Thursday 4 April, 2024

Daily Currency Update

This morning, the US dollar experienced a drop from its recent highs as investors anticipate this week's US labor data, which is expected to impact the interest rate perspective. On Wednesday, the US dollar faced downward pressure due to an unforeseen deceleration in US services growth. Despite this setback, it still maintains its position as the leading performer among G10 currencies for the year, largely due to significant reductions in interest rate cut forecasts over the past few months.

Key Movers

Yesterday, European inflation figures were lower than expected. This has further solidified the anticipation of a rate cut in June. It is expected that the final PMI data for March in Europe will remain largely consistent with initial readings. At the same time, producer prices are projected to decline significantly in February. These projections align with expectations for the European Central Bank to commence easing measures in June.

Expected Ranges

  • GBP/USD: 1.2635 - 1.2695 ▲
  • GBP/EUR: 1.1635 - 1.1685 ▼
  • EUR/USD: 1.0825 - 1.0885 ▲

Written by

See Wah Li

OFXpert

See Wah is passionate about supporting positive transformations when it comes to managing foreign exchange. As a Senior Currency Consultant at OFX, his goal is to help businesses make informed decisions, alleviate risks, and enhance their currency strategies for success. With over 6 years of experience in the foreign exchange market, See Wah’s strength lies in developing effective solutions to help navigate the complexities of currency fluctuations and mitigate their impacts on business profitability.