USD 
EUR 
GBP 
AUD
It's been a wild ride today, with the ECB press conference and interest rate decision dominating the headlines. If you were watching EUR/USD, you'd have noticed it didn't really move much, closing at 0.8682, which was pretty surprising given the high-impact events. And honestly, the lack of movement in EUR/USD was kind of the story of the day, with the British Pound / US Dollar also ending up flat at 1.3360. But what was really interesting was the USDCAD, which pushed higher into the European session, breaking above last Friday's high and testing the early March peak near 1.3752.
But let's take a step back and look at what happened today. The ECB sources reports were starting to cross, with some hawkish comments about possible rate hikes in April, unless there's a quick resolution in the Middle East conflict. This didn't seem to have a huge impact on the euro, though, which was pretty wild. And if you were watching the GBP/USD, you'd have seen it surge during the North American session on Thursday after the Bank of England held rates unchanged, citing high inflationary pressures spurred by the Middle East war. According to ForexLive, the GBPUSD was racing to the upside, with the price up nearly 1% on the day.
And it's worth noting that the US Dollar / Yen didn't really move much either, closing at 158.1980. But what's really on everyone's mind is what's going to happen next. FXStreet pointed out that the GBP/USD bounced from the session lows of about 1.3252 to trade at about 1.3354, which is a pretty significant move. The British Pound / Australian Dollar also ended up flat at 1.8989, which was kind of a non-event. But overall, it's been a pretty eventful day, with a lot of news and not a lot of movement in the major pairs.
So what's coming next? Well, it's hard to say, but it's looking like the Middle East conflict is going to continue to dominate the headlines. And with the US ahead of schedule in terms of resolving the conflict, it's possible that we'll see some more movement in the dollar. But for now, it's just a waiting game. According to ForexLive, the US is not going to put troops anywhere, and they'll be speaking about Japan's support on Iran soon, which could be interesting. We'll just have to wait and see what happens next.
Market Breakdown
But let's take a step back and look at what happened today. The ECB sources reports were starting to cross, with some hawkish comments about possible rate hikes in April, unless there's a quick resolution in the Middle East conflict. This didn't seem to have a huge impact on the euro, though, which was pretty wild. And if you were watching the GBP/USD, you'd have seen it surge during the North American session on Thursday after the Bank of England held rates unchanged, citing high inflationary pressures spurred by the Middle East war. According to ForexLive, the GBPUSD was racing to the upside, with the price up nearly 1% on the day.
And it's worth noting that the US Dollar / Yen didn't really move much either, closing at 158.1980. But what's really on everyone's mind is what's going to happen next. FXStreet pointed out that the GBP/USD bounced from the session lows of about 1.3252 to trade at about 1.3354, which is a pretty significant move. The British Pound / Australian Dollar also ended up flat at 1.8989, which was kind of a non-event. But overall, it's been a pretty eventful day, with a lot of news and not a lot of movement in the major pairs.
So what's coming next? Well, it's hard to say, but it's looking like the Middle East conflict is going to continue to dominate the headlines. And with the US ahead of schedule in terms of resolving the conflict, it's possible that we'll see some more movement in the dollar. But for now, it's just a waiting game. According to ForexLive, the US is not going to put troops anywhere, and they'll be speaking about Japan's support on Iran soon, which could be interesting. We'll just have to wait and see what happens next.