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It's been a pretty wild ride for EUR/USD, which extended its gains for a fifth straight day, and you'd have noticed it's now pushing to a new session high. FXStreet pointed out that this move is largely driven by improving risk sentiment following the US-Iran ceasefire announcement, which was pretty wild considering how volatile things got earlier in the week. The Euro's gains against the US Dollar didn't seem to be deterred by the weaker-than-expected data from the University of Michigan, where sentiment dropped to a fresh record low at 47.6. Honestly, it's surprising to see the Euro holding up like this, but I guess that's just the way it goes sometimes.
And if you were watching the economic events, you'd have seen that the CPI came in at 3.3% in March, driven mainly by higher gasoline prices linked to the war in Iran. According to Commerzbank's Bernd Weidensteiner, core inflation remains moderate, but it's still worth keeping an eye on. The Australian Dollar, meanwhile, is looking pretty stable against the Yen, closing at 112.7472, while the British Pound is holding its ground against the Aussie at 1.9004. But what's really got my attention is the Canadian labour market, which showed a modest rebound in March with 14k jobs added and the unemployment rate steady at 6.7%, as noted by TD Securities strategists Robert Both and Emma Lawrence.
But back to the Euro - it's now trading at 0.8524 against the US Dollar, which is pretty much where it started the day. And the Euro/Canadian Dollar is sitting at 1.6227, which is also unchanged from yesterday. You've got to wonder what's going to happen next, especially with the Bank of Japan potentially delivering two further rate hikes in 2026, as expected by Commerzbank's Volkmar Baur. This could support a modest Japanese Yen appreciation, which would be interesting to see. For now, though, it's all about the risk sentiment and how it's going to play out in the coming days.
And speaking of risk sentiment, it's going to be interesting to see how the markets react to the next round of economic data. The Michigan Consumer Sentiment was a bit of a surprise, and the Factory Orders ex Transportation didn't really move the needle. But hey, that's just the way it goes sometimes - you've got to roll with the punches and see what happens next. So, what's coming next? Well, I'm not sure, but I'm definitely going to be keeping a close eye on the Euro and the US Dollar, that's for sure.
Central Banks Steal Spotlight
And if you were watching the economic events, you'd have seen that the CPI came in at 3.3% in March, driven mainly by higher gasoline prices linked to the war in Iran. According to Commerzbank's Bernd Weidensteiner, core inflation remains moderate, but it's still worth keeping an eye on. The Australian Dollar, meanwhile, is looking pretty stable against the Yen, closing at 112.7472, while the British Pound is holding its ground against the Aussie at 1.9004. But what's really got my attention is the Canadian labour market, which showed a modest rebound in March with 14k jobs added and the unemployment rate steady at 6.7%, as noted by TD Securities strategists Robert Both and Emma Lawrence.
But back to the Euro - it's now trading at 0.8524 against the US Dollar, which is pretty much where it started the day. And the Euro/Canadian Dollar is sitting at 1.6227, which is also unchanged from yesterday. You've got to wonder what's going to happen next, especially with the Bank of Japan potentially delivering two further rate hikes in 2026, as expected by Commerzbank's Volkmar Baur. This could support a modest Japanese Yen appreciation, which would be interesting to see. For now, though, it's all about the risk sentiment and how it's going to play out in the coming days.
And speaking of risk sentiment, it's going to be interesting to see how the markets react to the next round of economic data. The Michigan Consumer Sentiment was a bit of a surprise, and the Factory Orders ex Transportation didn't really move the needle. But hey, that's just the way it goes sometimes - you've got to roll with the punches and see what happens next. So, what's coming next? Well, I'm not sure, but I'm definitely going to be keeping a close eye on the Euro and the US Dollar, that's for sure.