GBP/USD bulls step in on US Dollar weakness.

GBP/USD bulls take advantage of a weaker US Dollar in Monday’s US trade. The focus will shift to the US NFP report on Good Friday. GBP/USD was up some 0.54% in mid-morning US session trade on Monday, traveling from a low of 1.2274 to score a high of 1.2420 after the US Dollar fell sharply during the Wall Street opening hours. 

The greenback was heavily dented by Monday’s economic reports that showed US manufacturing activity in March slumped to its lowest level in nearly three years as new orders continued to contract. The Institute for Supply Management (ISM) reported that its Manufacturing PMI fell to 46.3 last month. This was the worst since May 2020, from 47.7 in February. 

Meanwhile, last week’s PCE data, the Federal Reserve´s preferred inflation measure, were mixed.  While headline and core both came in a tick lower than expected, super core accelerated for a second straight month to 4.63% YoY and is the highest since October.  ´´This is not the direction that the Fed desires and so we look for the hawkish tilt in Fed comments to continue,´´ analysts at Brown Brothers Harriman explained. 

EUR/USD finds resistance below 1.0930, DXY clings to losses

EUR/USD peaked at 1.0916 and pulled back on a quiet American session. It is hovering slightly below 1.0900 as the USD clings to losses amid lower Treasury yields and risk appetite. The US ISM Manufacturing PMI Index dropped more than expected in March to 46.3. 


AUD/USD heads for strongest close in a month as RBA decision looms

AUD/USD jumped on Monday, climbing above the 200-day Simple Moving Average. The pair is holding firm to daily gains, after bouncing more than 125 pips from the daily low. The Aussie is outperforming amid rising bets of a rate hike from the RBA on Tuesday.


Gold: On its way to challenge sellers around $2,000

Spot gold bounced sharply from an intraday low of $1,949.70, and it’s on its way to challenging the $2,000 threshold. Financial markets started the week in risk-averse mode rushing into the US Dollar.

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