commodity currencies outperform 1296662015
The only surprise from the ECB yesterday was the German protester as although the economic data and credit improvements were acknowledged, the ECB president described the risks to the economic outlook as now being ‘more balanced’. The market consensus view is that policy remains unchanged so core yields will continue to fall as Mario Draghi dismissed talk of early bond purchases as ‘premature’ and a ‘little exaggerated’.
The dollar traded under pressure following another bout of weaker data from the US as both industrial production and the Empire state manufacturing disappointed the dollar bulls. This lead the markets to question the Q2 US growth Spring improvement theory. The data releases from across the pond today are second tier with the impact likely to be minimal with housing data and weekly jobless claims.
The last 24 hours has seen both the CAD and AUD outperform in G10 space. The BoC surprised the market with a hawkish tone as they upgraded growth expectation for Q2 and Q3 as they described the inflation outlook as ‘finely balanced’ with the lower CAD being attributed to the inflation pick up. They described shocks to the economy from the oil price as ‘more front loaded than predicted in January’ as they highlighted positive signs in the labour market.
The AUD was the star performer in the Asian session following a surprisingly strong labour report as Australia added 37.7k jobs as the components revealed a robust 31.5k increase in full time jobs with the overall unemployment rate dropping to 6.1%.
EUR/USD
Supports 1.0580-1.0505-1.0460 | Resistance 1.0750-1.0800-1.1050
USD/JPY
Supports 118.80-118.20-116.80| Resistance 120.20-120.85-121.55
GBP/USD
Supports 1.4700-1.4550-1.4350 | Resistance 1.4980-1.5170-1.5270
From time to time, StoneX Financial Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.
As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.
FOREX.com is a trading name of StoneX Financial Pty Ltd.
The material provided herein is general in nature and does not take into account your objectives, financial situation or needs.
While every care has been taken in preparing this material, we do not provide any representation or warranty (express or implied) with respect to its completeness or accuracy. This is not an invitation or an offer to invest nor is it a recommendation to buy or sell investments.
StoneX recommends you to seek independent financial and legal advice before making any financial investment decision. Trading CFDs and FX on margin carries a higher level of risk, and may not be suitable for all investors. The possibility exists that you could lose more than your initial investment and CFD investors do not own or have any rights to the underlying assets.
It is important you consider our Financial Services Guide and Product Disclosure Statement (PDS) available at www.forex.com/en-au/terms-and-policies/, before deciding to acquire or hold our products. As a part of our market risk management, we may take the opposite side of your trade. Our Target Market Determination (TMD) is also available at www.forex.com/en-au/terms-and-policies/.
StoneX Financial Pty Ltd, Suite 42.01, 264 George Street, Sydney, NSW 2000 (ACN 141 774 727, AFSL 345646) is the CFD issuer and our products are traded off exchange.
Delayed London Stock Exchange (LSE) Data
The London Stock Exchange (LSE) market data displayed or referenced on this website is provided on a delayed basis and is not in real time. The delay period may vary but is typically at least 15 minutes. This data is intended for information purposes only and should not be relied upon for trading, investment, or other financial decisions. We do not guarantee the completeness, reliability, or suitability of the data for any particular purpose. Users should consult real-time data sources and obtain professional advice before making any financial decisions.
© FOREX.COM 2026