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Dollar Down On Data Weakness
Over the European morning on Wednesday, the US dollar suffered a strong reversal. This came after weaker than expected manufacturing and industrial production readings for March.
Looking ahead to today’s US session the only key domestic US print is the February trade balance reading. That being said, we do also have a host of Fed members speaking and it will be worth keeping an eye on those. The index trades 96.53 last, still above last week’s 96.37 low.
EUR Climbs On Dollar
EURUSD trades higher again today, taking advantage of USD weakness. Price continues the recovery rally off 1.1186 lows. Final March CPI readings today came in unchanged from their estimate, doing little to disturb price action. However, price has been struggling to move meaningfully higher. This is due to concerns over the health of the eurozone which remains an obstacle.
Weak UK CPI Weighs on GBP
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