On Wednesday, the Greenback recovered slightly vs. a basket of major currencies, supported by strong labor market data and the White House says Canada and Mexico, and possibly other countries, could be exempted from planned U.S. import tariffs on aluminum and steel. On the release front, the U.S. initial jobless Claims, which is expected to hit 220k, from 210k.
The Single currency fell by 0.20%, vs. the Greenback to settle at $1.2386, as traders are awaiting the ECB’s policy meeting, later in the day, which is expected to keep policy rates unchanged for now. However, it could provide clues to further clues on the outlook for interest rates.
The Sterling pound fell slightly by 0.06%, to settle at $1.3891. No major reports are due from the UK today.
Against the JPY, the Greenback fell by 0.02%, to settle at ¥106.07. In terms of data, Japan's economy grew 1.6% in the last quarter of 2017, thanks to an upward revision of capital expenditure.
Gold prices rose, as market players remained cautious ahead of an expected clarification by U.S. President Donald Trump on his proposed tariffs. Meanwhile, the U.S. President is expected to give more details later today on his plans to impose tariffs of 25% on steel imports and 10% on aluminum imports. Additionally, traders are also awaiting U.S. Friday’s non-farm payroll report for more clarity on the pace of U.S rate rises. Gold Futures - Apr 18 (GCJ8), rose slightly by 0.04%, to settle at $1,328.10.
Earlier today, oil prices held steady, backed by high demand, after falling the previous day on the back of record U.S. crude production and rising stockpiles. In terms of data, official data showed yesterday that U.S. crude inventories increased by 2.4 million barrels in the week to March 2, to 425.91 million barrels. Crude Oil WTI Futures - Crude Oil WTI Futures - Apr 18 (CLJ8) rose as much as 0.13%, to settle at $61.24, and Brent Oil Futures - May 18 (LCOK8) was up by 0.06% at $64.38.
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