NZD/USD pair is trading near 0.6160 with little movement. Market participants are awaiting the release of the US Producer Price Index (PPI) data, which could determine the direction of the currency pair’s movement.
EUR/USD: Sell – “Awaiting ECB’s Future Plans and US Macroeconomic Statistics” EUR/USD pair shows a slight decline, correcting after attempting an upward move the previous day. Currently testing the breakout at 1.0940, market participants await new market catalysts. Today’s focus is on Spain’s consumer inflation statistics and speeches from European Central Bank (ECB) representatives. The release of US Producer Price Index and Retail Sales macroeconomic statistics is also scheduled.
GBP/USD: Buy – “Influence of UK Economic Data and US Inflation” GBP/USD pair is experiencing a slight decline, extending the “bearish” momentum formed earlier in the week. The instrument is testing the breakout at 1.2790, with activity slowing down after a short-term rise in the US currency. February statistics from the US indicating accelerated inflation have raised doubts about the Federal Reserve’s (FRB) interest rate cut policy.
USD/JPY: Buy – “Awaiting US Retail Sales and PPI” USD/JPY pair shows a notable rise, anticipating the release of US Producer Price Index and Retail Sales statistics. These statistics are scheduled to be released later in the week.
XAU/USD: Sell – “Attention on US Retail Sales and Producer Price Index” XAU/USD pair continues to consolidate around 2170.00, awaiting new market catalysts. Gold prices rose following the release of US inflation statistics the previous day. Today, market attention is focused on the February statistics for US Retail Sales and Producer Price Index.
