The Greenback faced further selling pressure as the Japanese yen gained strength and traders remained cautious ahead of the release of the US Nonfarm Payrolls report on Friday. The USD Index (DXY) continued to decline after the FOMC meeting, reaching three-week lows around 105.50. On May 3, market watchers are anticipating key data releases such as the Nonfarm Payrolls, Unemployment Rate, S&P Global Services PMI, and ISM Services PMI.
EUR/USD saw modest gains in the low 1.0700s as the Greenback lost momentum. The Unemployment Rate for the euro area is set to be released on May 3. GBP/USD fluctuated around 1.2520 after a solid advance post-FOMC. Market participants are looking for the S&P Global Services PMI data for further direction.
USD/JPY approached recent highs near 153.00 amid speculation of FX intervention. Weekly Foreign Bond Investment figures are on the agenda for May 3. AUD/USD surged higher, breaking above the key 200-day SMA around 0.65120. Australia is set to release data on the Balance of Trade and preliminary Building Permits on May 2.
WTI prices rebounded from multi-week lows near $78.00 per barrel during the NA session. Gold prices retreated from recent highs near $2,300 per troy ounce, while Silver saw a slight uptick after hitting lows near $26.00. Traders will be monitoring these key markets for further insights into the direction of the global economy.
