FOREX TODAY: THE US DOLLAR IS HAVING TROUBLE RECOVERING, AND THERE WILL BE MORE FEDSPEAK.

WHAT YOU NEED KNOW ON THURSDAY, APRIL 4 IS AS FOLLOWS:

On Wednesday, there was more selling pressure on the US dollar (USD), and the USD Index ended the day lower than it started for the second day in a row. On Thursday, S&P Global will make available updated Services PMI data for the UK, Germany, and the Eurozone. The US economic docket will include weekly data on February's goods trade balance and first unemployment claims later in the day. During American trade hours, a number of Federal Reserve (Fed) policymakers will be giving lectures.

ISM Assistance The US PMI fell from 52.6 in February to 51.4 in March. The USD was negatively impacted on Tuesday by this number, which was lower than the 52.7 market estimate. Furthermore, the survey's Prices Paid Index, which measures inflation, decreased from 58.6 to 53.4. Jerome Powell, the chairman of the Federal Reserve, reaffirmed later in the US session that rate reductions were not a priority. “The Fed has time to let incoming data guide its policy decisions; the central bank is making decisions meeting by meeting,” Powell stated. The USD Index dropped 0.5% on Wednesday as a result of these remarks failing to sustain the currency.

The benchmark 10-year US Treasury note yield fell toward 4.35% on Wednesday after hitting its highest level since November above 4.4%, while Wall Street's major indexes ended the day mixed. US market index futures are trading higher early on Thursday.

US DOLLAR EXCHANGE RATE FOR THIS WEEK

The US dollar's (USD) percentage movement compared to a list of major currencies for this week is displayed in the table below. In relation to the Australian dollar, the US dollar was the weakest.

The major currencies' percentage movements relative to one another are displayed on the heat map. The quotation currency is selected from the top row, and the base currency is selected from the left column. For example, the percentage change shown in the box will indicate EUR (base)/JPY (quote) if you select the Euro from the left column and proceed along the horizontal line to the Japanese Yen.

Building permits fell by 1.9% on a monthly basis in February, according to data from Australia earlier in the day. This was after a 2.5% contraction in January. After increasing by more than 0.7% on Wednesday, the AUD/USD pair continued to rise toward 0.6600 in the Asian session, despite the dismal statistics.

After climbing more than 0.8% over the previous two days, the EUR/USD maintains its bullish momentum early on Thursday and trades in positive territory over 1.0800.

On Wednesday, the GBP/USD pair moved above 1.2600 and saw a 0.6% increase. In the early European session, the pair holds onto modest daily gains above 1.2650.

Gold continued to rise on Thursday, hitting a fresh all-time high above $2,300 during the Asian session. In European trading hours, XAU/USD has a technical reversal and pulls back toward $2,290.

The USD/JPY pair stays within a narrow range above 151.50, ignoring the selling pressure around the USD.