Market Watch: Greenback Is In The Range

Financial and commodity markets analytics

In today's market, the dollar has remained largely range-bound, while the Swiss franc and Japanese yen, both low-yielding currencies within the G10 complex, have shown relative softness.
Equities exhibit a mixed performance, with US index futures slightly lower following a robust rally last week.
Meanwhile, May WTI experienced a downward gap, dropping to approximately $84.70 before rebounding to nearly $86.50 in European trading, effectively closing the gap, which extended to around $86.30.

Asia Pacific Markets
Japan's labor earnings increased by 1.8% year-over-year in February, a slight deceleration from the revised 1.5% pace in January.
The dollar hit an 11-day low against the yen during the local session, hovering around JPY150.80 before recovering to JPY151.75 in North America. Today, the dollar saw a modest uptick, trading slightly above JPY151.90 in Europe.

European Markets
The upcoming ECB meeting on Thursday is anticipated to maintain a dovish tone, with President Lagarde likely to continue signaling preparations for a rate cut in June.

Germany reported a stronger-than-expected rise in February industrial production, marking the second consecutive monthly increase with a 2.1% gain, surpassing the 0.5% forecasted by Bloomberg's survey.

The euro's trading range today remained subdued, fluctuating between $1.0820 and $1.0845.

American Markets
The latest US jobs report displayed unequivocal strength, with a slight upward revision and a notable increase of nearly 500,000 jobs in the household survey, countering three months of declines. With the robust labor market data in hand, focus now shifts to inflation indicators this week, including March CPI and PPI releases on Wednesday and Thursday, alongside the FOMC minutes.

Conversely, Canada's employment figures disappointed, showing a slight loss in jobs, leading to new lows for the Canadian dollar this year.