In a relatively quiet news environment, the US dollar remains predominantly within tight ranges against the G10 currencies. Technical indicators suggest a positive shift for the euro and sterling, as their five-day moving averages surpass the 20-day moving averages. Conversely, the dollar nears the year's low set last week, hovering around JPY150.90.
A robust equity rally in the US has buoyed most Asia Pacific markets today, while Europe's Stoxx 600 sees marginal gains, likely marking its fifth consecutive weekly rise. US index futures show a slight softening, and gold, after a five-day uptrend, is trading with a slight downward bias today. Although April WTI reached its highest level since last November yesterday, it exhibits weakness today, currently trading around $77.70 in Europe.

Asia Pacific
Despite an unexpected contraction in Q4 23 Japanese GDP and the potential decline of national headline and core CPI below 2.0%, the Bank of Japan appears resolute in abandoning its negative interest rate policy.
The dollar seems to have broken out of its consolidative pattern of the past week and a half, trading near JPY150.80 in the European morning.
The Australian dollar typically sees gains in the Asia Pacific session before experiencing selling pressure in Europe and the US.

Europe
The German and French governments have revised down this year's growth forecasts, while the Bundesbank has cautioned about a possible contraction in the German economy this quarter.
The euro faced selling pressure in Europe and extended losses in the US, approaching the session low near $1.08. It has maintained levels below $1.0835 so far today.
Despite recent developments, such as BOE Governor Bailey's apparent support for expectations of prolonged low rates, market sentiment regarding UK rates remains largely unchanged. Odds of a June rate cut have shifted minimally, remaining slightly below 50%.
Sterling, coming off a three-day advance, trades within a narrow range above $1.2650.

America
This week, there has been a continuous postponement in expectations of the first Fed rate cut. Ahead of the February 2 jobs data, Fed funds futures had fully priced in a cut for May, with lingering hopes for a move in March. However, the probability of a May rate cut has decreased to slightly below 25%, marking a three-month low.

The Canadian dollar remains within a range extending back to CAD1.3480, with today's trading fluctuating roughly between CAD1.3470 and CAD1.3505.