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The Japanese Yen (JPY) retains its negative bias heading into the European session on Thursday, which, along with a modest US Dollar (USD) strength, assists the USD/JPY pair to hold steady above mid-142.00s.

The US Dollar Index (DXY), which tracks the US Dollar (USD) against a basket of six major currencies, is slightly stronger, hovering around 99.50, buoyed by solid consumer spending data.

The European Central Bank (ECB) will announce its April interest rate decision on Thursday at 12:15 GMT. Markets widely expect the central bank to lower key rates for the sixth consecutive time.

Here is what you need to know on Thursday, April 17:

Markets Fed Chair Powell sent a clear signal to markets in a keynote speech for the Economic Club of Chicago. He started by pointing out that the level of the tariff increases announced so far by the new Administration is significantly larger than anticipated. The same is likely to be true of the economic effects, […]

The post Focus Shifts to Frankfurt Where We Expect ECB to Cut appeared first on Action Forex.

Daily Pivots: (S1) 1.1314; (P) 1.1363; (R1) 1.1449; More… Intraday bias in EUR/USD remains neutral for the moment. Consolidation from 1.1472 is still in progress and deeper retreat cannot be ruled out. But downside should be contained by 1.1145 resistance turned support to bring another rally. On the upside, break of 1.1472 will target 161.8% […]

The post EUR/USD Daily Outlook appeared first on Action Forex.

Daily Pivots: (S1) 141.25; (P) 142.30; (R1) 142.95; More… Intraday bias in USD/JPY is back on the downside with breach of 142.05 temporary low. Current fall from 158.86 should extend to 139.57 support. On the upside, above 144.07 minor resistance will turn intraday bias neutral again. But overall outlook will stay bearish as long as […]

The post USD/JPY Daily Outlook appeared first on Action Forex.

The Indian Rupee (INR) gains ground on Thursday, bolstered by prospects of foreign equity inflows. The Indian benchmark indices have recovered all losses sparked by Trump’s reciprocal tariffs earlier this month.