News

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.

Daily Pivots: (S1) 1.3205; (P) 1.3249; (R1) 1.3285; More… A temporary top is formed at 1.3291 after GBP/USD failed to break through near term channel resistance and retreated. Some consolidations would be seen first, but further rally is expected as long as 55 4H EMA (now at 1.3078) holds. Above 1.3291 will resume the rise […]

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

The highlight in the European session will be the ECB rate decision, although it’s unlikely that the central bank will surprise the markets in any way. In the American session, we have the US Jobless Claims which are now even more important given that they could give an earlier signal of deterioration in the labour market. It’s unlikely to see much reaction though unless they make a new cycle high.

12:15 GMT/08:15 ET – ECB Policy Announcement

The ECB is
expected to cut by 25 bps bringing the deposit rate to 2.25%. The market then
expects at least two more rate cuts by year-end. Interest rates expectations
have been shaped by the ongoing trade war and the recent 90-days pause for
reciprocal tariffs helped to alleviate the aggressive pricing. It’s all
about the trade negotiations now as the data remains old news.

12:30 GMT/08:30 ET – US Jobless Claims

The US Jobless
Claims continue to be one of the most important releases to follow every week
as it’s a timelier indicator on the state of the labour market.

Initial Claims
remain inside the 200K-260K range created since 2022, while Continuing Claims hover
around cycle highs.

This week Initial
Claims are expected at 225K vs. 223K prior, while Continuing Claims are seen at 1872K vs. 1850K prior.

Central bank speakers:

• 15:45 GMT/11:45 ET – Fed’s Barr (neutral – voter)

This article was written by Giuseppe Dellamotta at www.forexlive.com.