ForexLive European FX news wrap: Dollar slips, oil stays buoyed after weekend surprise

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<p>Headlines:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/dollar-turns-lower-as-risk-gains-pick-up-20230403/“>Dollar turns lower as risk gains pick up</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/oil-buoyed-by-weekend-surprise-but-the-technicals-remain-challenging-20230403/“>Oil buoyed by weekend surprise but the technicals remain challenging</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/opec-jmmc-reaffirms-that-voluntary-oil-output-cuts-will-be-166-million-bpd-20230403/“>OPEC+ JMMC reaffirms that voluntary oil output cuts will be 1.66 million bpd</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/what-are-markets-expecting-ahead-of-the-rba-policy-decision-tomorrow-20230403/“>What are markets expecting ahead of the RBA policy decision tomorrow?</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/eurozone-march-final-manufacturing-pmi-473-vs-471-prelim-20230403/“>Eurozone March final manufacturing PMI 47.3 vs 47.1 prelim</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-march-final-manufacturing-pmi-479-vs-480-prelim-20230403/“>UK March final manufacturing PMI 47.9 vs 48.0 prelim</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/switzerland-march-cpi-29-vs-32-yy-expected-20230403/“>Switzerland March CPI +2.9% vs +3.2% y/y expected</a></li></ul><p>Markets:</p><ul><li>AUD leads, JPY lags on the day</li><li>European equities mostly higher; S&amp;P 500 futures down 0.1%</li><li>US 10-year yields up 1 bps to 3.50%</li><li>Gold up 0.4% to $1,975.93</li><li>WTI crude up 6.5% to $80.66</li><li>Bitcoin down 0.5% to $28,243</li></ul><p style=““ class=“text-align-justify“>The session started off with the dollar in a decent spot, holding gains across the board carried over from Asia. But as bond yields come down a little and equities pick up a touch, we are seeing the dollar lose ground and stumble lower now.</p><p style=““ class=“text-align-justify“>Tech stocks are the laggard and that is leaving a bit of a balancing act ahead of the Wall Street open later. Nasdaq futures are lower, putting a bit of a drag on S&amp;P 500 futures, but Dow futures are modestly higher on the day.</p><p style=““ class=“text-align-justify“>The big story in markets though came from the weekend, in which we got a surprise announcement from the Gulf States – saying that they will cut oil production significantly. That led to a rip higher in oil prices, with WTI crude opening with a gap above $80 today.</p><p style=““ class=“text-align-justify“>There was a brief retreat below the key level but as we look towards US trading now, prices are heating up again to $80.60 levels roughly now.</p><p style=““ class=“text-align-justify“>In FX, the dollar gave up gains on the session with EUR/USD running up from 1.0790 to 1.0875 while USD/JPY dropped from 133.75 to just below 133.00 currently amid a retreat from the highs for bond yields.</p><p style=““ class=“text-align-justify“>USD/CAD is a decent gainer, moving down from 1.3530 earlier in the session to 1.3450 now as oil gains gather pace.</p><p style=““ class=“text-align-justify“>But it is the aussie that is leading the charge, with AUD/USD now up over 1% to 0.6760 from around 0.6660 earlier as traders build on the positive risk momentum and also some balanced thinking ahead of the RBA tomorrow.</p>

This article was written by Justin Low at www.forexlive.com.

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