The US Dollar Index (DXY) traded just below 98.00 on Friday, down about 0.3% on the day and hovering around 97.93, as confirmation that the Strait of Hormuz had fully reopened cut demand for safe-haven assets. Losses were limited, however, with traders still wary of renewed disruption amid ongoing tensions between Washington and Tehran.
Iran said the vital oil chokepoint is “completely open” for commercial traffic under the current ceasefire, easing fears of prolonged supply interruptions. But officials in Tehran warned they could again restrict passage if the US maintains its naval blockade, calling such measures a breach of the truce and insisting vessels follow a “coordinated route.”
Major currencies: dollar weaker across the board
The softer tone in the dollar was broad-based, though measured:
- euro: up about 0.09% versus the dollar, pushing toward 1.1790–1.1793
- pound: higher by roughly 0.17%, reaching eight-week highs near 1.3600 before consolidating around 1.3550
- yen: dollar down about 0.59% to the 158.20 area, as the yen drew lingering defensive flows
- canadian dollar: dollar off around 0.23%
- australian dollar: up about 0.31%, briefly touching 0.7200 before easing to 0.7180, a roughly 0.64% rise from the prior day
- new zealand dollar: up around 0.16% against the dollar
- swiss franc: dollar down about 0.49%
Traders treated the euro’s move as part of a generally bullish short-term trend, although mixed Eurozone data curbed stronger gains. The pound benefited from improved risk appetite, while commodity-linked currencies such as the australian dollar advanced alongside energy and broader risk sentiment before trimming highs.
Energy markets: WTI sinks on supply relief
The reopening of Hormuz triggered a sharp repricing in crude. West Texas Intermediate (WTI) futures slid by about 12.5% to trade near $83.00 per barrel, as immediate supply risks receded.
Despite the pullback, crude remains vulnerable to renewed volatility if tensions in the Gulf escalate again or if shipping conditions change abruptly.
WTI, one of three key global crude benchmarks, is prized for its light, sweet quality and is a core reference price in international oil trade. Its trajectory is shaped by global supply and demand, Federal Reserve policy, geopolitical stability, OPEC decisions, and high-frequency data on inventories and consumption.
Weekly reports from the American Petroleum Institute and the US Energy Information Agency remain closely watched short-term catalysts. Their readings, typically within a 1% range of each other and aligned about three-quarters of the time, offer an early signal of shifting supply-demand dynamics.
Gold holds gains despite easing safe-haven rush
Gold extended its uptrend, climbing toward $4,865 an ounce, a daily gain of more than 1.5%. The metal’s resilience, even as the broader rush into safe havens moderated, underscored persistent uncertainty around Middle East developments and cautious positioning ahead of next week’s event-heavy calendar.
Packed data calendar from April 20
A dense run of economic releases begins on April 20 and is expected to guide market tone across currencies, commodities, and risk assets:
- saturday, April 20
- China: interest rate decision
- Germany: March producer price index
- Canada: CPI update and business outlook survey
- New Zealand: first-quarter CPI and business confidence
- early week
- United Kingdom: labor market figures
- Germany and Eurozone: ZEW economic sentiment surveys
- United States: retail sales and housing data
- Japan: March trade balance (Tuesday)
- midweek
- United Kingdom: inflation data
- Eurozone: inflation data
- Thursday
- global: preliminary PMI readings
- United States: weekly jobless claims, new home sales
- Japan: inflation report
- end of week
- United Kingdom: retail sales
- Germany: IFO business climate survey
- Canada: February retail sales
- United States: University of Michigan sentiment and inflation expectations
These releases will provide updated signals on growth, inflation, and domestic demand across major economies, with potential implications for rate expectations and currency trends.
Central bank speakers in focus
Policy commentary will add another layer of market risk in the coming days. Officials from the European Central Bank, Federal Reserve, Bank of England, and Swiss National Bank are due to speak throughout the week.
Traders will pay particular attention to remarks from ECB president Christine Lagarde on Wednesday for any shift in tone on inflation and the timing or pace of future policy moves.
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