It’s been a turbulent 24 hours in currency markets, with the US dollar starting the day strong, only to reverse course ahead of the European close. By the end of the session, the dollar had lost ground, continuing a broader softening trend.
Meanwhile, the euro stayed on the defensive overnight, unable to capitalise on the greenback’s late-session weakness.
Focus Shifts to Key Sentiment Data
Looking ahead, today’s data calendar is packed, offering fresh insight into economic sentiment on both sides of the Atlantic.
In Europe, the spotlight will be on the European Commission’s sentiment indicators for April. Modest declines are expected across most sectors, reflecting the continued strain from inflation and trade uncertainty.
In the US, attention will turn to two key releases:
- JOLTS Job Vacancies (March) – a closely watched indicator of labour market strength.
- Conference Board Consumer Confidence (April) – projected to drop sharply from 92.9 to 87.5, the lowest reading since January 2021.
A weak confidence print could further dampen the dollar’s recovery prospects, particularly as concerns grow over slowing domestic demand and consumer sentiment.
What This Means for FX Markets
With confidence indicators in focus, markets are bracing for further volatility. The direction of the dollar — and broader risk sentiment — could hinge on how today’s data compares to expectations.
For businesses, this environment presents both challenges and opportunities. Exchange rate shifts can impact costs, margins, and the timing of cross-border payments.
Qumoney’s currency specialists are here to help you navigate these market moves and develop a strategy that works for your business.
Contact us today for tailored FX solutions and real-time insights.