As we head into Wednesday, April 9, 2025, global markets are bracing for a session filled with directional cues following a series of inflation readings from the U.S. and heightened central bank commentary. Traders are closely watching the U.S. dollar, which regained strength after firmer-than-expected Core CPI and PPI figures. With the FOMC minutes and bond auctions scheduled for release, sentiment remains cautious but reactive.
In the currency markets, the EUR/USD pair saw a choppy session as dollar demand strengthened and Eurozone fundamentals remained uncertain. The pair dipped after the release of U.S. inflation data, reflecting stronger greenback appetite ahead of the Fed minutes.
Meanwhile, the GBP/USD pair attempted a rebound but remained capped amid mixed U.K. data and lingering downside pressure. GDP and industrial output releases failed to ignite bullish conviction, and the pair continued to trade within a consolidative range.
The NZD/USD pair attempted a recovery early in the session, driven by a risk-on tone, but quickly reversed following weaker business sentiment and a downbeat global growth outlook. As traders recalibrated their positions around U.S. bond yields and central bank expectations, the kiwi fell back under pressure.
EUR/USD
Technicals in Focus
The EUR/USD pair traded lower, closing near the 1.0906 level after multiple failed attempts to reclaim the 1.1000 handle. The price action shows repeated intraday rejections near 1.0960–1.0980, suggesting growing bearish sentiment. On the technical front, the MACD is tilting bearish with widening histogram bars below zero. The RSI remains near 40, hinting at sustained downside pressure, while the Stochastic Oscillator is nearing oversold territory.
Trading Strategy: Neutral to Sell
Sell below 1.0920–1.0900 with targets at 1.0870–1.0840 and 1.0810–1.0780, with a stop above 1.0965. Alternatively, consider buying above 1.0965 with targets at 1.1000–1.1030, with a stop below 1.0910.
GBP/USD
Technicals in Focus
The GBP/USD pair bounced off recent lows near 1.2720 but failed to break past the 1.2800 resistance zone, settling around 1.2766. Price action shows a broad sideways structure, with lower highs forming amid recovery attempts. The MACD is flat near the zero line, signaling consolidation, while the RSI hovers around 50. The Stochastic Oscillator is trending down from mid-levels, hinting at weakening momentum.
Trading Strategy: Neutral to Sell
Sell below 1.2750–1.2730 with targets at 1.2700–1.2670 and 1.2640, with a stop above 1.2805.
Alternatively, buy above 1.2805 with targets at 1.2840–1.2870, with stops below 1.2740.
NZD/USD
Technicals in Focus
The NZD/USD pair experienced a short-lived recovery before declining again, closing near 0.5565. Price action remains bearish overall, with the pair failing to hold above the 0.5600 handle. On the technical side, the MACD has turned bearish with increasing red histogram bars. The RSI is pointing downward near 45, and the Stochastic Oscillator shows a fresh bearish crossover.
Trading Strategy: Neutral to Sell
Sell below 0.5580–0.5560 with targets at 0.5530–0.5500 and 0.5470, with a stop above 0.5615.
Alternatively, consider buying above 0.5615 with targets at 0.5645–0.5680, with stops below 0.5560.
Market Outlook
Looking ahead, all eyes are on the FOMC meeting minutes and the 10-Year U.S. Treasury Note Auction, which could influence the dollar’s next move by shaping market expectations around future Fed policy. Also, in focus are Crude Oil Inventories, given the recent sensitivity of commodity-linked currencies.
In the U.K., upcoming commentary from the BoE will be crucial, especially in the context of stubborn inflation and weakening production metrics. The euro’s trajectory will likely remain reactive to ECB rhetoric and risk sentiment heading into the Eurogroup meetings this weekend.
Overall, the market remains data-sensitive, with volatility expected to pick up across majors as inflation and policy narratives continue to evolve.