Major Currencies Slowly Falling, Is USD Coming Back?


 The US dollar traded steady as investors awaited clearer clues on the next market move from European and US economic data.

Demand for risk assets was generally intact, with global stock markets surging higher in Wednesday's trading session.

However, the strengthening in major currencies was seen to diminish with the New Zealand dollar leading the decline lower followed by the Aussie dollar.

The Canadian dollar was unexpectedly stronger to trade at a 4-week high against the USD despite a drop in crude oil prices.

Meanwhile, the euro traded flat as investors became more cautious ahead of the release of German inflation data for March in the upcoming European session.

The pound currency retreated again after reaching the latest 2-month high against the greenback in the previous session.

In addition, the yen slipped lower against the US dollar towards the end of Japan's fiscal year (March 31).

The final reading for the US Gross Domestic Product (GDP) data in the New York session will determine the next movement of the market, especially the US dollar.

The US economy is expected to grow by 2.7% in the fourth quarter of 2022, unchanged from market forecasts.

Against most major currencies, the dollar index, which measures the greenback's strength, traded slightly higher at 102.70 in the Asian session.