Today's forex news, Monday, April 1, 2024, shows weak movements in the forex market, while gold is experiencing an increase in bullish momentum. The U.S. economic calendar will feature February Construction Spending data and the March ISM Manufacturing PMI report today. The Bank of Canada will also release its Business Outlook Survey.
 
Data released by the U.S. Bureau of Economic Analysis on Good Friday revealed that both the Personal Consumption Expenditures (PCE) Price Index and core PCE Price Index rose by 0.3% month-over-month in February.

Federal Reserve Chairman Jerome Powell, during a discussion at the Macroeconomic and Monetary Policy Conference in San Francisco on Friday evening, stated that the U.S. economy is undoubtedly strong and added that the latest core inflation figures show "real progress." The U.S. Dollar Index remained consolidated near the 104.50 level in early European trading after a slight increase in the previous week.

Over the past week, the U.S. dollar has seen several fluctuations against other currencies. Gold continued to rise in value, reaching an all-time high above $2,260 after gaining approximately 3% the previous week. The 10-year U.S. Treasury bond yield remained stagnant around 4.2%, allowing XAU/USD to keep climbing. Investors now estimate a nearly 70% chance that the Fed will cut its policy rate by 25 basis points in June, according to the CME FedWatch Tool, following Powell's comments and the PCE inflation data.

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The EUR/USD currency pair closed stable on Friday and remained flat at the beginning of the new week. GBP/USD fell by about 1% last week but stayed steady above 1.2600. USD/JPY moved sideways below 151.50 on Monday morning. Japan's Finance Minister, Shunichi Suzuki, commented that speculative movements might be the cause of the Japanese Yen's weakness and expressed readiness to act against irregular foreign exchange movements.

Warning!

That concludes the report on "Today's Forex News: Easter Brings Blessings! Gold Prices Climb to the Top" based on fundamental and technical analysis from trusted sources. This is not advice or a call to action. Remember that this content aims to enrich readers' information. Always conduct independent research on other forex information to guide your trading.

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