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[MARKET ANALYSIS] DXY pressured, Antipodeans outperform as Axios report boosts sentiment

The DXY faced immediate pressure after initially gapping higher, as the Axios report drove sentiment towards the Antipodeans, which are outperforming due to a positive risk tone in the markets.

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[MARKET ANALYSIS] DXY pressured, Antipodeans outperform as Axios report boosts sentiment

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  • DXY gapped higher but was immediately pressed, falling from an open of 99.33 to slip back below 98.50. 
  • EUR/USD found support at 1.1705 before regaining the 1.1720 handle as the Axios report further spurred a weaker greenback. This week's focus will lie on the ECB policy announcement, in which policymakers are expected to keep rates steady, and the PMIs later in the week. 
  • GBP/USD managed to open above the 1.35 handle and has since bid higher to a peak of 1.3537. British politics still remains at the front of investors’ minds, with local elections set for May 7th. However, the more imminent event lies on Thursday, 30th, in which the BoE is expected to keep rates on hold at 3.75%
  • USD/JPY has reversed the earlier gains and is now trading around the unchanged mark, returning below 159.40. Despite the reversal, the JPY is amongst the underperformers, with only the CHF performing worse amongst its G10 peers. 
  • Antipodeans outperform, supported by the positive risk tone spread across markets following the Axios report. 
  • CNH, similarly to its global peers, began weaker against the greenback but has since reversed the losses. Other than the Axios report, the stronger-than-expected Yuan fixing helped pressure USD/CNH to a session low of 0.8249.
Context

This environment may push traders to reassess positions ahead of key upcoming central bank meetings, including the ECB and BoE, where expectations suggest steady rates. Overall, the weaker dollar could have implications for commodities and other currencies, reinforcing a trend that favors riskier assets.

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