Daily Forex Market Overview – April 24, 2025

The global forex market is exhibiting heightened volatility on April 24, 2025, driven by a mix of economic data releases, central bank expectations, and geopolitical jitters. The U.S. dollar has strengthened across the board, with safe-haven demand and positive domestic economic indicators supporting the greenback. Meanwhile, the euro and pound show signs of exhaustion, and commodity currencies face renewed downside pressure.

Key Economic and Geopolitical Developments

U.S. Data in Focus

Markets are closely eyeing today’s U.S. data releases, including:

• Durable Goods Orders

• Weekly Jobless Claims

• New Home Sales

These reports are expected to reinforce the narrative of a resilient U.S. economy. A stronger-than-expected reading would support the Federal Reserve’s hawkish tone, potentially boosting the USD further.

Central Bank Watch: RBA and SNB

• The Reserve Bank of Australia is due to release key economic commentary. Any dovish tilt may weigh on AUD/USD.

• Swiss National Bank (SNB) is in focus as USD/CHF rebounds, aided by a stronger dollar and easing haven flows.

Tariff Tensions Return

Former U.S. President Donald Trump’s recent statements on reinstating aggressive tariff policies have rattled global markets. Though he is not in office, his remarks serve as a reminder of trade war risks ahead of the 2024 U.S. election cycle.

Major Currency Pairs Update

EUR/USD – Holding Above Key Support

• Current Price: ~1.1320

• Support: 1.1300

• Resistance: 1.1400

The euro remains in a consolidative phase. Despite Eurozone PMI data showing mixed signals, the EUR/USD pair holds above key support. A break above 1.1400 would signal bullish continuation, but downside risks remain if U.S. data surprises to the upside.

Outlook: Neutral to slightly bearish short term, depending on U.S. data flow.

GBP/USD – Bulls Losing Steam

• Current Price: ~1.2750

• Support: 1.2600

• Resistance: 1.2800

The pound sterling rallied sharply in recent sessions but is struggling near resistance at 1.2800. Signs of momentum loss have appeared on intraday charts, and profit-taking is evident.

Outlook: Watch for pullbacks toward 1.2650-1.2600, especially if UK data underperforms or dollar strength continues.

USD/JPY – Bullish Breakout Looming?

• Current Price: ~143.60

• Support: 142.00

• Resistance: 144.00

Dollar/yen continues to rise, bolstered by strong U.S. yields and stable risk sentiment. Japanese officials have remained silent so far, though the risk of verbal intervention increases as USD/JPY nears 145.00.

Outlook: Bullish bias remains, but traders should monitor for BOJ or MoF reaction around 144.00–145.00.

USD/CHF – Rebounding from Oversold Levels

• Current Price: ~0.8120

• Support: 0.8040

• Resistance: 0.8200

USD/CHF is regaining strength, reversing recent losses as the RSI emerges from oversold territory. The pair is currently eyeing the 0.8200 resistance level.

Outlook: Favoring further upside toward 0.8200-0.8250, with caution around SNB rhetoric.

AUD/USD & NZD/USD – Bears Push Back

• AUD/USD Support: 0.6600

• NZD/USD Support: 0.6100

Both AUD and NZD failed to sustain recent gains, reversing after hitting technical ceilings. Concerns around Chinese demand, weak commodity prices, and a broadly stronger USD are weighing on the pairs.

Outlook: Bearish unless risk sentiment improves or central banks shift hawkish.

Market Sentiment and Broader Trends

Equities and Commodities

• Global Stocks: S&P 500 and DAX rebounded, but gains remain fragile amid mixed earnings and macro concerns.

• Oil Prices: WTI crude under pressure, targeting $60/barrel. This adds deflationary pressure globally, benefiting USD and JPY.

Safe-Haven Flows

The USD and JPY have outperformed amid global uncertainty. Gold remains range-bound, offering limited insight into broader sentiment shifts.

Technical Picture and Trade Levels to Watch

Outlook for Traders

Short-Term Strategy

• Volatility expected ahead of U.S. durable goods and jobless data.

• Stay nimble, especially in USD pairs, as momentum could shift quickly based on headlines or data surprises.

Medium-Term Strategy

• Watch for central bank narratives — particularly the Fed, ECB, and BOJ — which will guide major trends.

• Be mindful of positioning into the weekend, with potential headline risk around geopolitics and trade.