Makro

Austan Goolsbee, President of the Federal Reserve (Fed) Bank of Chicago, spoke at the 2026 Milken Institute Global Conference in California on Wednesday. He stated that the impact of rising productivity on inflation remains an active topic of debate among the Fed.

GBP/USD rises by over 0.59% on Wednesday after an Axios report revealed that the US and Iran are closing in on a deal to end the war. The US Dollar (USD) fell on the news, even though US jobs data crushed estimates, which could prompt the Federal Reserve (Fed) to focus on inflation.

Brown Brothers Harriman’s (BBH) Elias Haddad highlights that USD/SEK has fallen on broad Dollar weakness while Sweden’s April disinflation surprised to the downside, reducing Riksbank hike expectations.

Alberto Musalem, President of the Federal Reserve (Fed) Bank of St. Louis, spoke at the Mississippi Bankers Association on Wednesday. He said that uncertainty around tariffs and war is a headwind.

EUR/JPY trades around 183.50 on Wednesday at the time of writing, down 0.61% on the day, as the Japanese Yen (JPY) benefits from stronger demand amid fears of intervention by Japanese authorities in the foreign exchange market.

TD Securities analysts argue the US Dollar (USD) faces asymmetric downside risk around the April US payrolls release.

BNY highlights a broad Eurozone PMI downturn, with the composite back in contraction and services particularly weak, while producer prices and input costs re‑accelerate. The bank notes markets assume ECB policy cannot diverge much from peers, a view it challenges.

USD/CHF declines around 0.7790 on Wednesday at the time of writing, down 0.50% on the day, as the US Dollar (USD) remains under pressure in a more risk-positive market environment.

The US Dollar (USD) depreciates against its main peers on Wednesday amid hopes that the US and Iran are close to a deal to end the war. The USD Index (DXY), which measures the US Dollar against a basket of currencies, drops more than 0.7% on the day, approaching pre-war levels at 97.50.

The Euro (EUR) rallies more than 0.5% against the US Dollar (USD) on Wednesday, trading at 1.1760 at the time of writing, after hitting session highs at 1.1770.

The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is declining after three days of gains and trading around 98.00 during the European hours on Wednesday.