20.04.2021: USD loses ground, JPY spreads wings; outlook for USD, USD/JPY, AUD/USD

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Today, investors are assessing the People's Bank of China lending rate data. China kept its benchmark lending rate unchanged, as widely expected. So, the market sentiment is unlikely to change drastically today.
The US dollar index is extending losses which is beneficial to the yen and the Aussie. Both currencies are adding gains despite previous negative forecasts. Stay with us and learn the most relevant market news in our video review!
The US dollar index is losing steam. This morning in the Asian session, it is trading at 90.970. The greenback is likely to dive even deeper as US Treasuries continue to decline.
Besides, the Fed’s remarks on the monetary policy also contributed to the weakness of the US currency. The regulator confirmed that in the near future it would not hike interest rates. What is more, traders are now locking in profits after a prolonged rally triggered by inflation.
So, the greenback may approach the next target level of 90.400 and reverse upwards. In the meantime, the US dollar index will be trading in the range of 91.000 - 90.700.
The dollar/yen pair plunged by 62 pips. This morning, it is trading at the level of 108.3. However, the pair may dip to 107.50. The yen asserted strength partly because of the US dollar’s decline but the main catalyst was upbeat macroeconomic statistics. In March, Japan's trade surplus totaled 0.30 trillion yen against the forecast of 0.20 trillion. The final report on industrial production for February revealed that the index was upwardly revised to -1.3% from -2.1%. Such positive data facilitated the growth of the yen. For this reason, the dollar/yen pair is likely to keep on dropping.
Yesterday, the Australian dollar advanced against the US dollar, breaking the important target level. Today, the Aussie is highly likely to extend its rally. On Tuesday, the minutes from the last RBA meeting were published. At the April meeting, the central bank left the interest rate unchanged at a record low of 0.1%. Besides, it pledged to keep the rate near zero until 2024, which is bearish for the Australian dollar.

Traders mostly ignored the content of the meetings as this information became known already after the meeting, which took place on April 6. The AUD/USD pair may touch the level of 0.7805. Above this level, the lows of February this year are located. Taking into account the current situation, the forecast for the AUD/USD pair has changed. The new target level is 0.7880. Moreover, technical indicators currently show exactly such a price increase.

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