US dollar moves while waiting for important data today

The US dollar has seen a slight rise today, supported by signs of President Trump's retreat from tariffs, but the currency is still at risk of a renewed decline, as the US economy is in a worse position compared to the UK and the eurozone, with a sharp deterioration in growth and rising inflation expectations.

On Tuesday, Trump unveiled plans to ease the impact of tariffs on cars, and Trump's trade team promoted its first deal with a foreign trading partner.

The minister of Commerce told CNBC that the United States has reached its first trade agreement with an unnamed country.

Treasury Secretary Scott Besant also said that the United States is making progress on trade agreements with India, South Korea and Japan so far.

On the other hand, US consumer confidence fell to its lowest level in almost 5 years in April, and jobs fell sharply in March, which are signs that cracks are beginning to appear in the economy.

The spotlight will now be on the US data that will be released today, Wednesday, the most important of which will be the preliminary GDP estimates for the first quarter of the year, scheduled for release on Wednesday, which will coincide with the 100th day since Trump took office.

Forecasts indicate that GDP will probably grow at an annual rate of 0.2% in the last quarter, which is the slowest pace since the second quarter of 2022.

It will also highlight the US Personal Consumption Expenditure Report, the Fed's preferred measure of inflation, due for release later in the day.