
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
These days we’ve got a quite busy market and a really interesting environment. Events below will add more market volatility!
April 29 is a day of the USA. The Fed will have an important policy meeting at 9:00 MT. Nobody expects any major announcements. Investors wait for it mostly because of the guidance on future policy measures that will determine how fast the economy will recover from the crisis.
The US GDP is a significant indicator that will show the whole picture of the coronavirus impact as the economic activity fell down enormously in March and jobless claims reached unseen highs. It will be released on April 29 at 15:30 MT.
On April 30 at 14:45 MT time the ECB will release main refinancing rate and make a monetary policy statement. Also Euro area GDP will be released this day at 12:00 MT time. Some analysts expect it to fall by 4.5% for the first quarter, while it will be much worse for the second.
The OPEC+ deal was to cut the oil production by 9.7 thousand barrels per day in May and June. However, it didn’t help to stabilize the oil market. While Donald Trump openly supports the US shale oil market, Saudi Arabia and Russia will continue their price war as they produce cheaper oil and can sustain its low price. We will see the oil price falling down further.
We are waiting for earning reports from Google, Microsoft, Facebook, Apple, Amazon, Intel and Tesla. This data will reveal their performance amid the coronavirus crisis. It will shake the stock market! Stay tuned!
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
The British monthly GDP is announced on Friday at 09:00 MT time.
The main market tendency today is that the US dollar is rising against its major peers and riskier assets such as stocks and oil are plummeting.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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