The market is resilient ahead of the speeches of Fed’s Powell and ECB President Lagarde, but there are still interesting movements.
Things to watch this week
These days we’ve got a quite busy market and a really interesting environment. Events below will add more market volatility!
FOMC statement, press conference and US GDP
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.
Important data from Eurozone
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.
OPEC+ deal will start in May
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.
Earnings season of the largest companies
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 uncertainty over US fiscal stimulus and Brexit, and also rising new virus cases deteriorated the market mood. That’s why we can expect the further rally of the US dollar and the fall of riskier assets today.
The market sentiment is mixed, but there are still interesting movements on the market.
Netflix stock price falls 5% on Tuesday. Why? Read the news.
The USA will publish unemployment claims on October 22 at 15:30 MT time. How to trade after the release?
Canada’s retail sales will be out on October 21 at 15:30 MT time. Get ready with us for this event!