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FX Market Overview, April 29 – Everything You Need to Know on Monday

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Forex Market Overview

Stock Markets Bears a Mixed Day

Global stock markets are trading actively as we begin what could be another significant week for financial markets.

The S&P 500 scored an all-time high on Friday as US earnings reports and robust GDP data continued to overwhelm the market and other indices are not far behind. The S&P closed Friday’s session up 0.47%, and the Nasdaq and Dow closely watched, up 0.34% and 0.31% sequentially.

With over 150 S&P 500 corporations publishing earnings it is anchored to be another rollercoaster week for traders. Google’s parent company Alphabet is scheduled to release on its first-quarter earnings on following the market close on Monday. Besides that, iPhone maker Apple is expected to deliver its earnings report after the bell on Tuesday.

Dollar Index Faces Bearish Pressure – FOMC Looms

The dollar dropped off lightly from Thursday’s multi-year highs, yet remains bid against most of the majors. The Dollar Index (Dxy) trading around 97.99 during the Asian session today.

Crude Oil Under Dramatic Bearish Pressure

The US Crude Oil sank dramatically from the recent highs following the report that the Saudi’s may be expanding production shortly. With that news, the WTI plunged back to $62.8/b, and Brent to $71.6/b.

Gold Under Pressure, FOMC Looms

Gold caught a stable bullish trend as it continued to bounce well off of recent lows under 1270, trading at 1286 this morning. But gold prices were mostly unchanged on Monday, trading near the more-than one week high touched in the previous session, on risks that the U.S. Federal Reserve might diminish interest rate this year after recent economic figures manifested inflationary weakness.

What’s Next Today?

With over 150 S&P 500 corporations publishing earnings it is anchored to be another rollercoaster week for traders. Google’s parent company Alphabet is scheduled to release on its first-quarter earnings on following the market close on Monday. Besides that, iPhone maker Apple is expected to deliver its earnings report after the bell on Tuesday.

BOE Gov Carney Speaks

At 8:10 (GMT), the BOE Gov Carney is due to speak at the Innovate Finance Global Summit, in London. As head of the central bank, which controls short term interest rates, he has more influence over the nation’s currency value than any other person. Traders scrutinize his public engagements as they are often used to drop subtle clues regarding future monetary policy.

Core PCE Price Index m/m

At 12:30 (GMT), traders will be eyeing PCE Price index from the United States. It shows a change in the price of goods and services purchased by consumers, excluding food and energy. Economists are expecting a rise of 0.2% in the figure which is slightly better than 0.1% than before.

Well, I can’t say it’s going to keep dollar support today as the investors are more concerned about the FOMC and NFP later this week which will be driving the market sentiment throughout the week. All the best!

 

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