Fed minutes eyed

April 7, 2021

Attention turns to the US and the release of minutes from the latest Fed meeting.

Mixed fortunes for currencies overnight, with the euro finishing higher, while the pound ended the day lower. The EURUSD began the day at $1.18112 and was flat early, dipping to lows of $1.17941 mid-session. It climbed off those lows, hitting a high of $1.18773 in the final hour of the session. It is now trading at $1.18720. The GBPUSD opened at $1.38953 and lifted to a high of $1.39179 mid-session. From there, it suffered sharp declines which saw it hit a low of $1.38010 late in the day. It has come off those lows and is now trading at $1.38364.

The Dow retreated from the highs it reached in the previous session, ending the day slightly lower. It started the day at 33,540.64 and edged up to a high of 33,585.02 in the first hour of trade. Steady declines set in shortly afterwards, with the Dow eventually hitting lows of 33,400.11 late in the day. It has come off those lows and is now trading at 33,492.20. The Dax followed the Dow’s lead after opening at 15,253.42. It climbed to an early high of 15,336.29 before falling away, hitting lows of 15,178.14 late. It is currently trading at 15,229.80.

The day ahead sees the publication of the latest meeting minutes from the Fed Reserve. Here we get to see a more in-depth look at the Fed’s decision-making processes and the outlook for monetary policy settings into the future.

Other data published today includes:

Canada – Ivey PMI, Trade Balance

Japan – Leading Indicators

UK – Final Services PMI, RICS House Prices

Europe – European, German and French Final Services PMIs, Italian and Spanish PMIs

US – Trade Balance, Crude Oil Inventories, Consumer Credit, FOMC Members Charles Evans and Thomas Barkin speak


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