Markets eye Fed meeting

April 28, 2021

All eyes will be focussed on the latest Fed meeting which will wrap up in the early hours of tomorrow morning.

The EURUSD opened the day at $1.20839 and fell away to lows of $1.20560 mid-session. Bouncing off those lows, the euro hit a high of $1.20924 a couple of hours later. It has come off those highs and is now trading at $1.20803. A similar pattern occurred with the GBPUSD after it opened at $1.38956. Mid-session trading saw the pound fall to lows of $1.38578 before climbing to a high of $1.39234 late in the day. It is currently trading at $1.38880.

The Dow started the day at 33,995.65 and rose to a high of 34,089.48 heading into mid-session trading. Those highs were not held for long as the Dow fell to lows of 33,875.76 late. It has come off those lows and is now trading at 33,938.65. The Dax began the day at 15,297.30 and lifted to a high of 15,322.65 early. That was met with a quick sell-off, with the Dax dropping to lows of 15,195.07 a few hours later. However, it did not hang around those levels for too long as is pared back a chunk of those losses late in the day. It is now trading at 15,258.70.

Attention turns to the US and the latest central bank meeting. While interest rates are tipped to remain on hold, investors will be eyeing the statements made by Fed Chair Jerome Powell after the meeting concludes.

Data published today includes:

Australia – CPI, Trimmed CPI, Good Trade Balance

Canada – Retail & Core Retail Sales

US – Crude Oil Inventories, Goods Trade Balance, Prelim Wholesale Inventories

Europe – German GfK Consumer Climate, Credit Suisse Economic Expectations, ECB President Christine Legarde speaks


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