This is what you need to know to trade today Friday, April 30:
Markets are somewhat lagging after another record day on Thursday, while the dollar remains stable after optimistic US GDP and awaiting other important data. Cryptocurrencies have rebounded from lows, metals are strong while gold and oil are moving away from highs. End of month flows are observed.
The Global stocks and S&P 500 futures fell in what looks like profit-taking after major US indices hit new highs on Thursday. Caixin’s Chinese manufacturing PMI fell short of estimates, registering 51.1, below estimates.
In Wall Street, Amazon reported earnings that exceeded expectations, joining a long list of stronger figures released by large companies. The bank reports are in the spotlight on Friday.
US Gross Domestic Product was 6.4% annualized for the first quarter, improving forecasts and dragged by a sharp drop in inventories.
Quick Look at US GDP: Strong Growth Now, Could Be Higher Next Quarter – Three Reasons for the Dollar to Rise
Personal income, personal spending and the basic PCE, the Federal Reserve’s preferred indicator of inflation, will be released on Friday. Significant increases are expected and could raise concerns about an overheating economy.
The President of the United States, Joe Biden, has been promoting his twin plans worth a total of $ 4 trillionBut investors are skeptical about what Congress could pass.
The US dollar is slowly rising as 10-year Treasury yields have stabilized around 1.65%, far from lows. GBP / USD is below 1.3950 and EUR / USD is above 1.21.
Eurozone data: French GDP beat estimates with a quarterly increase of 0.4% in the first quarter, the first data for a large part of the eurozone growth and inflation figures. Germany is expected to register a contraction of 1.5% in the first three months of the year, and the EU is estimated to mark -0.8%.
Germany GDP Preview: Can It Really Be That Bad? Low expectations open the door to further gains in EUR / USD
It is anticipated that preliminary inflation estimates for April show a rebound in the general consumer price index from 1.3% to 1.6%, partly due to the base effect. The underlying CPI is expected to decline. France and Portugal are the latest European countries to announce a relaxation of restrictions as Europe advances with its vaccination scheme and COVID-19 cases drop.
Canada publishes monthly GDP figures for February, which are estimated to show an ongoing recovery.
Cryptocurrencies: Bitcoin is changing hands above $ 54,000, after taking a dip earlier. Ethereum remains at its highs of around $ 2,800, while XRP is rising and trading above $ 1.50.
End-of-the-month flows can trigger a swinging trade towards the end of the day, especially around the London Fix at 15:00 GMT.
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