This is what you need to know to trade today Wednesday, April 7:
Market sentiment remains upbeat amid better growth expectations. Falling US yields are dragging the dollar lower. President Biden is ready to provide an update on his spending plans and investors turn to the Fed’s minutes to see if there is a trend to raise rates. Cryptocurrencies are consolidating previous gains.
The International Monetary Fund (IMF) raised its 6% global growth forecast, but noted divergences between countries. Vaccination campaigns and fiscal stimulus are behind the improvement in projections.
The US dollar is on the defensive as US Treasury yields fell to around 1.65% as investors buy bonds after the earlier sell-off related to upbeat US data. such were JOLTs job postings, which broke estimates with 7.4 million in February.
The President of the United States, Joe Biden, comment on his infrastructure proposal and fiscal program. Democrats will be able to pass the $ 2.25 trillion program without Republican support, according to a ruling by the Senate MP. Negotiations within the party are essential for its approval.
The Federal Reserve Minutes from their March meeting may shed some light on how many members see interest rate hikes sooner rather than later. The Fed is more optimistic than before, but called for caution.
See: Preview of FOMC Minutes March 16-17: Growth Without Inflation?
The GBP/USD it is trading near 1.38, consolidating its declines despite the optimistic vaccination campaign of Great Britain, which will receive another dose of optimism about the use of Moderna vaccines starting today.
The EUR/USD took advantage of the optimism and surpassed the level of 1.1850 on Tuesday after the EU advanced the projection of the vaccination program. The bloc aims to surpass half the population by the end of June. On the other hand, concerns remain about the AstraZeneca solution. An update on a possible link between vaccines and blood clots will be posted later in the day.
The oil WTI it rose towards $ 60.00 amid better expectations for global growth, but the prospects of Iran getting back on track weigh on prices. US oil data and inventories are expected.
Cryptocurrencies: Various Altcoins like XRP, Cardano, Binance Coin, and also Ethereum have been consolidating their gains after surging earlier in the week.
See: Bitcoin, Ethereum and Ripple Prediction: Institutional Demand Increases as Crypto Market Approaches $ 2 Trillion
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