This is what you need to know to trade today Tuesday, April 27:
Markets have been moving higher, but the US dollar has gained some ground on the tension ahead of the Fed’s decision on Wednesday. Tesla’s adventure with Bitcoin is supporting cryptocurrencies. US consumer data will be the focus of investors after investment figures disappointed. Developments around vaccines and the coronavirus also come into play.
The US dollar has been rising, with EUR / USD trading below 1.21 and GBP / USD below 1.39. Rising US Treasury yields have replaced concerns about the dollar’s rise. Durable goods orders for March came in below expectations, with a modest increase of 0.5%, contrary to previous figures from last month that beat estimates.
Tuesday’s economic calendar presents the indicator of consumer confidence Conference Board for April and housing figures. Investors are already waiting for the all-important decision from the Federal Reserve on Wednesday.
President Jerome Powell and his colleagues will find it more difficult to advocate looser monetary policy amid strong demand for labor and mounting price pressures. Volkswagen is the latest automaker to halt production due to a global chip shortage.
Earnings from Tesla they beat estimates at 93 cents a share, while the cost reduction offset lower car prices. Elon Musk’s company also revealed that he made $ 100 million through his investment in Bitcoin, which exceeded the standard expense. The CFO added that “there are many reasons to be optimistic” about the cryptocurrency. Bitcoin is trading around the $ 54,000 level.
Vaccines: The United States announced that it would give away up to 60 million doses of surplus AstraZeneca inoculations to other countries, primarily India. The South Asian giant continues to suffer a strong wave of COVID-19. Western countries are experiencing drops in the number of infections as immunizations continue.
The Bank of Japan it kept its interest rate unchanged at -0.10% as expected and improved its growth and inflation forecasts.
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