This is what you need to know to trade today Friday April 9:
Markets continue to celebrate Fed chair Powell’s pessimistic approach pushing the dollar lower and gold higher. The rise of the virus in Asia and growing concern about AstraZeneca vaccines weigh a bit on confidence. The focus will also be on Canadian employment figures and infrastructure updates.
Increase in infections, not increase in inflation: Jerome Powell, chairman of the Federal Reserve, emphasized worries and slack in the labor market, ruling out inflation. He noted that the Fed wants to see results, not prospects. His words emphasized similar messages from his colleagues and the minutes of the central bank meeting.
The S&P 500 Index responded by hitting new highs, along with global stocks. However, there is news that some are betting that volatility will rise from its current depressed level.
The oro It has benefited from a new interest, consolidating its earnings above $ 1,750. Industrial metals are also on sale.
The American dollar He has been recovering from the lows he reached after Powell’s remarks, but he remains on the defensive. The EUR/USD It is trading around 1.19 despite concerns that Europe’s vaccination will be further delayed by restrictions on the use of AstraZeneca’s vaccines.
On Australia, New South Wales discontinued AZ vaccinations. South Korea and Japan have announced new restrictions amid mounting COVID-19 cases.
The GBP/USD it is under some pressure near 1.37 due to Brexit issues. Northern Ireland suffered the ninth night of unrest with clashes between unionists and loyalists, the latter feeling betrayed by the Brexit deal.
It is expected that Canada report an increase of approximately 100,000 jobs in March after 259,200 in February. The USD / CAD it has been trading below 1.26 ahead of release and amid stable oil prices. WTI crude oil is around $ 60.00.
Infrastructure: President Joe Biden continues to work to garner support for his infrastructure and fiscal plan, but the recent shift to gun control leaves the issue somewhat off the White House agenda, and investors are also drifting away.
Cryptocurrencies: Ripple’s XRP surpassed the $ 1 level once again, standing out among digital assets. Bitcoin and Ethereum are on the rise.
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