This is what you need to know to trade today Thursday, April 29:
Markets are celebrating the Fed’s pessimistic decision in which it promised more support for the economy. The dollar remains on the defensive ahead of the first release of the US growth figures Cryptocurrencies are moving mixed and the price of oil is moving higher. Unemployment benefit applications and pending home sales figures will also be released today.
The Federal Reserve He kept his interest rate unchanged, acknowledged the economic improvement and said that the inflation increases are transitory. Reducing bond purchases is not on the table for now, as “the economy has a long way to go,” according to Jerome Powell, chairman of the Federal Reserve. He also emphasized that millions of people are out of work and that bottlenecks in supply chains will be resolved.
See: Powell Statement Analysis: The Five Pessimistic Comments That Will Take The Dollar Down For A Time
The US dollar reacted with a fall in response to the prospects for continued printing of more dollars, with the EUR/USD reaching the highest level since March above 1.2120. German employment and inflation figures will be released later in the day. The GBP/USD it has also moved forward, ignoring concerns about disagreements between the EU and the UK over Northern Ireland.
The oro It also advanced from the lows and is trading around $ 1,780, still below $ 1,800.
The first publication of the figures for the gross domestic product US GDP for the first quarter stands out on Thursday’s economic calendar. An increase of 6.5% of annualized growth is anticipated. While the United States suffered a severe wave of coronavirus in January and adverse weather in February, the effect of vaccines and stimulus began in March and boosted consumption.
See: US First Quarter GDP Forecast: Focus is on inflation and the FOMC as the economic recovery picks up steam
The Unemployment claims in the United States they will remain at relatively low levels after hitting 547,000 last week. Pending home sales are forecast to increase 4.7% in March, demonstrating the resilience of the housing sector.
The earnings season it continues in full force, with Apple beating estimates with strong sales of its products.
Cryptocurrencies: Bitcoin continues to hover around $ 54,000, while Ethereum rises and trades above $ 2,700. Volatility may increase before the weekend.
The Raw oil WTI it is benefiting from risk appetite and is trading above $ 64.00. This comes despite an increase in US oil inventories.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
