Here is what you need to know on Wednesday, April 28:

Markets remain upbeat but higher US yields are keeping the dollar bid as tensions mount ahead of the Fed decision. Chair Powell and his colleagues could hint of tightening amid a strengthening economy. Crude oil inventories, Canadian retail sales, a speech by the ECB's Lagarde,and Wall Street earnings are eyed.

Global stock markets have been edging up gradually with US indexes hovering near record highs amid optimism about a vaccine and stimulus-led recovery. COVID-19 cases have accelerated their downfall as immunization takes a greater effect.

US 10-year Treasuries have risen back to 1.64%, carrying the dollar higher with them. EUR/USD is pressured around 1.2070 and USD/JPY is rising toward 109. Gold has retreated from the highs, changing hands at below $1,770.

The Federal Reserve is set to leave its policies unchanged but may lay down hints that it would begin tapering bond-buying later in the year. The US economy is booming and signs of rising inflation have been popping up. On the other hand, millions of Americans remain out of work.

Federal Reserve Preview: Will Powell power up the dollar? Three things to watch out for

US President Joe Biden is set to deliver a speech to Congress and may offer details about his spend and tax plans. Reports suggest he will omit an expansion of the estate tax. Democrats aim to conclude legislation by early July. 

Earnings season is in full gear with Google and Microsoft both beating estimates. Apple and Facebook report their results later in the day.

Brexit: An internal political crisis in Northern Ireland is threatening progress on the NI protocol between the EU and the UK. GBP/USD is trading below 1.39. 

AUD/USD is pressured around 0.7750 after Australia's inflation figures missed by 0.6% in the first quarter.

Canada publishes retail sales figures for February, which are forecast to show a pickup in shopping. Crude Oil Inventories are predicted to show a modest draw. WTI is hovering around $63 and USD/CAD is around 1.24. 

Cryptocurrencies have been consolidating their gains with Bitcoin trading around $54,000, Ethereum at around $2,600 and XRP at $1.34. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD bulls are attempting to break higher with eyes towards 0.6680

AUD/USD bulls are attempting to break higher with eyes towards 0.6680

AUD/USD bulls are in play as they knock on the doors of a key resistance despite the miss in the Trade Balance. A weaker US dollar in trade on Thursday is giving the commodities a boost. The greenback is correcting the move from Wednesday when the DXY, rallied to 111.735. 

AUD/USD News

EUR/USD extends recovery above 0.9900 as risk-off fades, US NFP in focus

EUR/USD extends recovery above 0.9900 as risk-off fades, US NFP in focus

The EUR/USD pair has crossed the immediate hurdle of 0.9900 confidently and is expected to establish above the same. The risk profile is getting cheerful now as S&P500 has rebounded firmly. Also, yields have cooled somehow as investors are shifting their focus toward the NFP data.

EUR/USD News

Gold aims to extend recovery above $1,720 as focus shifts to US NFP

Gold aims to extend recovery above $1,720 as focus shifts to US NFP

Gold price (XAU/USD) has turned sideways after sensing demand around the critical support of $1,700.00. The precious metal is aiming to cross the $1,720.00 hurdle and will find its next barricade around $1,730.00. 

Gold News

US House Committee turn to DoJ for CBDC development as SWIFT resolves cross-border transfer hurdle

US House Committee turn to DoJ for CBDC development as SWIFT resolves cross-border transfer hurdle

In a letter, the House Financial Services Committee (FSC) asked the Department of Justice (DoJ) for their CBDC assessment. The House Committee analyzed whether the Federal Reserve has the authority to issue a CBDC without authorizing legislation.

Read more

Is the recent S&P 500 rally sustainable?

Is the recent S&P 500 rally sustainable?

Stock investors are all asking the same question... can we trust the recent rally? The market just rallied +5.7% in two trading days. Bulls argue that the rebound could push even higher as the start of Q3 earnings season starts up next week.

Read more

Forex MAJORS

Cryptocurrencies

Signatures