- S&P 500 Futures probe five-day winning streak as bulls look for fresh push.
- Upbeat US inflation figures favored the bulls but J&J vaccine news, strong bond auction test the upside.
- Fed’s Powell, Coinbase debut and vaccine news will be eyed for fresh impulse.
Having refreshes the record top to 4,139.62 the previous day, S&P 500 Futures waver around 4,134 during Wednesday’s Asian session. The risk barometer earlier cheered upbeat US inflation figures and hopes of further stimulus from US President Joe Biden before the coronavirus (COVID-19) vaccine updates joined the 30-year Treasury bond auction hit the quote.
US inflation figures for March flashed strong readings but the reflation fears couldn’t be witnessed as the latest bond auction met with strong demand. Also on the positive side could be US President Joe Biden’s readiness to push for a $2.25 trillion infrastructure plan despite Republicans’ dislike for tax hikes.
On the contrary, the US Food and Drug Administration (FDA) and Centers for Disease Control and Prevention (CDC) ordered to stop using the Johnson & Johnson (J&J) vaccine in all 50 US states over blood clotting issues. Further, US-China tension escalates after Beijing warned Washington to control its ties with Taiwan.
It’s worth mentioning that the J&J news seemed to have recently lost its importance as comments from the White House Covid Coordinator signaled to have enough Pfizer and Moderna jabs to keep the vaccinations smooth.
The economic calendar remains silent in Asia with Japan Machinery Orders and Aussie Westpac Consumer Confidence flashing mixed results. Though, the news that Queensland will be early in reversing the covid-led lockdown and remove mask mandate except for making it compulsory at the airports and public transport, seems to have favored the mood.
Considering the light calendar and an absence of fresh macro, investors will wait for Fed Chairman Jerome Powell’s speech at 16:00 GMT for fresh impulse. Also important would be the market’s reaction to the Coinbase debut.
Read: Wall Street Close: Vaccine woes test bulls even as S&P 500, Nasdaq refresh record top
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.
Recommended content
Editors’ Picks
EUR/USD clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.