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Daily Market Analysis from Hotforex Broker
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[QUOTE="HFM, post: 194731, member: 32345"] [B]Date : 29th April 2021. Market Update – April 29 – What a night!!![/B] [IMG]https://analysis.hotforex.com/wp-content/uploads/2021/04/currencies_1200x628.png[/IMG] [B]Market News Today[/B] – [B]Japan[/B] was closed for a holiday today but elsewhere stock markets got a [B]boost from the FOMC’s commitment to ongoing stimulus[/B] and [B]Biden’s USD 1.8 trillion social support plan[/B], with stimulus expected to underpin the recovery in world growth. [LIST] [*][B]Action was seen in the front end of the Treasury market.[/B] The 2-year yield dropped 1.6 bps to 0.164% from a test of 0.18% after the [B]FOMC assured tapering[/B] and lift off was still not even in the conversation. There had been some suspicion, and pricing, for a possible bearish hint, which was not forthcoming. [*][B]Wall Street was mixed[/B] and choppy on the day before closing with slight losses, with the US indexes just off record highs initially and a mix of earnings. [*][B]Apple, Facebook[/B] earned massive profits amid increased scrutiny. [*][B]Apple[/B] reported record fiscal second-quarter revenue of $89.6 billion on surging sales of premium iPhones and pandemic-induced buying of its other products. Apple authorized an additional [B]$90 billion in stock buybacks.[/B] [*][B]NatWest[/B] returned to profit in the first quarter of 2021 ($1.32 billion pre-tax). [*]In [B]Australia,[/B] much higher than expected import and export prices will keep lingering inflation concerns alive. Import price inflation finally turned positive and export prices jumped more than 11%. [*]The Fed acknowledged rising inflation though and German preliminary inflation data for April is likely to be a focus today and could weigh on bonds later in the session. [*][B]Amazon [/B]is raising wages for its hourly employees after a majority of workers at one of the e-commerce giant’s warehouses voted not to unionize. [*][B]Facebook [/B]temporarily blocked posts containing hashtags calling on Indian Prime Minister Narendra Modi to resign, then reinstated them on Wednesday, saying the action had been taken in error. [/LIST] In FX markets, the USD continued to weaken as a doggedly dovish outlook from the FED and spending plans from the White House gave a[B] green light for the global reflation trade,[/B] although the Yen also struggled and [B]USDJPY[/B] held pretty steady at 108.61. The front end WTI future meanwhile is trading at USD 64.11 per barrel. The [B]EUR[/B] and [B]GBP[/B] gained against a largely weaker USD, with EURUSD at 1.2135 and Cable just under the 1.40 mark. The [B]AUD[/B] was under pressure. [B]USOIL is[/B] above $64 as bullish forecasts for a demand recovery this summer offset concerns of rising COVID-19 cases in India, Japan and Brazil. [B]Palladium & Copper[/B] retreat from the all-time highs hit on Tuesday. [URL='https://analysis.hotforex.com/wp-content/uploads/2021/04/2021-04-29_10-00-21.jpg'][IMG]https://analysis.hotforex.com/wp-content/uploads/2021/04/2021-04-29_10-00-21-1024x391.jpg[/IMG][/URL] [B]Today[/B] – The markets will quickly turn their attention back to earnings and data after the uneventful FOMC. Today’s data releases include German jobless numbers as well as Eurozone ESI confidence data, while the earnings calendar features reports from [B]Amazon, Mastercard,[/B] Merck, Thermo Fisher, McDonald’s, Shell, Bristol-Myers Squibb, Caterpillar, American Tower, S&P Global, Altria, Southern Company, [B]Twitter[/B] etc. [B]Always trade with strict risk management. Your capital is the single most important aspect of your trading business. Please note that times displayed based on local time zone and are from time of writing this report.[/B] Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work. [B]Andria Pichidi Market Analyst HotForex Disclaimer:[/B] This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission. [/QUOTE]
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