The U.S. Dollar is trading in mostly familiar ranges ahead of the Federal Reserve’s decision announcement later today at 2PM. Not much has changed in a globe on edge over energy after the United Arab Emirates were reportedly leaving the Organization of Petroleum Exporting Countries (OPEC) after being a member since 1967.
On the Iranian conflict front, headlines highlighted that the U.S. President and the White House are preparing for an extended blockade of the Strait of Hormuz. Naturally, oil prices rose slightly higher.
With a little bit of risk-appetite returning as investors jumped on the dip from the past few sessions, all eyes will be on any significant words from Jerome Powell as he leads his last press conference as chairman. We want to see if in the votes today there is a growing lack of consensus over addressing inflation or focusing on being more stimulative. Data-wise, yesterday’s Conf. Board Expectations and Confidence surveys handed better results than expected. Durable Goods Orders and Housing Starts at 8:30AM.
What to Watch This Week…
- GDP Tomorrow 8:30AM
- Monex USA Online is always open
CAD ⇓
The Canadian Dollar is flat as the Bank of Canada’s meeting takes place and the decision is released at 9:45AM. Thus far in April, the “Loonie” has managed to basically erase most of the losses it took against the Buck back in March. Tomorrow will be a key day for assessing the economic situation with Gross Domestic Product figures from February out at 8:30AM.
EUR ⇓
The Euro looks poised to maintain the gains achieved thus far in April with a 1.3% rise ever since the month began. Inflationary concerns will likely keep commentary from the European Central Bank relatively “hawkish” as they simultaneously make a decision with the Bank of England to keep interest rates untouched. Any specifics that may trigger movement will be monitored.
