Markets trade cautiously ahead of US GDP report - 27.4.2023

The Dollar weakening is intact currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.3% Wednesday.

Both EUR/USD and GBP/USD reversed their retreating on Wednesday as GfK Consumer Sentiment Study for April reported a slight improvement in German consumer confidence. Euro is still higher against the Dollar currently while Pound is lower. Both USD/JPY and AUD/USD slowed thier retreating reversed its advancing yesterday with the yen lower against the Greenback currently and the Australian dollar higher.

The US stock index futures are up currently ahead of advance US Q1 GDP report at 14:30 CET today. The three main US stock indexes ended mixed on Wednesday recording daily returns in the range from -0.7% to 0.5% as concerns over banking sector woes weighed on sentiment with First Republic sell-off extending amid reports US government officials are currently unwilling to intervene while the bank’s search for buyers for its assets continues.

European stock indexes futures are mixed currently after indexes closed lower yesterday with healthcare shares leading losses. Asian stock indexes futures are mixed   today with Australia’s S&P/ASX 200 All Ordinaries index leading losses despite data showing Australia's export price index rose faster through the year than import price index.

Brent is edging up presently. Prices ended lower yesterday after steep losses despite Energy Information Administration report US crude inventories fell by a bigger than expected 5.1 million barrels last week with gasoline inventories down 2.4 million barrels to 221.1 million barrels. The US oil benchmark West Texas Intermediate (WTI) futures fell 3.6% but is higher currently. Brent crude lost 3.8% to $77.69 a barrel on Wednesday.