Markets resume advancing after Fed restated dovish stance - 29.4.2021

The Dollar weakening has paused currently ahead of the US Labor Department report at 14:30 CET expected to show 545 thousand Americans sought unemployment benefits over the last week, down from 547 thousand the previous week. 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 as Federal Reserve chair Powell said it was too early to consider rolling back emergency support for the economy.

Both EUR/USD and GBP/USD continued climbing yesterday despite GfK report German consumer confidence for May deteriorated more than expected. Euro is lower against the Dollar currently while Pound is still on the rise. AUD/USD reversed its sliding while USD/JPY reversed its climbing Wednesday with the dynamics reversed for both currently.

The US stock futures are up currently ahead of US GDP report today after ending lower on Wednesday as Fed chair Powell restated he still expected price increases to be temporary and not the sort of long term problem that will necessitate an abrupt change in policy. The three main US stock indexes booked losses ranging from 0.1% to 0.5% Wednesday.

European stock indexes are mixed currently after ending mixed Wednesday with bank shares leading gains while industrials fell. Asian stock indexes are rising today with Hong Kong’s Hang Seng Index leading gains as financial shares advance on upbeat first-quarter earnings.