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Market Reports

8:48am, April 29th 2020

Greenback Softer as Fed Announcement Approaches

Tuesday saw a weaker US dollar after consumer confidence slipped lower than forecast. The pound pushed higher to the $1.25 level while EURUSD edged ever closer to the $1.09 handle. US stock markets gave back some gains even though European markets were a little more positive.

The highlight of today’s trading session will be the latest announcement from the Federal Reserve’s Open Market Committee, who will provide a policy statement at 7 pm, followed by a press conference with Chairman Powell at 7.30 pm. The statement will include projections and analysis on their expectations for future economic activity. These will all be based around their dual mandate of stable prices and full employment.

The press conference will feature a statement from Jerome Powell followed by questions from the financial media. They will probe him for answers on some of the basic questions around the impact of the virus. Subjects that will be focused on will likely include: how long will interest rates remain at current levels? How deep will the economic contraction be? Lastly, what other tools does the Fed have if things get even worse? The US dollar will take its cues from the chairman’s responses. In such a situation we could see either a stronger or weaker buck.

Written by Viv Savani. 8:48am, April 29th 2020

The details expressed in this market report are for information purposes only and are not intended as a solicitation for funds or a recommendation to trade. Cornhill International Payments limited accepts no liability whatsoever for any loss or damages suffered through any act or omission taken as a result of reading or interpreting any of the above information.

Previous Reports

8:51am, May 22nd 2020

Buck Fights Back

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8:34am, June 4th 2020

US Dollar Ready to Fight Back?

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8:35am, May 21st 2020

Heavy Day for Data as Dollar Attempts to Rally

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