Tech Earnings & Fed Meeting

MARKET NEWS

USD Index Gains Marginally As US Consumer Confidence Index Jumps – Investing Cube

According to data released by the US Conference Board, the Consumer Confidence Index rose from 109.0 to 121.7 in April. This reading blew out the market expectation of a rise to 113.1, and reflects the upbeat nature of the average US consumer following a series of measures to get the US economy back on track. 

Gold prices settle lower ahead of Fed policy decision – Market Watch

Gold futures ended slightly lower on Tuesday, with prices sticking to a tight trading range, as investors awaited the outcome of the Federal Reserve’s two-day meeting on monetary policy…. 

The two-day Fed meeting, which concludes Wednesday afternoon, is expected to see policy makers maintain their stance that they can wait until 2024 for U.S. interest rate increases, and say that it is too early to even start talking about tapering its $120 billion per-month in asset purchases, otherwise known as quantitative easing.

WTI Dips After Surprise Crude Build – Zero Hedge

After the prior week's surprise crude build (albeit small), analysts expected a small draw last week but were likely shocked when API reported a big surprise 4.319mm crude build...

Bitcoin Over $55K as Ether Hits New All-Time High – CoinDesk

Bitcoin was up Tuesday despite lower-than-average spot volumes. Meanwhile, ether’s price hits record high and the cyrpto’s dominance is back at February levels.

S&P 500 closes flat near a record high ahead of Big Tech earnings - CNBC

The first-quarter earnings season kicked into high gear this week with key megacap tech companies such as Alphabet, Microsoft and AMD reporting after the bell Tuesday. Apple and Facebook earnings follow on Wednesday after the bell.

Google Parent Alphabet Q1 Profit, Revenues Trump Wall Street View; Shares Up 5% - Business Insider

"Over the last year, people have turned to Google Search and many online services to stay informed, connected and entertained," said Sundar Pichai, CEO of Google and Alphabet.

Microsoft profits soar as cloud demand continues in pandemic - MSN 

“Over a year into the pandemic, digital adoption curves aren’t slowing down. They’re accelerating, and it’s just the beginning,” CEO Satya Nadella said in a statement.

MORE HEADLINES

•    Gundlach Says Fed Is Guessing That Inflation Will Be Transitory
•    Jerome Powell is a heavy favorite on Wall Street to be renominated as Fed chair
•    Biden plans to ask Congress to pay for $1.8 trillion in new spending - Axios
•    Vaccinated Americans can go unmasked outdoors, gather indoors
•    Some members of the ‘Saturday Night Live’ cast are confused and annoyed to have Elon Musk host show - CNBC

ANALYSIS

Preview of the April Fed meeting: 3 things to watch in Fed’s long-haul pandemic battle – Bankrate.com
1.    The U.S. economic recovery is making progress
2.    For Powell, no news is good news: Expect officials to emphasize that the economy still needs work
3.    Officials aren’t ‘thinking about thinking about’ tapering, but the process will prove to be tricky when it does come

WISDOM

"It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong." — George Soros 

CHART

EUR/JPY – Daily Candlesticks

Source: GKFX Metatrader 4 

EUR/JPY has broken out from an ascending triangle pattern after testing the rising trendline that began in November. - Prepared by Trading Writers*

CALENDAR

*Times in GMT

 
Source: FX Street Economic Calendar

Footnotes

1.    https://www.fxstreet.com/economic-calendar
2.    https://markets.businessinsider.com/news/stocks/google-parent-alphabet-q1-profit-revenues-trump-wall-street-view-shares-up-5-1030354173
3.    https://www.msn.com/en-us/money/companies/microsoft-profits-soar-as-cloud-demand-continues-in-pandemic/ar-BB1g7fMp
4.    https://www.cnbc.com/2021/04/27/european-stocks-eye-more-data-earnings-fed.html
5.    https://www.forexfactory.com/news/1077303-gundlach-says-fed-is-guessing-that-inflation-will
6.    https://www.investingcube.com/usd-index-gains-marginally-as-us-consumer-confidence-index-jumps-indices/
7.    https://www.coindesk.com/market-wrap-bitcoin-55k-ether-pops
8.    https://www.bankrate.com/banking/federal-reserve/fomc-what-to-expect/
9.    https://www.axios.com/biden-plans-to-pay-for-all-of-his-proposals-de7b6147-a3a9-446c-b82c-4b6425c020db.html
10.    https://www.bnnbloomberg.ca/vaccinated-americans-can-go-unmasked-outdoors-gather-indoors-1.1595894
11.    https://www.marketwatch.com/story/gold-struggles-for-direction-ahead-of-fed-meeting-11619525839?mod=mw_quote_news
12.    https://www.cnbc.com/2021/04/26/some-of-snls-cast-is-confused-annoyed-that-elon-musk-is-hosting-show.html