FX MARKET REPORT 28.04.2021

FX MARKET REPORT 28.04.2021

FX MARKET REPORT 28.04.2021

Daily Commentary
FX MARKET REPORT 28.04.2021
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FX MARKET REPORT 28.04.2021

GBP/USD bounces off lows, trades with modest losses just below 1.3900,  and witnessed some selling on Wednesday, albeit showed some resilience  at lower levels. The formation of a symmetrical triangle points to  indecision over the pair’s near-term trajectory. EUR/USD has been  drifting lower as the dollar gains ahead of the Federal Reserve’s  decision. The dollar index was 0.2% higher at 91.050, bouncing from  Monday’s low of 90.679, its lowest level since March 3. USD/JPY rose  0.3% to 109.00, extending its recovery from a seven-week low of 107.48  touched last week, with the yen on the back foot as Japan’s economic  recovery is hampered by lockdowns across its most populous prefectures.  The risk-sensitive AUD/USD fell 0.3% to 0.7741 after Australia’s  consumer price index data, released earlier in the day, missed  forecasts, rising 0.6% quarter-on-quarter and 1.1% year-on-year  respectively during the first quarter of 2021. The dollar’s recent  decline has been largely based on the market starting to believe that  the Federal Reserve will look through rises in inflation and delay  future policy tightening even as the U.S. economy rapidly recovers. With  this in mind, attention now turns to the conclusion of the Federal  Reserve’s two-day policy-setting meeting later Wednesday, and in  particular the accompanying comments from Fed Chairman Jerome Powell  given the U.S. central bank is widely expected to maintain its policy  settings.

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GBP/USD bounces off lows, trades with modest losses just below 1.3900,  and witnessed some selling on Wednesday, albeit showed some resilience  at lower levels. The formation of a symmetrical triangle points to  indecision over the pair’s near-term trajectory. EUR/USD has been  drifting lower as the dollar gains ahead of the Federal Reserve’s  decision. The dollar…

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