Euro Rebounds On Stronger GDP Read, All Eyes On Fed Decision
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Weak economic data ran to the rescue of the equity bulls on Tuesday. The S&P500 rallied almost 1.50%, while Nasdaq jumped more than 1.50%.
The Federal Reserve (Fed) President Jerome Powell will be thrown to the spotlight today, to potentially shoot a couple of doves down to the ground.
But there is always a hope that the falling price and wages inflation will get the Fed to the pivot point.
US
The US dollar failed to consolidate and extend gains as the weaker economic data keeps strengthening the Fed doves’ hands.
EUR/USD
The EURUSD eased as low as 1.08 yesterday, but the pair found buyers on the back of a strong looking GDP data from the Eurozone.
China
Elsewhere, today’s PMI data from China, released by Caixin, were not as rosy as the one compiled by China Federation and released yesterday.
Crude Oil
And the barrel of American crude tipped a toe below the 50-DMA yesterday, as the API data revealed another big build in US inventories last week. The more official EIA data is due today, and the expectation is a 1 mio barrel decline, leaving room for further weakness in oil prices.
Watch the full episode to find out more!
- 0:00 Intro
- 0:36 Equities extend gains on weak US data
- 2:01 GM, Spotify, Exxon Mobil & Snap posted mixed earnings
- 5:05 What does Powell think of weak data?!
- 8:04 Euro rebounds on stronger GDP read, but how strong was the read?
- 9:25 US crude tips a toe below 50-DMA on large inventory build
Ipek Ozkardeskaya
Ipek Ozkardeskaya has begun her financial career in 2010 in the structured products desk of the Swiss Banque Cantonale Vaudoise. She worked at HSBC Private Bank in Geneva in relation to high and ultra-high net worth clients. In 2012, she started as FX Strategist at Swissquote Bank. She worked as a Senior Market Analyst in London Capital Group in London and in Shanghai. She returned to Swissquote Bank as Senior Analyst in 2020.
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