SHANGHAI, Apr 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected in the day ahead.

The US dollar fell for the second day on Tuesday as investors put pressure on safe-haven currencies as they eyed the Federal Reserve’s meeting and rebalanced portfolios ahead of the end of the month.

Month-end rebalancing is negative for the greenback, with the US dollar likely to be sold against the euro, sterling, the Japanese yen and the Australian dollar, according to Mark McCormick, global head of FX strategy at TD Securities in Toronto.

“We wouldn't draw too many conclusions about the state of the currency market over the next few sessions given the mingling of policy and technical drivers,” he said.

LME base metals, except for tin and aluminium, closed higher Tuesday, with zinc leading the gains and rising 1.31%. Copper advanced 0.43%, nickel added 0.78%, lead increased 0.4%, while tin slipped 0.32% and aluminium shed 0.2%. 

SHFE nonferrous metals, except for aluminium, weakened on Tuesday, erasing gains from the broad rally on Monday. 

US stock futures rose slightly in overnight trading on Tuesday, with all eyes on the Fed’s monetary policy decision Wednesday. Optimism that countries across the globe are getting closer to reopening their economies has cheered stocks

Gold declined for the third consecutive day on Tuesday, as the prospect of a gradual reopening of economies directed investors’ attention away from safe-haven assets.

Gold for June delivery on Comex lost $1.60, or 0.09%, to settle at $1,722.20 following a low at $1.704.10/ounce. 

On the data front, the American Petroleum Institute (API) estimated on Tuesday another large crude oil inventory build of 9.978 million barrels for the week ending April 24 as the demand collapse continues and storage space nears its upper limits.

Official data showed that US wholesale inventories (preliminary reading) fell 1% on month in March, compared with an expected drop of 0.5%. 

The Conference Board's Consumer Confidence Index dropped to 86.9 in April, compared with the expected 87.9. 

Today, the US government will report first-quarter GDP growth. The Federal Reserve is expected to keep its benchmark interest rate unchanged at 0.00%-0.25%.

Other key economic data slated for release today include the US PCE price index for the first quarter, its existing home sales for March, the eurozone consumer confidence index for April and the weekly crude oil change surveyed by the Energy Information Administration (EIA).