SHANGHAI, Apr 28 (SMM) — This is a roundup of global macroeconomic news last night and what is expected today.
The dollar was mixed against major peers on Tuesday, gaining against the yen and commodity currencies, with investors biding time ahead of a policy decision by the U.S. Federal Reserve on Wednesday.
The safe-haven greenback was largely out of favor for most weeks after world stocks started the week hitting a record high, although a pullback in global equities on Tuesday helped keep it above the recent lows.
Trading in currencies was largely subdued, ahead of the Fed’s two-day meeting, which ends on Wednesday, where no change to policy is expected.
The market will pay close attention to comments from Fed Chairman Jerome Powell, who is likely to address concerns and questions about whether improving economic conditions warrant a withdrawal of monetary easing. Analysts, however, expect Powell to stick to the Fed’s ultra-accommodative stance, which should weigh on Treasury yields and the dollar.
On Wall Street, the S&P 500 closed little changed near its record level on Tuesday as investors braced for a big batch of tech earnings.
The broad equity benchmark ended the day less than 0.1% lower at 4,186.72 after hitting a record high in the previous session. The Dow Jones Industrial Average also closed flat at 33,984.93. The tech-heavy Nasdaq Composite slid 0.3% to 14,090.22.
Oil prices edged higher on Tuesday as OPEC+ was expected to stick to existing plans to boost oil output slightly from May 1, suggesting it does not see a lasting impact on demand from India’s coronavirus crisis.
The group has also ditched plans to hold a full ministerial meeting on Wednesday, sources said. A technical meeting on Monday had voiced concern about surging COVID-19 cases but kept its oil demand forecast unchanged.
Brent crude settled 1.17% higher at $66.42 per barrel after climbing to a session high of $66.45. U.S. oil advanced 1.63% to settle at $62.94 per barrel.
Gold prices were little changed on Tuesday ahead of the U.S. Federal Reserve’s meeting, while palladium prices hit a new record high on persistent supply worries.
Spot gold was flat at $1,780.90 per ounce. U.S. gold futures were little changed at $1,776.10 per ounce.
Japan’s retail sales rose 5.2% in March as compared with a year ago, according to government data.