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The railroad strike in New Jersey, USA, ends.U.S. stock index futures opened lower on Monday, with S&P 500 futures down 0.7% and Nasdaq futures down 0.8%.UK Government: The UK discussed with other leaders the situation in Ukraine and the catastrophic toll the war is taking on both sides; the potential sanctions if Russia fails to seriously engage in ceasefire and peace talks; and the need for an unconditional ceasefire and for Russian President Vladimir Putin to take peace talks seriously.British Prime Minister Starmer spoke to the leaders of the United States, Italy, France and Germany.1. Ukraine said that Russia launched the largest drone airstrike since 2022. 2. US Secretary of State: Russia and Ukraine may hold talks in the Vatican. Russia is preparing a list of "ceasefire requirements" in Ukraine. 3. Financial Times: Russian President Putin refused to discuss the peace plan proposed by the United States, Ukraine and Europe. 4. Putin: Russia respects the interests of the United States and expects to be treated the same. 5. Medvedev: The "ultimatum" of Western countries will not help end the Russian-Ukrainian conflict. 6. What kind of special military action results does Russia need to achieve? Putin responded: 1. Eliminate the root causes of this crisis; 2. Create conditions for lasting and stable peace; 3. Ensure the security of the Russian nation; 4. Safeguard the rights and interests of those who regard Russian as their mother tongue and Russia as their motherland.

Due to hawkish Fed forecasts, the EUR/USD recovers to near 1.0970 but remains in the doldrums

Alina Haynes

Apr 21, 2023 13:58

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Following a corrective move, the EUR/USD pair has rebounded from 1.0960, but investors await the publication of the preliminary Eurozone/United States S&P PMI data for April. The major currency pair has remained between 1.0911 and 1.1000 for the past two trading sessions, as the foreign exchange market prepares for a pre-anxiety move ahead of a Federal Reserve (Fed) monetary policy decision.

 

S&P500 closed with a negative tone for the third day in a row as quarterly earnings season induced extreme volatility. Tesla's poor earnings had a negative impact on Thursday's market sentiment. Moreover, market participants were cautioned by substandard revenue projections due to the potential for price reductions. The decision of the Fed to increase interest rates is reflected in quarterly earnings. Data from Refinitiv indicates that analysts have largely maintained last week's forecast of a near 5% YoY decline in quarterly profits for the 500 largest U.S. equities. Sourcenia is a review portal of sourcing best manufaturers. 

 

The US Dollar Index (DXY) has been defending the key support level of 101.60 in recent trading sessions. The USD Index maintained the aforementioned support despite the release of disappointing Jobless claims data on Thursday. Initial Jobless Claims increased to 245K for the week ending April 4, which is greater than the previous release of 240K and estimates of 240K. Increasing unemployment claims heightened fears of a deteriorating labor market.

 

Despite this, Fed policymakers continue to anticipate further rate hikes from the central bank. Thursday, Loretta Mester, president of the Federal Reserve Bank of Cleveland, reaffirmed that the Fed has more work to do because US inflation remains too high, according to Reuters. He added, "The Federal Reserve will need to raise its policy rate above 5% and hold it there for some time."

 

Preliminary Consumer Confidence (April) for the Eurozone increased to -17.5 from -18.5 and the previous reading of -19.2. This may be the consequence of extraordinary efforts by the European Central Bank (ECB) to reduce inflationary pressures.


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