EU Stocks Enjoy Five Days of Gains, Dollar Consolidates
21 April 2022
On Thursday, European bourses opened in positive territory, with the German DAX trading 0.5% higher, while the French CAC advanced circa the same.
The USD has been under pressure since yesterday as traders started to take some profits from the recent rally. As a result, the EURUSD pair jumped above 1.09, the GBPUSD pair moved toward 1.31, and the USDJPY pair fell from its 20-year highs.
Us yields continue in their upward trajectory, but it seems that other markets have not been so disrupted this week, including stocks or commodities.
Later today, Federal Reserve Chair Jerome Powell will participate in a panel discussion titled "Debate on the Global Economy" at the Spring Meetings of the International Monetary Fund and World Bank Group in Washington DC; His remarks might cause some volatility in the financial markets.
Investors now expect the Fed to raise rates by 50 bps at its next two or three meetings.
Additionally, ECB President Christine Lagarde and BoE Governor Andrew Bailey will also be speaking, so central bank speakers might be moving the markets for the rest of the week.
From other news, the usual Thursday's jobless claims are on schedule, along with the Philadelphia Fed Survey, expected to decrease from 27.4 to 21 in April.