Market Update – April 28 – End of the Month Moves

By
Andria Pichidi
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The USD boosted to 101.50. More strong earnings reports from big tech boosted Wall Street with US100 advancing 2.43%. Treasury yields also climbed on a more hawkish view on the FOMC’s trajectory after an acceleration in core PCE inflation.  Good news from Amazon added to that from Meta, Alphabet and Microsoft and more than countered ongoing concerns over regional banks. In Japan, Kazuo Ueda announced a comprehensive policy review in his first policy board meeting as Bank of Japan governor but held off from changing its ultra-loose monetary stance. BoJ’s Ueda ready to add to easing if needed, sees bigger risk from premature tightening and he called for broad policy review; left rate at -0.1% and YCC unchanged.
  • FX – USDIndex rose to a high of 101.80, but lost most of its gains and finished at 101.50. USDJPY spiked to 135.75.  The 50 minute delay in the announcement versus the average time saw JPY turn jumpy and USDJPY slipped to the lows before the headlines hit.
  • Stocks – The US500 surged 1.96% & the US30 was up 1.57%. #Amazon up 4.6% posted $3.2 billion profit as it goes through multiple rounds of layoffs. The cost cuts and surprisingly strong sales in the cloud-computing division helped the e-commerce giant weather an uncertain economy. #DeutscheBank +2.54% has agreed to buy Numis in a deal that values the UK broker at £410mn, the two companies announced on Friday. #META +14%. #Natwest +2.01% profits increased by a better than expected almost 50%. #Tesla +4.19%.

  • Commodities –     USOil eased a bit at $75.40.
  • Gold – has slipped to $1979 per oz from $2003.
  • Cryptocurrencies – BTC flattened at $29750 from $26K lows.

Biggest FX Mover @ (06:30 GMT) USDJPY (+1.29%) up to 135.75. MAs aligned higher, MACD histogram & signal line rising, Stochastics at 89 and rising.

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Andria Pichidi

Market Analyst

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