April 28, 2021 2:30 p.m.
Last week, the attention of the markets focused on the ECB meeting. Today the market awaits any decisions made by the Fed at its April meeting, which will be unveiled at 20:00 CEST.
Jerome Powell is not expected to announce any change in the current Federal Reserve System policy any time soon, as Christine Lagarde did for the ECB last week, although some analysts think we might see some comment on a possible withdrawal of the current stimulus from the Federal Reserve for the end of the year, though we may not see such comments until the Jackson Hole meeting.
Currently the market remains stagnant and currently we can see a slight rebound from the dollar of 0.17% after marking monthly lows last Monday at $ 90.67. During April, the dollar lost 2.33% against the major currencies after starting a correction that caused it to face its mid-term high trend line of the annual highs at the end of March at $ 93.43.
We need to pay attention to Jerome Powell’s words, as they could have an immediate impact on the dollar. The loss of its current trend line and main support level would open the doors for further correction to the important $ 90.00 level, which could jeopardize the annual rise.
Source: Admiral Markets MetaTrader 5. Daily graph of the dollar index. Data range: from 27 December 2019 to 28 April 2021. Prepared on 28 April 2021 at 11:50 am CEST. Remember that past returns do not guarantee future returns.
Price development in the last 5 years:
- 2020: -6.42%
- 2019: 0.34%
- 2018: 4.26%
- 2017: -10.22%
- 2016: 3.59%
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