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The Bank of Japan announced a series of additional supportive measures on Monday

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Home » Investors express optimism ahead of central banks’ meetings

Investors express optimism ahead of central banks’ meetings

The Bank of Japan announced a series of additional supportive measures on Monday

by Stephen Soo
April 27, 2020 05:29
in Fundamental analysis
0
The Bank of Japan announced a series of additional supportive measures on Monday

U.S stock indexes finished higher on Friday but registered weekly losses amid mixed corporate results and mostly week economic data. The Dow Jones Industrial Average gained 1.1%, the S&P 500 index added 1.4%, while the Nasdaq Composite Index rallied 1.7%. For the week, the Dow lost 1.9%, the S&P 500 fell 1.3% and the Nasdaq declined by 0.2%.

Today in Asia, stocks jumped after the Bank of Japan announced a series of measures to combat the hit on the domestic economy amid the coronavirus pandemic. The central bank also kept the short-term policy interest rate target at -0.1%. After the announcement, Japan’s Nikkei 225 rallied 2.7%. also on the positive side, China has reopened factories and other businesses after numbers of new cases declined.

European stock markets climbed at the open as well, with the pan-European Stoxx 600 edging 1.5% higher in anticipation of major central banks’ meetings due this week. Meanwhile, Italy’s Prime Minister said its lockdown will be eased from May 4, the UK is also expected to announce plans for easing lockdowns, while France is due to present its exit strategy tomorrow.

Elsewhere, the greenback remains under modest selling pressure against major counterparts at the start of the week after some profit-taking on Friday. Still, the euro struggles to regain the 1.09 handle, with downside risks persisting as long as the pair stays below this level. GBPUSD rallied earlier in the day but has encountered resistance ahead ща the 50-DM and retreated slightly, holding above 1.24. USDJPY remains under the key moving averages, trying to hold above the 107.00 level.

In other markets, gold prices have settled around $1,720 after a rejection from last week’s highs just shy of the $1,740 area. The precious metal shows a weaker upside bias but remains elevated, and it looks like the bulls are ready to push prices higher after a pause. On the downside, the immediate support arrives at $1,710.

Tags: Bank of JapanDOW JONESGBPUSDGoldNasdaqNikkeiStoxx 600USDJPY
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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