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Global stocks steady while dollar keeps losing ground

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April 7, 2021 04:43
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    Risk demand reemerges cautiously, but caution remains in place

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Home » Global stocks steady while dollar keeps losing ground

Global stocks steady while dollar keeps losing ground

by Stephen Soo
April 7, 2021 04:43
in Fundamental analysis
0
Global stocks steady while dollar keeps losing ground

Investor focus is shifting to the minutes from the latest meeting of the Federal Reserve

Wall Street stocks finished marginally lower overnight following the recent winning streak that took major indexes to fresh all-time highs. The International Monetary Fund said it expects the world economy to expand 6% in 2021, up from the 5.5% it had forecast in January. The S&P 500 slipped just 0.10%, the Dow Jones Industrial Average fell 0.29%, and the tech-heavy Nasdaq Composite slipped just 0.05%.

Today in Asia, equities were mixed, with MSCI’s broadest index of Asia-Pacific shares outside of Japan rising 0.3%. Trading in Toshiba Corp.’s shares was halted after the conglomerate confirmed it had received a preliminary acquisition proposal. Japan’s benchmark Nikkei rose 0.12% and the Shanghai Composite index shed 0.10%. Australia’s S&P/ASX 200 gained 0.61% while South Korea’s Kospi added 0.33%.

European markets opened flat, mirroring the more tepid mood seen in US futures, with UK stocks leading the charge (+0.4%) due to a weaker pound. The pan-European Stoxx 600 hovered around the flat-line in early trade. Investor focus is now shifting to the minutes from the latest meeting of the Federal Reserve. The minutes are expected to confirm that the central bank is not considering starting normalization sooner than it pledged to do so.

Elsewhere, the dollar continues to retreat as US Treasury yields keep retreating On Wednesday. EURUSD managed to overcome the 20-DMA and was last seen flirting with the 20-DMA around 1.1880. A decisive break above this moving average would push the common currency above the 1.1900 figure. However, the pair may face resistance at the current levels and give up recent gains as the greenback remains within a broader bullish trend and could attract buyers again following a local downside correction.

Tags: DOW JONESEURUSDFederal ReserveNasdaqNikkeiS&P 500Stoxx 600
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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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