Trading Mid-Day Update (04/29)
During today’s Currency Call, Gim Hong highlighted that the FOMC held its monetary policy unchanged. The central bank acknowledged that the progress made in the vaccination programme and the strong policy support have led to the strengthening of economic activities, employment and the rise of inflation in the U.S. Despite the recent economic recovery, Fed Chairman Powell said that the economy is far from complete recovery and it will take awhile before substantial progress can be seen. Powell also highlighted that the recent rise in inflation will not meet the standard for a rate hike.
Scott highlighted that a potential sell trade for U.S. dollar index will be to wait for price to climb back up to 90.80 before looking for selling opportunities and targeting at 90.40.
Jin highlighted that the U.S. GDP data will be released later at 2030 (SGT).
During the day, USD/JPY, GBP/JPY and EUR/JPY strengthened.
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