Forex Today: It’s going to get noisy

What you need to know on  Wednesday, April 29th:

• The US Dollar seesawed between gains and losses alongside the market’s sentiment, ending the day with uneven results against its major rivals. EUR/USD and GBP/USD are little changed daily basis, while commodity-linked currencies retain most of their intraday gains. The USD/JPY pair settled at its lowest in over a month sub-107.00.
• The ECB announced it expects increasing demand for emergency credits in the second quarter of the year, and they are to meet this with easier credit standards.
• The market remains mildly optimistic about economic re-openings, leading to gains in equities. Dismal US data, however, weighed on Wall Street, with the three US indexes closing in the red. Tech-related shares suffered the most.
• US Treasury yields remained depressed as despite flattening coronavirus-related curves, the world is far from returning to normal.  A certain degree of caution persists.
• Commodities came under selling pressure but closed the day little changed, as investors are in wait-and-see stance ahead of upcoming macroeconomic events in the US and the EU.
• The US will release this Wednesday the first estimate of Q1 GDP, seen down by 4.0%, while the Fed will have a monetary policy meeting. Both critical events are set to rock the greenback.
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