While in India and Brazil the coronavirus situation is getting worse daily, Asia seems to continue on the same downward trend. At the time of writing, the NIKKEI 225 was in the red with a 0.25% drop. Today the Bank of Japan is scheduled to release its interest rate forecast and will present the results in the subsequent press conference. The Japanese Yen is one of the currencies to watch today.
Meanwhile, in the rest of Europe and the US, it seems that the successful vaccination campaigns are having a positive effect sparking some optimism among investors and eliciting a slow economic recovery. In the US, the markets closed in positive territory on Tuesday with a new record high for the SP&500 and a moderate dollar rally. Additionally, this week tech giants Apple, Amazon, and Facebook will release their first-quarter earnings reports, so traders will be keeping a close eye on the Nasdaq. Today, Tuesday, the US Consumer Confidence Index is scheduled to be released and is expected to be up from last month. Investors will be watching the US dollar closely.
Meanwhile, in Canada, Bank of Canada Governor Tiff Macklem’s speech will provide the country’s official stance on interest rates and the trend of its economy in the coming months. These statements will define the trajectory of the Canadian dollar.
And finally, in Europe – despite a spike in coronavirus infections – expectations remain on the upside. Another interesting data release for the Swedish krona is scheduled for today, the Riksbank interest rate decision and monetary policy report. The Swedish central bank has been forecasting and releasing a 0.00% figure for months, so in theory, the policy will remain unchanged. Investors are waiting to see whether the expectations are met.
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