17 Apr 24 ~ Your Daily Dose of Market Insights by OANDA

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Highlights of key events, data & short-term technical outlook by Senior Market Analyst Kelvin Wong to kickstart your day on 17 Apr 2024, Wednesday.

Key events/data:
Fed's dovish pivot has been greatly diminished and higher interest rates for a longer period are here to stay as Fed Chair Powell remarked yesterday, 16 April that Fed may need to wait longer than previously anticipated to cut interest rates in the US. Based on CME FedWatch tool, the market is now only seeing 1 Fed funds rate cut before 2024 ends from the initial 6 cuts penciled in at the start of the year, the first cut is expected to come in during Sep's FOMC.
The Fed is now looking set to be the less dovish among other major central banks; BoE Governor Bailey highlighted yesterday that the UK might be able to lower interest rates ahead of the US due to diverging economic conditions.

Key events/data to look out for today:
UK Inflation Rate (Mar)
Eurozone Inflation Rate (Mar/Final)
US EIA Crude Oil Stockpile Change (for the week ended 12 Apr)
BoE Governor Bailey's speech
Fed Speak (Mester & Bowman)

Key events/data to look out for tomorrow's early Asian session:
AU Employment Change & Unemployment Rate (Mar)

Short-term technical outlook:
US Wall Street 30, US Nas 100, Hong Kong 33, Japan 225, Germany 30, EUR/USD, GBP/USD, AUD/USD, USD/JPY, Gold (XAU/USD) & West Texas Oil.