#USD boomed, breaching 100.70, #Yields rallied significantly, #Stocks sank amid thin trade into holiday-extended weekend. The potential aggressive 50 bp rate hikes from the FOMC in May, and likely June too, kept markets cautious. China’s PBoC announced a 25 bp reduction in the reserve requirement ratio (RRR) for big banks, and 50 bp for smaller banks, on the heels of Wednesday’s call from the State Council for such action. It will take effect on April 25. China’s GDP expanded by 4.8% in Q1. USDJPY had a short lived rally this morning to 126.78, before both BOJ Kuroda and FM Suzuki voiced concerns.
Today – Comments from Fed Chair Powell, BOE Bailey and ECB President Lagarde on Thursday will be interesting but we do not expect any new ground to be broken.
Biggest FX Mover @ (07:30 GMT) #XAGUSD (+1.40%) Breached R1 at 25.90. MAs aligned higher, MACD signal line & histogram moving higher, RSI 58 but flattening, H1 ATR 0.1021, Daily ATR 0.556.
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