RBA Expected to remain on hold

  1. RBA is to announce it’s interest rate decision tomorrow morning and is expected to remain on hold at +1.50%.
  2. Current AUD OIS imply a probability for the bank to remain on hold at 99.59%.
  3. Market’s focus expected to shift to the accompanying statement and we see the case for the bank to have a rather dovish tone as inflation has remained unchanged at +1.9% and household spending seems to continue to be a concern.
  4. Should there be a dovish statement the market may react negatively and the AUD could weaken.

Bitcoin goes mainstream?

  1. Bitcoin seems to start settling down after a rather busy week.
  2. Media suggest that a number of large institutional investors seem to be preparing to invest in the cryptomarket within the next 6-12 months.
  3. On the other hand, regulations seem to be tightening, as a number of crypto exchanges eye Malta for their seat.
  4. Should there be further positive headlines for the crypto market, we could see a moderate rise of Bitcoin’s value.

Today’s other economic highlights

  • Germany: Retail Sales for March, Survey: +0.8% mom Prior: -0.7% mom, 06:00 (GMT), could strengthen the EUR
  • Preliminary HICP for April, Survey: +1.5% yoy Prior:+1.5% yoy, 12:00 (GMT), could weaken the EUR
  • US: Core PCE Price Index for March, Survey: +1.8% yoy Prior:+1.6% yoy, 12:30 (GMT), could strengthen the USD

As for the week ahead

  • Tuesday: RBA’s interest rate decision, Canada’s GDP for February and US ISM Mfg PMI for April
  • Wednesday: New Zealand’s employment data, China’s Caixin Manufacturing PMI for April, Eurozone’s preliminary CPI for April and Unemployment rate for March, US ADP Employment Data and the Fed’s Interest rate Decision.
  • Thursday: Norge’s Bank interest rate decision, the UK Service’s PMI for April, Eurozone’s preliminary CPI rate for April and the US ISM Non Mfg PMI for April
  • Friday: US Employment Report (NFP Friday) for April.

IronFX Daily Market Report April 30th

1

XMXM

4.9 rating based on 1,166 ratings
4.9/5 1166
2

DerivDeriv

4.9 rating based on 143 ratings
4.9/5 143
3

LQDFXLQDFX

3.5 rating based on 93 ratings
3.5/5 93
4

FBSFBS

3.6 rating based on 99 ratings
3.6/5 99
5

FXTMFXTM

3.9 rating based on 43 ratings
3.9/5 43
1

PrimeBitPrimeBit

3.9 rating based on 7,130 ratings
3.9/5 7130
2

BinanceBinance

4.3 rating based on 7,662 ratings
4.3/5 7662
3

bybitbybit

4.2 rating based on 3,323 ratings
4.2/5 3323
4

XBTFXXBTFX

1.9 rating based on 4,447 ratings
1.9/5 4447
5

WisebitcoinWisebitcoin

3.3 rating based on 4,701 ratings
3.3/5 4701