Daily Alert – Wednesday 28th April 2021: All quiet before tonight’s Fed

Mark NugentApril 2021, Daily Alert

Daily Alert – Wednesday 28th April 2021: All quiet before tonight’s Fed

The markets are incredibly quiet ahead of the week’s major risk event: tonight’s Fed Funds Rate.

Risk sentiment is indecisive, and equities are flat. Oil is rising after today’s OPEC meeting was cancelled, effectively keeping in place the production increase decision made on the 2nd of April. GOLD is static.

The USD is falling and tracking the US 10-year bond yield. The EUR is rising after Monday’s fall but is yet to show a bull candle on the weekly chart. The GBP is up on the week. The JPY is falling, and all commodity currencies are rising. My forecasts for the currencies where I have an opinion is playing out (EUR, GBP and USD), but trading remains difficult due to low volatility.

I have yet to place a trade this week. I suffer from the need to trade and the need to be seen to be trading but when there are few opportunities, trading for the sake of it will damage my account. It is legitimate to decide to not trade and that is what I have done. April has been the toughest month of the year and I am only just in profit. Do not despair! There will always be times like this and they will pass.

I’ll be back on Friday.

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