Investors Await the FOMC Meeting Minutes

USD SLIDES SOMEWHAT AHEAD OF THE FED MINUTES

The US dollar traded lower or unchanged against the majority of the other G10 currencies. It gained only versus GBP and CAD. The greenback underperformed against SEK, CHF, EUR, JPY, and NOK in that order, while it was found virtually unchanged versus AUD and NZD.

S&P 500 — TECHNICAL OUTLOOK

Overall, the S&P 500 continues to balance well above a short-term upside support line drawn from the low of March 4th. At the same time, the price is still sitting above all of its EMAs, which might also be seen as a positive. That said, given the steep upmove we saw from the end of March and that our oscillators started moving a bit lower, we might see a small correction first, before another possible move higher.

USD/CHF — TECHNICAL OUTLOOK

Yesterday, USD/CHF broke below a short-term tentative upside support line drawn from the low of February 23rd. Such a move may have opened the door for further declines, especially if the rate continues to trade below the 0.9396 barrier, marked by the low of April 5th. For now, we will take a bearish approach.

AS FOR THE REST OF TODAY’S EVENTS

During the EU session, we get the final services and composite PMIs for March from the Eurozone and the UK. As it is always the case, they are expected to confirm their preliminary estimates. From Canada, we have the Ivey PMI for March and the trade balance for February. We get trade data from the US as well.

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