Market Sentiment Positive, Wall Street Stocks Up, GBP Weak All Round | Webinar
Market sentiment analysis:
- Trader confidence remains high ahead of this week’s monetary policy decisions by the Federal Reserve, the Bank of England and the Bank of Japan.
- Trading will likely be cautious ahead of those announcements but Wall Street stocks continue to defy gravity while, by contrast, the British Pound looks weak against most other currencies.
Trader confidence high
Traders are confident ahead of this week’s policy announcements by the US Federal Reserve, the Bank of England and the Bank of Japan. The Fed will keep its monetary policy unchanged but it will still be interesting to see whether it gives any indication that it might tighten policy sooner than previously expected in anticipation of a strong economic recovery and rising inflation.
That confidence is especially evident in the US stock market, where prices are still hitting record highs.
S&P 500 Price Chart, Daily Timeframe (October 19, 2020 – March 16, 2021)
Chart by IG (You can click on it for a larger image)
In this webinar, I looked at the trends in the major currency, commodity and stock markets, at the forward-looking data on the economic calendar this week, at the IG Client Sentiment page on the DailyFX website, and at the IG Client Sentiment reports that accompany it.
--- Written by Martin Essex, Analyst and Editor
Feel free to contact me on Twitter @MartinSEssex
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.