Markets are adding to risk positions into the NA open as earnings continue to suggest that global growth is improving (Caterpillar raising outlook, GE, Facebook & Apple beat, etc). Today’s durable goods and jobless claims are important (see calendar on page 3)but it is the April 30th FOMC meeting that is important. Yesterday there was a slew of media articles suggesting that Fed policy continues to taper and that it is the interest rate story that is the important piece now—we couldn’t agree more.
Read the full report: FX Daily
Scotiabank