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26.01.2021: US trade – More corporate reports and Fed decisions on investors’ radars

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Shlédnutí:
Today futures on the US stock indices are trading mixed. The US dollar index is trading in the red against major currencies, including the Canadian dollar. Investors are alert to another portion of corporate reports from top US companies and a policy meeting of the Federal Reserve.
The US stocks are making a downward correction after they hit fresh records a day earlier. The US benchmark stock indices are trading mixed. The Dow Jones gained 0.23%. The Nasdaq, on the contrary, slipped 0.10%. The S&P 500 rose 0.36%.
On Monday, two of the three key stock indices jumped to new record highs. Today investors are anticipating corporate news. Johnson & Johnson, Verizon, General Electric, 3M, American Express, and Lockheed Martin are due to present their financial reports before the New York trade opens. Later tonight, investors will get to know corporate earnings of Starbucks, Microsoft, and Texas Instruments. Tomorrow, American high-tech giants such as Apple, Facebook, and Tesla will unveil their financial results.
Importantly, the US economy still reveals steady momentum. Apparently, this will enable US companies to sustain decent yields. Analysts foresee rapid economic growth in the second half of the year amid the backlog of demand.
Canadian software company BlackBerry triggered a market buzz. Its stock jumped over 20% in the American pre-market. This comes as a result of expanding its strategic cooperation with Chinese Baidu to promote the next generation of autonomous driving technology. Yesterday, the company’s stock closed with a 28% spike. Today BlackBerry’s shares are trading at 18 dollars 3 cents apiece.
The US dollar was holding firm against its rival currencies in the European trade. Later, it slipped. The US dollar index shed 0.13% to trade at 90.23. Investors are in suspense anticipating the news on large-scale stimulus package. Joe Biden pledged to prop up the domestic economy with a relief package worth 1.9 trillion dollars. Nevertheless, analysts warn market participants against over-optimism. Experts reckon that Biden’s proposal will be trimmed. Besides, the stimulus bill will be hardly approved in the nearest weeks. Originally, investors refrained from robust trade on Forex ahead of the Fed’s policy meeting. Eventually, they decided to sell safe haven assets, including the US dollar.
The US Federal Reserve is due to begin a two-day policy meeting later on Tuesday. It is widely expected to put the official funds rate on hold at 0 – 0.25%. Besides, the regulator is likely to maintain the bond-buying program at the same volume, thus extending its ultra-soft monetary policy.
The US dollar fell 0.17% against its Canadian counterpart. The USD/CAD pair is trading lower at 1.2721.
The greenback will be sensitive to a survey from Conference Board. Later today, the research group will publish a consumer confidence index for the US. According to flash estimates, the index could have shown an uptick to 89 points in January from 88.6 points in December.

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