During the early trading session, Asian stocks were mostly higher as investors sentiment was boosted over expectations of higher returns on dividends. The Nikkei share average was up 0.38%, closing at 20,058 and the Hang Seng slightly up by 0.03%. The Yen traded with low volatility against the Dollar during early trade, as traders remain cautious following yesterday’s announcement on Japan’s credit rating. Fitch downgraded Japan’s credit rating to “A” following a review of the government’s fiscal year’s budget. According to Reuters, the budget failed to lay out reforms to delay a sales tax increase. Furthermore, market spectators are awaiting the FOMC meeting taking place tomorrow.
During the European session, the UK released the Gross Domestic Product for the previous year and first quarter showing lower than expected figures. Following the negative data, the British pound briefly retreated from a monthly high against the Dollar, however the pair is currently trading with Bullish sentiment as the USD weakens ahead of tomorrow’s FOMC meeting.
The Dollar is trading lower against a basket of major currencies as currency traders await the Fed’s monthly policy statement. A number of recent economic reports have shown disappointing figures for employment, Manufacturing and Home sales, indicating that the Central bank may further delay an interest rate hike. Furthermore, the U.S. released more negative data today showing that the CB Consumer Confidence for April measured at 95.2, lower than the expected figure of 102.5.
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