Nothing like Fed day and a remarkable Champions League night put together, eh?
The dollar is finding steadier footing after yesterday's drop following the FOMC meeting decision, with Fed chair Powell having ruled out 75 bps rate hikes in subsequent meetings. There's going to be a debate on peak hawkishness and I reckon that will ultimately drive the next directional move in markets moving forward.
For now, the dollar's recent gains are put on pause but the currency continues to sit in a good spot. 2-year Treasury yields have seen a significant climb down from 2.84% to 2.65% but 10-year Treasury yields are still keeping elevated at 2.94%. The latter remains one to watch as it threatens a breakout above the 3% mark still.
Equities are breathing a sigh of relief as the Fed sticks to market expectations and with already the stomach to digest a Fed funds rate of around 2.00% to 2.50%, is this where the rally starts up again? Only time will tell but the Fed's message yesterday is at least giving something for dip buyers to chew on.
Looking ahead today, the post-FOMC push and pull will dominate proceedings before we get to the BOE meeting decision.
0600 GMT - Germany March factory orders
0630 GMT - Switzerland April CPI figures
0730 GMT - Germany April construction PMI
0830 GMT - UK April final services, composite PMI
1100 GMT - BOE announces its May monetary policy decision
1130 GMT - US April Challenger job cuts, layoffs
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.