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The dollar is keeping somewhat steadier ahead of European trading, while commodity currencies are the laggard to start the day.

WCRS 28-04

The kiwi is weighed lower after Westpac forecast negative rates by the RBNZ for later this year, possibly setting off expectations for rates to price that in following comments by RBNZ governor Orr last week about the matter and on direct debt monetisation.

Meanwhile, oil prices are still finding it tough to get off the floor as it is down by another 12% to sit just above $11 for now - after hitting a low of $10.64 earlier.

Gold is back down by around 1% under $1,700 again, much like it was at the start of last week when oil was pressured. One can point towards margin call risks and deflation pressures but the inability to hold above the key hourly moving averages is also notable.

Treasuries are also just continuing to tip toe for the most part and that is not helping the market to get any real sense of direction for the past week or so.

The market is hinting at more tepid tones to start the day and once again, this all continues to allude to mixed sentiment. Investors will be hoping for something from the Fed tomorrow but I'm not sure if they will be all too helpful.

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