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28th Apr 2021. 7.44am

Regency View:

Morning Report – Wednesday 28th April

FTSE to open at 6,953 (+8 pts)

Markets of all asset classes are treading water as traders hold their breath ahead of this evenings Fed policy statement and press conference.

While the Fed is not expected to deviate from its current accommodative stance, President Joe Biden will also address Congress, where he may make additional comments about infrastructure and stimulus spending. It’s Biden that’s likely to move the market.

S&P 500-0.02%Neutral for UK stocks
Hang Seng+0.17%Neutral for UK stocks
Gold-0.50%Neutral for UK stocks
AUD/JPY-0.02%Neutral for UK stocks
US 10yr Yield+0.98%Neutral for UK stocks
Regency Risk Barometer Snapshot

The FTSE failed to hold above the New Year highs during yesterday’s session and instead tread water within a tight trading range.

In fact, it was the smallest range in over seven sessions – indicating that the market has become very compressed ahead of this evening’s Fed policy statement and Biden address.

We can use the high and low of yesterday’s tight range as a barometer for short-term directional bias.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
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French Cnctn. (FCCN)
Gresham House (GRID)
Heiq (HEIQ)
Lsl Prop (LSL)
Pennant International (PEN)
Sainsbury (J) (SBRY)
Tissue Regenix Group (TRX)
Warpaint London (W7L)
Interim Results
Ab Dynamics (ABDP)
Home Reit (HOME)
Q1 Results
Glaxosmithkline (GSK)
Trading Announcements
1Spatial Holdings (SPA)
888 Holdings (888)
Persimmon (PSN)
Interim Management Statement
Lloyds (LLOY)
UK Economic Announcements
(00:01) BRC Shop Price Index
International Economic Announcements
(07:00) GFK Consumer Confidence (GER)
(12:00) MBA Mortgage Applications (US)
(15:30) Crude Oil Inventories (US)
(19:00) Fed Rate Decision
(19:00) Fed Policy Statement
(19:30) FOMC Press Conference
Today’s Financial Diary

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This research is prepared for general information only and should not be construed as any form of investment advice.