The US market closed at almost the same level yesterday. Both the DJIA and S&P 500 remained unchanged, while the Nasdaq Composite dropped by 0.3%.
Growth in the Asian markets also slowed, so Japan indices gained only 0.3%. China indices, on the other hand, slipped by 0.1%.
Japan also reported a huge 5.2% jump in retail sales, much higher than the projected increase.
Today, the Federal Reserve will announce its decision on monetary policy. But many expect that nothing will change, which is not really a good news for the dollar.
On a different note, calculations said the collapse of the Archegos fund garnered a $ 10 billion loss to global banks. This would be enough to induce a new recession if the world's situation is the same as in 1999.
In the US, recent polls said 55% of Americans positively assessed the first 100 days of Joe Biden's presidency. Meanwhile, 40% disapproved of the president's new policies.
With regards to oil, OPEC revised its forecast for world consumption this year and recommended keeping the current quotas until July. Prices soared because of this news.
As for the world's epidemiological situation, another surge in COVID-19 infections was recorded yesterday. Total cases soared to 830,000, mainly due to India listing 360,000 new patients. Brazil follows with 67,000 new cases.
Sadly, Europe also saw an increase, with France, Turkey and Germany jotting down 320,000, 43,000 and 19,000 new cases, respectively.
Forecasts:
WTI rose by 0.4% this morning, hitting a price of $ 63.10. It is projected to range around $ 61.00 - $ 65.00 today.
Meanwhile, Brent jumped by 0.5%, trading at $ 66.80. It is expected to cost around $ 65.00 - $ 69.00 today.
Reuters believes the Fed will not succeed in its attempt to secure full employment. They also mentioned that there are risks on rising inflation and Treasury yields.