Here is what you need to know on Tuesday, April 30: Following a volatile opening to the week, financial markets remain relatively quiet early Tuesday.
Gross Domestic Product data for the first quarter from the Euro area and Germany will be watched closely. Eurostat will also release the preliminary Harmonized Index of Consumer Prices for April. The US economic docket will feature housing data and the Federal Reserve's two-day meeting will get underway. The US Dollar weakened against its major rivals on Monday and the USD Index closed the day in negative territory. In the European morning, the index recovers toward 106.00.
AUD/USD came under heavy bearish pressure following mixed data releases and declined toward 0.6500 during the Asian trading hours. Australian Dollar drops toward a psychological level after weaker Retail Sales. GBP/USD rose more than 0.5% on Monday but reversed its direction early Tuesday. As of writing, the pair was down 0.25% on the day near 1.2530. Gold struggled to find direction on the first trading day of the week and closed virtually unchanged.
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