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Stocks bounced back in the first half of Friday’s session as yields dipped and the dollar eased. But it is far too early to say the markets have bottomed, as fundamentally nothing has changed. Today’s recovery looks like is driven by profit-taking more than anything, as bonds, indices and major currencies tested some key levels.

Nike is set to have a tough start to what should be a year of progress, Costco keeps shining among retailers, Micron is still feeling the pain, and Carnival is steaming ahead thanks to the summer season.

What stocks are being discussed and traded today, and which ones are experiencing the sharpest moves before the bell?

Welcome to another edition of Forex Friday, a weekly report in which we highlight selected currency themes. In this week’s report, we will focus the US dollar, EUR/USD and GBP/USD. The dollar index eyes March high and set to close higher for 10th consecutive week, with BoJ inaction and rising crude oil prices providing additional boost for greenback.

GBP/USD falls for a third day as economic worries rise, PMI data is due. DAX struggles ahead of PMI data.

US stocks sold off sharply ever since the Fed delivered that hawkish interest rate pause on Wednesday. At the time of writing, the major indices were still testing their lows after futures had slid along with global markets, extending losses from the previous session. The market is falling because of fears over the impact of rising bond yields. The sell-off may need to extend further before investors find value in stocks, especially in growth equities.

What stocks are being discussed and traded today, and which ones are experiencing the sharpest moves before the bell?

FTSE 100 falls post Fed & ahead of the BoE rate decision. EUR/USD tests 1.0630 after the Fed’s hawkish skip.

UK inflation has cooled, sinking the pound, lifting stocks and raising hopes the Bank of England is almost done raising interest rates.

Implied volatility levels are unsurprisingly elevated for forex pairs today, given we have a key UK inflation report up shortly and the FOMC meeting and press conference in just over 12 hours. Today we look at the intraday charts for EUR/USD, GBP/USD and WTI crude oil.

The next few days will be pivotal for USD/JPY as rate decisions from the Fed and BOJ collide, providing an environment where we could get an explosive move in either direction.

The GBP/USD will come into sharp focus over the next couple days, with two pivotal events on the horizon: the FOMC and BoE rate decisions. Additionally, traders are anticipating the release of UK CPI and retail sales data, as well as global PMI figures this week. These developments collectively have the potential to shape the near-term GBP/USD outlook. UK CPI could sway BoE decision, with the UK central bank likely to mimic ECB's dovish hike. Meanwhile, the FOMC is likely to go for a hawkish hold.

US stocks are holding steady for a second straight session as investors opt to sit on the sidelines as the FOMC's 2-day meeting kicks off. The Fed is mot expected to hike rates but given recent resilient data and rising oil prices, the Fed is likely to keep the door open for further hikes. Adding to evidence of a resilient economy, the OECD upwardly revised the US growth outlook for this year and next. Separately, Instacart is set to IPO at $30 per share today.

What stocks are being discussed and traded today, and which ones are experiencing the sharpest moves before the bell?

DAX slips ahead of inflation data. Oil rises on supply concerns, but the rally could be running out of steam.

The Canadian dollar has continued to strengthen alongside oil prices in recent days, sending USD/CAD to a near 5-week low, GBP/CAD beneath its 200-day EMA and CAD/JPY to within striking distance of its 2022 high. Today’s Canadian inflation data could prove volatile for USD/CAD ahead of tomorrow’s FOMC meeting.

EUR/USD fell for 9th week by Friday's close, its worst weekly run since 1997. Yet whilst that could mean it is 'owed' a bounce, history suggests such bearish runs are later accompanied by further losses, as macro themes can trump technicals during such times. And that places this week's FOMC meeting into focus, where we discuss the likelihood that it might be more dovish than markets currently are pricing in.