Forex Today: US headlines hardly affected the greenback

What you need to know on  Thursday, April 30th:

• The US took centre stage, amid first-tier events taking place in the country. The first one was the release of the preliminary estimate of Q1 GDP, which resulted in -4.8%, worse than anticipated. The market’s reaction, however, was limited as investors had anticipated a terrible reading due to the ongoing lockdowns related to the coronavirus pandemic.
• The US Federal Reserve had a monetary policy meeting, and, as expected, it left it unchanged. The US central bank acknowledged that “the ongoing public health crisis will weigh heavily on economic activity, employment, and inflation”, and poses “considerable risks to the economic outlook over the medium term." Policymakers said they would use its full range of tools to help the economy facing considerable risk from the coronavirus pandemic. Fed’s pledge to do “whatever it takes,” to preserve the economy and set the stage for the recovery.
• The dollar edged lower against all of its major rivals, but not because of US news, but because of rallying equities. US indexes surged to their highest in almost two months, boosted by news coming from  Gilead, a pharmacological company that announced that its experimental drug, remdesivir, met the main goal in a clinical trial on battling COVID-19.
• Commodity-linked currencies were the strongest rallying to fresh multi-week highs against the greenback, amid the rally in equities, also helped by a bounce in equities. WTI settled above $15.00 per barrel, spot gold closed above $1,710.00 a troy ounce.
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