S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
DBS Group Research economist Philip Wee expects the Dollar’s April weakness to persist into May, as the USD’s earlier two-month rise unwinds. He notes that other major central banks, including the European Central Bank, Bank of England and Reserve Bank of Australia, are tightening policy while markets still price a prolonged Fed pause through 2026, undermining the Dollar’s relative appeal.
Fed pause contrasts with global tightening
“The market continues to price in an extended Fed pause for the rest of 2026 despite rate hikes from other major central banks.”
“Unlike the Fed, the European Central Bank and the Bank of England continued to warn against second-round inflation effects, which should provide a structural floor for the EUR and GBP against a struggling USD.”
“The USD’s war-related haven appeal has waned.”
“The month of May will likely extend the USD’s downward correction in April, which followed its two-month rise in February and March.”
