During the Asian session, in New Zealand the ANZ's Business Outlook survey is due and in Australia, the Import and Export Price Index. Markets await critical Eurozone and US economic data ahead of central bank meetings. 

Here is what you need to know on Thursday, April 27:

Wall Street slipped again on Thursday amid banking concerns and a gloomy outlook. First Republic Bank tumbled again. Investors continue to digest the latest earnings results. The earning season continues on Thursday with Amazon, Mastercard, Merck, T-Mobile, Intel, Honeywell, Activision Blizzard, American Airlines and Hertz.

On Thursday, the US will report the first estimate of Q1 GDP growth, which includes the Core Personal Consumption Expenditure Index, an inflation measure closely watched by Fed officials. Analysts at Wells Fargo warn that growth numbers could come significantly below consensus. 

“A revision to prior retail sales data published this week is a potential game-changer. If our interpretation of the latest revisions is correct, then real GDP growth for Q1-2023, which will be reported on Thursday morning, could come in at half the growth rate that is presently expected by the consensus”

Other reports due in the US on Thursday include Jobless Claims, Kansas Fed Manufacturing Activity and Pending Home Sales. However, this number could be offset by inflation and growth numbers ahead of next week’s FOMC meeting. A final 25 basis points rate hike is priced in.
The US Dollar Index dropped 0.40% on Wednesday and finished far from the lows. While the Greenback hit fresh 13-month lows versus the Euro, it reached monthly highs against the Aussie and the Kiwi. Commodity currencies were hit by risk sentiment. Next week, the Fed will have its monetary policy. Markets see a final 25 basis point rate hike, but expectations have eased up a bit following renewed banking concerns. US consumer inflation will be critical for Fed’s forecast.