Amidst anticipation of a dovish statement by the Federal Reserve after tomorrow’s FOMC meeting, the dollar slipped against major currencies.

The dollar’s fall helped gold and silver continue to stay strong. It helped crude oil prices reassert themselves, as well.

On a day that seems tailor made for safe-haven investment, silver fizzled and gold is up modestly, mostly on the back of a lower U.S. dollar.

Where are those seeking shelter from the storm? Waiting for the central banks to speak.

Since the middle of March, everyone has been lazily floating along, opening an eye occasionally to take a peek at the news generated by comments from various presidents of regional Federal Reserve banks.

Even if they sound slightly off key when they sing…

Oil headed down early in the day in Europe but then reversed course and started throttling upward.

That reversal came on the wings of a rumor that, since talks in Doha failed this past Sunday, OPEC and non-OPEC producers would try again in May – in Moscow – to arrive at an agreement to freeze production. Iraq was the source of the rumor. Russia said there was no agreement to meet.

As the recent commentaries that reflect the most current thinking of the Federal Reserve sink in to the brains of analysts and investors, fundamental market conditions have suddenly changed.

The Dow and the S&P 500 both rose by more than 0.60% today with the NASDAQ lagging a bit at +0.45% on the session.

We closed the week with a decidedly risk-off day. Worldwide, equities reflect this sentiment best.

The posture began in Asia where China’s economy met GDP expectations. However, neither Hong Kong, nor Shanghai, nor Tokyo was much impressed.

The U.S. consumer price index gained just 0.1% in March as a drop in the cost of food partly offset a reasonably robust rebound in gasoline prices. That gives rise to speculation that the Fed will not raise interest rates.

We have our eye on two areas today: the U.S. and China. It is a tale of two economies. One is obviously more mature than another. One sends out reports that often seem fictional in nature yet helps to drive markets.