Forex Today: Dollar bulls welcome hawkish Powell, volatility to stay – by MSalordFX Fed DollarIndex Currencies AUDUSD
ederal Reserve Chair Jerome Powell spoke about the possibility of largest interest rate hikes given the latest round of US economic data have come in stronger than expected and warned that inflationary pressures are higher than anticipated.
His comments increased expectations of a 50 basis points rate hike at the March meeting. Wall Street tumbled and the US Dollar jumped. The DXY hit its highest level since December, rising above 105.50. The US Dollar heads into the Asian session still with impulse, despite overbought readings. It appears to be looking for a new equilibrium, but the rally is exposed to the incoming US data, which includes the ADP private sector employment report on Wednesday and Nonfarm payrolls on Friday. Those events could add volatility across financial markets. Powell will testify again before the US Congress.. Major US indexes dropped around 1.50%, the VIX soared by more than 4%. The US 2-year Treasury yield rose above 5% for the first time since 2007. Crude oil prices tumbled by nearly 4%. Cryptocurrencies fell moderately, with Bitcoin holding near $22,000. is testing 1.0550 after trading near 1.0700 a day ago, while GBP/USD fell to the lowest level in almost four months at 1.1830. The pound was also affected by the deterioration in market sentiment. EUR/GBP rose to weekly highs above 0.8900. broke above the crucial 1.3700 area. On Wednesday, the Bank of Canada will have its monetary policy meeting, with rates expected to remain unchanged. . The RBA raised rates by 25 bps as expected but said inflation may have peaked. RBA Governor Philip Lowe will speak on Wednesday, with analysts looking for fresh guidance. AUD/USD broke below 0.6700, extending losses below 0.6600. The pair is under pressure after the soft message from the RBA and the Dollar’s rally. jumped and is trading above around 137.00 and near the 200-day Simple Moving Average . Despite falling versus the Greenback, the Japanese Yen performed well against other currencies, supported by risk aversion. On Thursday, Bank of Japan Governor Haruhiko
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dollar subdued as traders eye Powell testimony, jobs reportThe U.S. dollar made a tentative start to the week on Monday as investors awaited testimony from Federal Reserve Chair Jerome Powell and looked towards for a February jobs report that will likely influence how hawkish the U.S. central bank will be.
Read more »
Forex Today: Markets stay calm to start the week full of high-tier eventsForex Today: Markets stay calm to start the week full of high-tier events – by eren_fxstreet Currencies Majors Macroeconomics Commodities CryptoCurrencies
Read more »
Dollar slips as investors await Powell testimonyThe U.S. dollar was broadly lower on Monday as investors awaited testimony from Federal Reserve Chair Jerome Powell and looked towards a February jobs report at the end of the week that will likely influence how hawkish the U.S. central bank will be.
Read more »
EUR/USD Forex Signal: To Recoil Ahead of Powell TestimonyThe EUR/USD price pulled back ahead of a relatively busy market week in the financial market.
Read more »
Forex Today: Markets remain choppy as Powell takes centre stageHere is what you need to know on Tuesday, March 7: A quiet beginning for a busy week. Wall Street trimmed gains late on Monday to post a mixed close.
Read more »
Forex Today: US Dollar consolidates losses as focus shifts to Powell's testimonyForex Today: US Dollar consolidates losses as focus shifts to Powell's testimony – by eren_fxstreet Currencies Majors Fed Commodities Macroeconomics
Read more »