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Markets await Fed's Powell Testimony

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USD

On Tuesday, the Greenback declined vs. a basket of major currencies as market players awaited Federal Reserve Chairman Jerome Powell's first congressional testimony due on the day. On the economic data front, traders are awaiting the U.S. Durable Goods Orders for January, which is expected to hit -2.0% from 2.8%. besides the U.S. Durable Goods Orders, traders are also awaiting Consumer Confidence Index, which is expected to hit 126.0 from 125.4.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.01% at 89.76, extending its recovery after touching a three year low of 88.15 on 16th

EUR

The Single currency rose by 0.15%, to settle at

$1.2336, as traders are awaiting clues from Fed's Powell testimony. On the release front, markets participants are awaiting German Consumer Price Index, which is expected to hit 1.5% from 1.6%.

GBP

The sterling pound fell by 0.05%, to settle at $1.3962. No major report is due from the UK today.

JPY

Against the JPY the USD rose slightly by 0.07%, to settle at ¥107.01. On the release front, traders are awaiting the Japanese retail trade, which is expected to hit 2.5% from 3.6%.

Gold

Early on Tuesday, Gold prices rose slightly, as sentiment on the USD was vulnerable ahead of Federal Reserve Chairman Jerome Powell's first congressional testimony scheduled later today and as markets are awaiting an important news. As Gold is sensitive to moves in the U.S. rates, so any indications that the Fed tends to hike interest rates at a faster than anticipated pace this year, could have a negative effect on Gold.  Gold Futures - Apr 18 (GCJ8), rose by 0.18%, to settle at $1,335.20.

Oil

Also on Tuesday, Crude oil prices failed to manage its gains and fell slightly as trader concerns about increasing U.S. oil output offset signs of stronger demand. On the release front, market participants are awaiting the U.S. crude stockpiles report. Crude Oil WTI Futures - Mar 18 (CLH8) fell as much as 0.33%, to settle at $63.70, and Brent Oil Futures - Apr 18 (LCOJ8) was down by 0.27% at $67.13.

The most important economic events:

  • EUR German Consumer Price Index (YoY) (FEB P): (GMT 13:00) – Important – Forecast (1.5%) – Previous (1.6%).
  • USD Fed Powell's Congressional Testimony is Released: (GMT 13:30) – Important
  • USD Advance Goods Trade Balance (JAN): (GMT 13:00) – Important – Forecast (-$72.3b) – Previous (-$71.6b).
  • USD Durable Goods Orders (JAN P): (GMT 13:00) – Important – Forecast (-2.0%) – Previous (2.8%).
  • USD Consumer Confidence Index (FEB): (GMT 13:00) – Important – Forecast (126.0) – Previous (125.4).
  • USD Fed's Powell Testifies to House Financial Services Committee: (GMT 13:00) – Important

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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