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