Markets eye Powell testimony
A stack of data is scheduled for release today as Jerome Powell take centre stage.
The EURUSD remained largely steady overnight after opening the day at $1.21527. The pair climbed early and hit highs of $1.21795 mid-session before falling away to lows of $1.21343 late in the day. It has come off those lows and is now trading at $1.21528. The GBPUSD opened at $1.40614 and made small gains throughout the first half of the session before slipping to lows of $1.40533 heading into late trading. It jumped off those lows and hit a high of $1.41163 just before the close. It is now trading at the same level.
Indices endured another session of big movements but remained relatively flat at the end of the day. The Dow started the day at 31,561.77 and lifted to a high of 31,673.37 early. That high was met with a sharp decline as the Dow tumbled to lows of 31,161.75. However, the Dow showed some resilience as it rocketed back up to 31,655.40 before settling at 31,554.21. It is currently trading at 31,542.30. The Dax began the day at 13,906.53 and edged up to highs of 14,008.01 early. The sell-off started shortly afterwards which saw the Dax drop to lows of 13,659.38 mid-session. Like the Dow, the Dax showed some strength, regaining some of those earlier losses and closed at 13,880.70.
Today sees the second day of testimony given by Fed Chair Jerome Powell before the House Financial Services Committee. This has the potential to cause volatility as the Fed Chair discusses economic growth, inflation and other monetary policy matters.
Data published today includes:
Australia – Wage Price Index, Construction Work Done
Japan – BoJ Core CPI
China – CB Leading Index
Canada – Corporate Profits
UK – Monetary Policy Report Hearings, MPC Member Andy Haldane speaks
Europe – German Final GDP, Credit Suisse Economic Expectations
US – Crude Oil Inventories, New Home Sales, FOMC Members Lael Brainard and Richard Clarida speak
NZ – Official Cash Rate, RBNZ Rate Statement, Monetary Policy Statement and Press Conference, RBNZ Gov Adrian Orr speaks
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