Powell’s Back For More as Traders Get Busy
Daily Brief Mar 1
Fed Chairman Powell is back and we can thank him for much of the action in forex markets this week. If you recall, his hawkish stance on interest rates has seen the Greenback find its feet. It’s a great time to be in the markets as we are seeing good ranges and trends on many pairs. Powell is due to speak later today, find out what to expect and all about the latest trades in today's daily brief.
Main Economic Events
Mar 1
(AUD) Private Capital Expenditure Q/Q - According to the Australian Bureau of Statistics, the private capital expenditures slipped by -0.2% vs. a 1.1% forecast. In response, the Aussie plunged dramatically to trade at $0.7720 against the US dollar.
(GBP) Manufacturing PMI - At 9:30 (GMT), the figure will be listed with a forecast of 55.1 vs. 55.3. Ordinarily, a figure above 50.0 indicates industry expansion and below indicates contraction.
(USD) Fed Chair Powell Testifies - At 15:00 (GMT), Fed Chair Powell is due to testify concerning the Semiannual Monetary Policy Report before the House of Financial Services Committee in Washington DC.