US data set to move the USD
March 1, 2018
Europe Market Movements
US Dollar Movement: The GBP has reacted negatively to the EU’s draft Brexit agreement, losing value against the USD and the EUR. The EUR has also been falling against its American counterpart, pulled down by yesterday’s economic data. Today the EUR will face the European and German Manufacturing PMIs, as well as a wealth of economic data across the Atlantic. Traders, don’t lose out.
US Market Movements
In the US, traders face a busy day, with the release today of jobless data, manufacturing figures, as well as Fed Chair Powell’s testimony today, before the Senate. He is expected to reiterate the possibility of four rate hikes this year. North of border, the Loonie has been falling against the greenback, but to counteract the American data today, the Canadians will release their own RBC Manufacturing PMI today (14:30 GMT). This will certainly keep traders busy.
Asia/Oceania Market Movements
The JPY has overtaken the USD, with the pair now trading at 106.788, down from 107.600 yesterday at the same time. Traders are keeping in mind that the possibility of four US rate hikes this year, will in all probability strengthen the Yen.
Not much change today in the price of Crude Oil, but Gold has fallen, in reaction to the strong USD. The yellow metal is now trading at $1317.85 per ounce.
Asian stocks have mostly fallen, mirroring Wall Street patterns yesterday. Wall Street reacted to hawkish comments by Jerome Powell, promising that he’d prevent the economy from overheating and also that he’d gradually raise interest rates. Asia’s MSCI index fell by 0.5%, Australian stocks by 0.7%, South Korea’s Kospi by 1.2% and the Nikkei by 1.55%. Traders wait with trepidation, for Powell’s testimony today.
|08:55 GMT||EUR: German Manufacturing PMI|
|09:30 GMT||GBP: Markit Manufacturing PMI|
|15:00 GMT||USD: Fed Chair Powell Speech|
|15:00 GMT||USD: ISM Manufacturing PMI|