Tin tức

Dollar Remains Soft Ahead of Powell’s Testimony

Tin tức lưu trữ

2019 2020 2021

USD

The dollar index, which measures the greenback against a basket of major currencies, continued to trade under pressure falling to 91.70 ahead of Fed's Powell testimony. Despite the pullbacks, the upside rallies are being sold and the dollar is surrendering gains rapidly. The Federal Reserve released the prepared testimony, declaring that the US economic outlook remains uncertain, depending on the virus, and that the economic recovery has moderated recently. Market participants will look forward to any insight about the future path of monetary policy, and whether the Federal Reserve is excited to unwind its asset purchases as the outlook gets brighter. On the other hand, the European currencies extended upside rally benefiting from a weak dollar and optimism over Brexit. The EURUSD inched testing 1.2003, the highest since the first of September, and the GBPUSD moved to the upper side of its recent range, tackling the $1.34 barrier.

Equities

Major US stock index futures edged higher during the Asian session on Powell's comments in prepared testimony. The Federal Reserve released the comments of Chairman Powell ahead of the two-day testimony, which confirmed that the Federal Reserve is committed to using its full range of tools to support the economy to recovery to pre-pandemic levels. It is good to note that stock benchmarks around the world had a great performance during November on vaccine headlines, which sparked optimism and risk appetite. The Dow Jones Industrial Average futures rose to 29917, the S&P500 futures rallied to 3659, and Nasdaq advanced to 12399.

Metals

Precious metals prices rebounded as the dollar weakened further. The Fed's confirmation of using its tools to support the economy weighed on the Treasury yields and dollar. The price of a gold ounce rose to $1794, the price of a silver ounce recovered to $23.11, and palladium futures hovered around $2400.

Oil

Oil prices continued to trade sideways as investors await the OPEC+ meeting outcome. Top oil producers failed to reach an agreement on whether to extend currents cuts or go with the initial plan. Therefore, they decided to push the second round of negotiations to the 3rd of December. Market participants are watching carefully any headlines as they will decide the trend for oil for the coming days. The West Texas Intermediate crude January delivery is trading near $45.20, and Brent Blend February delivery held steady near $47.70.

Major Economic Events

GMT Country Event Expectation Previous

8:55

EZ

German Unemployment Change (Nov)

8

-35

9:00

EZ

 Manufacturing PMI (Nov)

53.6

53.6

9:30

UK

Manufacturing PMI (Nov)

55.2

55.2

10:00

EZ

 CPI (MoM) 

-

0.2%

13:30

CA

 GDP (MoM) (Sep)

0.9%

1.2%

14:45

US

Manufacturing PMI (Nov)

56.7

56.7

15:00

US

 Fed Chair Powell Testifies  

-

-

15:00

US

 ISM Manufacturing PMI (Nov)

57.9

59.3

17:00

EZ

 ECB President Lagarde Speaks 

-

-

 

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