The Dollar might continue to remain volatile during the news
|Important news for the day
Wed, 10th 04:00 CET NZ interest rate decision.
Wed, 10th 16:00 CET US Fed chair Powell testifies.
Powell speech
During a testimony in Congress Fed chair Jerome Powell did not offer a potential date, on when the central bank will reduce interest rates. Instead more incoming data would be needed according to him. Currently investors believe that the Fed might start reducing rates starting in September this year. Another hearing will follow today in front of the House Financial Service Committee. The Dollar might continue to remain volatile during the news, as seen yesterday. Currently further weakness in the Greenback could be seen. Especially the AUDUSD currency pair could rise beyond the 0.6750 resistance zone.
Market talk
Stock markets remain in a sideways pattern for now, whereas the positive trend seems to be intact. However, investors are cautiously weighing off which risks might cause markets to correct. Worth noting that also Bitcoin and ETH have been rising again. The recent support zone seems to add positive momentum for now. On the other hand the slide in oil keeps on going with markets trending lower. The USD 80.00 support zone is around the corner. Gold and Silver look both positive again. Supported by the weaker Dollar they continue to rise. Te Japanese Yen does not offer any major moves and instead keeps losing steam.
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USD/JPY: We sold at 160.90, with open SL and open TP.
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EUR/CAD: We like to sell at 1.4695 (sell stop) with SL at 1.4830 and open TP.
Tendencies in the markets
- Equities sideways, USD weak, BTC / ETH positive, oil lower, metals positive, JPY sideways.
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