Here is what you need to know on Tuesday, March 23:

The market mood is cautious on Tuesday as tensions mount ahead of the Fed's Powell testimony with new infrastructure plans as the backdrop. Concerns about the virus in Europe and fresh volatility in cryptocurrencies are on the agenda.

Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen will testify before Congress on the government's response to the pandemic. Powell will likely reject inflation concerns and support ongoing accommodation. His prepared remarks echo the messages in the recent rate decision. US ten-year yields have eased to below 1.70% as tension mounts ahead of the event. Apart from Powell, additional FOMC members will be speaking later in the day. 

Fed Chairman Powell CARES Testimony: Mums the word on higher rates

Infrastructure: The White House is reportedly considering a $3 trillion infrastructure plan, coming on top of the $1.9 trillion covid relief project which is under deployment. The plan will be presented to President Joe Biden this week and may be split into two parts, with the second one potentially including tax hikes to fund the spending.

Germany will undergo a strict five-day lockdown around Easter and extend its broader measures through April 18 in order to curb the recent surge in cases. Worries about the resurgence of the virus are growing across the old continent. 

Vaccines: One day after AstraZeneca reported promising results, the National Institute of Allergy and Infectious Diseases announced that some of the data is outdated, casting fresh doubts on the embattled immunization solution. On the other hand, the British government is working to ease tensions with the EU about the exports of Astra'a doses amid threats of an export ban. 

GBP/USD is trading around 1.3850 after the UK released mixed labor figures. The Unemployment Rate surprised with a drop to 5% in January while jobless claims leaped by 86,500 in February. Andrew Bailey, Governor of the Bank of England, will speak later in the day.

NZD/USD is changing hands below 0.71, hit by New Zealand's decision to curb the increase in house prices. AUD/USD has slipped below 0.77 as the land down under is suffering floods. 

The Turkish lira remains under pressure as markets are still worried by the weekend sacking of the central bank governor. USD/TRYis changing hands above 7.77. President Erdogan has said the bank will not take any extraordinary action. 

Bitcoin tumbled to around $54,000 and is consolidating its losses on lower ground. Ethereum is also pressured below $1,700 while Ripple's XRP leaped above $0.50 after the US SEC allowed exchanges to enable trading of the token on their platforms. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

AUD/USD dribbles around key support below 0.6900, China PMI, US PCE inflation eyed

AUD/USD dribbles around key support below 0.6900, China PMI, US PCE inflation eyed

AUD/USD holds onto the previous day’s bounce off important support while taking rounds to 0.6870 during Thursday’s inactive early Asian session. In addition to defending the corrective pullback, the Aussie pair also portrays the market’s anxiety ahead of important data from a major customer China.


EUR/USD: Oversold RSI probes bears around 1.0450

EUR/USD: Oversold RSI probes bears around 1.0450

EUR/USD dribbles around a two-week low as oversold RSI conditions challenge further downside during Thursday’s inactive Asian session. That said, the major currency pair takes rounds to 1.0450-40 at the latest.


Gold stays on the way to $1,807 support ahead of US PCE inflation

Gold stays on the way to $1,807 support ahead of US PCE inflation

Gold Price struggles to defend the previous day’s bounce off short-term key support during Thursday’s Asian session. In doing so, the yellow metal remains indecisive around $1,818. The yellow metal dropped to the lowest levels in two weeks the previous day.

Gold News

Polygon's MATIC price signals hard times to come, here's why

Polygon's MATIC price signals hard times to come, here's why
Polygon’s MATIC price signals bears have re-entered the market. If the profit-taking continues, a cataclysmic fall could occur to breach the $0.31 low
Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!