And Fed Chairman Jerome Powell speaks in Washington tomorrow. The Dow Jones Industrials is near important resistance.
Dow Jones near Key Resistance, Powell’s Tuesday Appearance Anticipated
The Dow Jones Industrials climbed on Friday and is near important resistance per its daily chart, and the NASDAQ actually broke through key levels. The Dow Jones Industrials and S&P will be a focal point today for bullish traders. The three major Indexes have proven resilient the past week and a half. However, some investors may be looking for more upside before they jump in with buying positions. The U.S will issue New Homes Sales data today, but it is tomorrow’s appearance by Federal Reserve Chairman Jerome Powell which is being anticipated. Powell will testify before the House Financial Services Committee, it will be his first appearance as the Fed Chair while issuing the Fed’s Semiannual Monetary Policy Report.
A Combustible Euro versus U.S Dollar, Investors Want Evidence from ECB
The Euro has experienced a whirlwind of results in February. Investors have been trying to interpret correlations between the European Central Bank and Fed, and this has proven a difficult task. The Euro opens trading this morning after having been beaten off of highs and is pressed up against the important support. ECB President Mario Draghi will be the spotlight today as he speaks about the European Union’s economic outlook in Brussels. And investors will be on the lookout for evidence the ECB is considering a more aggressive monetary policy stance in the mid-term. If Draghi fails to deliver, the Euro may become combustible again versus the U.S Dollar.
Vibrant Demand in Energy Sector, U.S Crude Oil Attracting Investors
U.S Crude Oil opens this morning with plenty of interest from traders. The mid-term trend for the commodity has held and its value near 63.50 U.S Dollars a barrel may continue to attract investors who believe demand will stay vibrant in the energy sector.
ECB’S Draghi in Spotlight, New Home Sales from States
European Central Bank President’s testimony in Brussels will begin at 14:00 GMT and get the attention of global forex traders.
- 9:30 AM GMT U.K, High Street Lending
- 14:00 PM GMT E.U, ECB President Draghi Testifies
- 15:00 PM GMT U.S, New Home Sales
Yaron Mazor is a senior analyst at SuperTraderTV.
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