U.S Dollar could be the Catalyst in Markets, Focus on Fed Chairman Powell’s Testimony

And Core Durable Goods Orders data and the CB Consumer Confidence reading will be presented too. The U.S Dollar needs to be watched.

Powell Wants to Avoid Surprises, Subtle Speech Expected from Fed Chair

Federal Reserve Chairman Jerome Powell will testify before the U.S Congress today. It is the first of two appearances for Powell scheduled this week, he will also appear before the Senate on Thursday. Monetary policy will be the focal point per Powell’s talk, and he will certainly be asked about inflation. The Fed Chairman will not want to cause bedlam for the broad markets, so it is likely he will try to keep his comments as subtle as possible. The U.S Dollar and Wall Street will certainly react to Powell’s rhetoric. The renewed risk sentiment which has emerged the past week on the three major U.S equity exchanges will be put to the test over the next two days.

U.S Data Will Prove Crucial Too, Forex Will Test Impatient Traders

The U.S will remain in the spotlight for global investors today and tomorrow not only because of the Jerome Powell’s testimony in Washington but because crucial data will also be published. Today the Core Durable Goods and a Consumer Confidence reading will be issued, and tomorrow not to be outdone – the Preliminary Gross Domestic Product results will be announced. The U.S Dollar has seen a whirlwind of tests the past few weeks, and the major currencies could remain a brutal testing ground for traders who are not patient.

Global Economic Growth Helping Crude Oil, High Water Marks Being Tested

The energy sector continues to get plenty of attention from traders as global economic data improves. Demand for U.S Crude Oil has certainly shown signs of increasing the past month, and speculators may continue to test high water marks with the belief the commodity can advance in value.

Powell Set to Speak Before Lawmakers, Durable Goods Orders Data Coming

Fed Chairman Powell will begin his testimony at 13:30 GMT before Congress and global investors will be watching.

• 9:00 AM GMT E.U, M3 Money Supply
• 13:30 PM GMT U.S, Core Durable Goods Orders
• 13:30 PM GMT U.S, Federal Reserve Chairman Powell Speaks
• 15:00 PM GMT U.S, CB Consumer Confidence

Yaron Mazor is a senior analyst at SuperTraderTV.

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