Daily Outlook: U.S Rate Hike Focus on Jerome Powell Speech

Author: Mr. Shah – Technical Analyst 


Greenback continued to hover around the same price as investors awaited Federal Reserve (Fed) Chairman Jerome Powell’s testimony for new indications of monetary policy tightening.

Jerome Powell will testify on his re-candidacy to chair the U.S. central bank before the Senate Banking Committee at tonight’s New York session.


Based on his inaugural speech released on Monday, Powell would promise to curb the rise in high inflation from getting worse but made no mention of his plans on a tightened policy direction.


EURUSD price consolidated above 1.1300 during the Asian session keeping its corrective pullback from an upward-looking towards weekly resistance line.


GBPUSD pair edging higher looking for a new high breaking above 1.359 will form a new territory cable pair picks up bids inside short-term ascending triangle formation.


USDJPY snaps moving towards a downtrend on yesterday’s trading session and pullback around 115.30, market’s cautious optimism amid recently positive comments from the USA Federal Reserve (Fed) Chairman Jerome Powell and on Covid updates.


GOLD bulls up a 50% significant milestone moving above towards trendline support price, $1,810 will act as resistance.