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Dollar keeps steadier so far before Powell's speech

Dollar keeps steadier so far before Powell's speech

Information is not investment advice

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Ichimoku Kinko Hyo

AUD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAU/USD: Gold facing a further weakness the last hours and trading near a full retracement area. Gold weakness shows momentum and duration.

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US Market View

U.S. stocks are seen weakening at the open Thursday, continuing the previous session’s sell-off ahead of a key speech from Federal Reserve Chairman Powell. This will be the last chance to hear from the Fed before it enters the two-week blackout period this weekend ahead of the March 17th FOMC meeting. Worries about lofty U.S. bond yields hit global shares on Thursday as investors waited to see if Federal Reserve Chair Jerome Powell would address concerns about a rapid rise in long-term borrowing costs.

Wednesday saw the release of an unexpectedly weak private payroll report, bringing the weekly jobless claims figure into focus later Thursday, ahead of Friday’s closely watched NFP report. Oil prices were largely unchanged Thursday, with traders waiting for news from a meeting of top producers over output levels going forward, particularly given Saudi Arabia’s surprise announcement in January of a unilateral cut of an additional one million barrels per day.

USA Key Point

  • UK and US agree to four-month suspension of tariffs in Boeing-Airbus dispute.
  • Risk back on the defensive again as the market continues to wait on Powell.
  • Eurozone January retail sales comes at -5.9% vs -1.4% m/m than expected.
  • Eurozone January unemployment rate comes at 8.1% vs 8.3% than expected.
  • Silver falls to fresh five-week low as precious metals stay pressured.
  • ECB's Knot supports that discussion starting point is that rise in rates reflect better growth, inflation prospects.
  • Germany February construction PMI comes at 41.0 vs 46.6 than expected.
  • US' Fauci supports that it is reasonable to see some return to normal by autumn.
  • NZD/USD posts modest losses below 0.7250 as markets await Powell.

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Gold isn't saving investors from inflation

Many investors treated gold as a protection against inflation. However, last week, gold lost its major support and dropped despite rising inflation. Why did it act like this?

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