Economy

Fed Chair Jerome Powell will testify today at 19:05 MT time. This event is crucial for traders as the tone of the speech may set the risk tone for the markets for the next two weeks.

Non-farm payrolls, the most awaited economic report, will be out on March 5 at 15:30 MT time.

Australian GDP rose by 3.1%, exceeding analysts’ forecasts of 2.5%. The Australian dollar climbed after the release, but then joined its peers in falling against the USD.

The US Services PMI will be out at 17:00 MT time on March 3.

The Reserve Bank of Australia will make a rate statement on March 2, at 5:30 MT time.

Risk assets are recovering after a losing streak in the previous week as progress in the extra US stimulus package improved the market sentiment.

Latest news and the technical analysis fo major pairs are here!

The risk-on is back on the market as investors focus on the projections for a stronger-than-expected economic rebound and the Fed’s pledge to prolong support for the rest of the year.

Stock indices S&P 500 and Nasdaq are falling for seven days in a row. The New Zealand dollar skyrocketed to almost two-years highs. Fed’s Powell held a meeting yesterday and said that the central bank wouldn’t tight its easing policy anytime soon.

On Thursday, February 25, at 15:30, the initial jobless claims will be published in the US.

Riskier currencies such as the GBP, NZD, and AUD skyrocketed to multi-year highs. 10-year Treasury yields rose to the highest level in almost a year. Oil tries to rebound from its previous week's losses.

On Wednesday, February 24, at 03:00 MT time, RBNZ will provide the Rate Statement and Press Conference.