
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.
The EU is considering talks on cutting car tariffs between the world’s big car exporters to prevent an all-out trade war with the US. The European Commission is going to make a deal with such big exporters as the US, South Korea, and Japan. Under the deal, countries will reduce tariffs to agreed levels for a set of products.
Let’s see whether the EU will put its idea into the practice in the near future. It’s anticipated to have a positive impact on the euro.
Up to now, bulls have been trying to control Brent trading. The trading isn’t extensive. So the oil benchmark is anticipated to trade within $77.55-$78.20.
WTI is weaker today. The oil benchmark is moving down. The support is at $73.30. If the benchmark is able to recover, the resistance will lie at $75.20.
Tomorrow, traders should look at oil inventories data at 18:00 MT time. If there is a greater decline than anticipated, both oil benchmarks will rise.
That’s all for today! Follow market news with FBS!
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.
Great news for oil bulls! OPEC and its allied producers agreed to expand output cuts for the next month.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
The European Central Bank publishes its monetary policy statement that includes an announcement of the interest rate on March 11, at 14:45 MT time.
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