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.
Notice on implementing UN resolutions is issued by China’s key bank
On Monday, China's major financial institution issued a statement as for the implementation of UN Security council resolutions without specifying the affected parties as well as other details.
The People's Bank of China announced that Chinese financial agencies as well as specific non-financial institutions require recording the related individuals and also entities in their system and conducting retrospective investigation once they get the ruling from China’s foreign ministry.
The notice didn’t stress which UN resolution it would actually comply with or which entities or individuals would be targeted.
As a matter of fact the UN Security Council is expected to vote on new sanctions on North Korea a bit later in the day.
Obviously, a US-drafted resolution initially calling for a crude embargo on the North, a painful halt to its major exports of textiles and also subjecting leader Kim Jong Un to a travel and financial ban, turns to have been watered down just to appease China and Russia that both have veto powers.
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.