
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.
On Monday, China is about to strengthen its supervision of overseas investment risks as well as capital flows from insurance funds, as the insurance regulator informed on Monday, stressing that it’s about to make businesses improve their risk monitoring systems.
In 2017, China has cracked down on “wrong” overseas investment suspected to be a way of disguising capital flight as the Chinese currency dropped.
While the Chinese Yuan has staged a steep turnaround for the last months and outflows have slumped, the Chinese government has demonstrated no signs of easing the campaign. In August, the state council told that China is on the verge of limiting overseas investment in hotels, property, sports clubs, entertainment as well as film industries.
Some overseas investments have failed because of heightened official scrutiny. The previous month Dalian Wanda Group told that it had confounded plans to purchase Nine Elms Square in London, which is the fresh setback for the Chinese conglomerate.
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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