The Fed, the whole Fed and nothing but the Fed
– The USD Index (DXY) reached three-week highs past the 104.00 mark on Tuesday, despite a decline in US yields.
– The Federal Reserve’s interest rate decision and the FOMC Economic Projections, along with Chair Jerome Powell’s press conference, are scheduled for Wednesday.
– The EURUSD pair fell to multi-week lows near the 1.0830 region, testing the critical 200-day SMA.
– ECB’s Christiane Lagarde is set to speak on Wednesday, and the European Commission will release its flash Consumer Confidence gauge.
– The GBPUSD pair moved beyond 1.2700 towards the end of the NA session on Tuesday after reversing an earlier pullback to the 1.2670 zone.
– The UK will report the Inflation Rate on March 20.
– The USDJPY pair approached the 151.00 mark, near 2024 highs, due to increased selling pressure on the yen following the BoJ rate hike.
– The AUDUSD pair approached the 0.6500 support level for the fourth consecutive session, influenced by a stronger USD and the RBA’s dovish stance. The RBA’s Consumer Inflation Expectations are due on March 20.
– WTI oil prices surpassed .00 per barrel, reaching four-month highs, driven by geopolitical factors and anticipated stronger demand.
– Gold prices saw modest losses around the ,150 per troy ounce zone, affected by the stronger Dollar and lower US yields.
– Silver prices dropped for the second consecutive session after reaching highs near .50 per ounce on Friday.