As Tuesday’s European trading session gets underway, participants will be bracing themselves for what will be an eventful afternoon. Fed chairman, Jerome Powell will be testifying in front of Congress. The first part of the event involves Powell reading a prepared statement which is then followed by a round of questions.
Themes revolving around interest rates, inflation, the consumer, and businesses will all be included. As a result, we likely witness some market-moving rhetoric from arguably the world’s most influential central bankers. The US dollar will react accordingly. Hawkish sentiment will boost its value whilst any commentary that verges on the dovish side will create a sell-off.
The testimony commences at 3 pm this afternoon and will no doubt create volatility across financial markets. If you have any price levels you would like monitored, please let your Cornhill representative know.
Written by Viv Savani. 8:07am, March 7th 2023
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