Should we pay attention to statements made by various dignitaries?
22.03.2021
- Remarks by Federal Reserve Chair Powell
- U.S. 10-Year Treasury Yield Rises Again
Last weekend, the rally in both European and U.S. stock markets came to a halt, giving way to a market characterized by falling stock prices, a weaker U.S. dollar, and rising interest rates. The yield on the 10-year U.S. Treasury note stood at 1.68%. Another factor contributing to the decline in stock prices was the Federal Reserve’s announcement that it would not extend the relief measures regarding the Supplementary Leverage Ratio (SLR) for major financial institutions, with the measures set to expire at the end of March.
The foreign exchange market opened with cross-yen pairs gapping down for the first time in a while. The euro/dollar pair also opened with a downward gap, and as of the current Asian session, the gap has not yet been filled, with the pair currently trading around 1.185. Oceania currencies are also trading weakly, with the declines in the Australian dollar/yen and New Zealand dollar/yen pairs particularly noticeable among the cross-yen pairs.
Today, the Chicago Fed National Activity Index is scheduled for release at 9:30 p.m. ET, followed by remarks from Bundesbank President Weidmann at 10:00 p.m. ET and remarks from Federal Reserve Chair Powell at 10:00 p.m. ET.Additionally, at 11:00 PM, U.S. existing home sales data is scheduled, along with remarks by Richmond Fed President Barkin. Furthermore, remarks by San Francisco Fed President Daly are scheduled for 2:00 AM, followed by remarks from Fed Vice Chair Quarles at 2:30 AM. We will closely monitor how these various key figures’ remarks impact market movements at the start of the week.
Author: Keisuke Sakurai
