Attention is focused on the content of Fed Chair Powell’s congressional testimony

Attention is focused on the content of Fed Chair Powell’s congressional testimony

02.03.2022

U.S. currencies traded relatively firmly yesterday, with GBP/USD falling by about 130 pips from 1.343 to 1.330.On the daily chart, GBP/USD has firmly broken through its resistance level and is falling with momentum that could push it toward this year’s low of 1.316; therefore, we should keep a close eye on whether it breaks below that level. Additionally, the U.S. ISM Manufacturing Index for February, released yesterday, came in at 58.6, up 1 point from the previous reading and exceeding market expectations of 58.0.

European currencies are trading weakly as the situation in Ukraine continues to deteriorate; the euro has fallen by approximately 150 pips against the U.S. dollar, from 1.123 to 1.108. The euro/dollar pair has already hit a new low for the year, and if it breaks below 1.108 with a closing price below that level, there will be no significant support until around 1.088, so we need to closely monitor the market’s direction.

Today’s schedule includes the UK Nationwide House Price Index at 16:00 CET, the German unemployment rate at 17:55 CET, the Eurozone Consumer Price Index at 19:00 CET, and the US MBA Mortgage Applications Index at 21:00 CET; followed by the US ADP National Employment Report at 22:15 ET and remarks by Chicago Fed President Evans at 23:00 ET:Chicago Fed President remarks, 11:30 PM US: Braad:St. Louis Fed President remarks, at 00:00 the Canadian BOC policy rate and statement, U.S. Fed Chair Powell’s congressional testimony, at 00:30 U.S. weekly crude oil inventories, at 03:30 MPC member Tenreyro’s remarks, and at 04:00 the U.S. Federal Reserve Beige Book are scheduled to be released.We will pay close attention to Fed Chair Powell’s remarks today and wait to see which direction the U.S. dollar takes.

Past Market Reports

1. 22.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 21.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 20.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 17.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 16.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 15.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 14.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

8. 13.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 10.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

10. 09.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?