These Market Movements Traders Need To Know Ahead Of Powell's Speech! - Kakiforex | Forex markets for the smart money. These Market Movements Traders Need To Know Ahead Of Powell's Speech! These Market Movements Traders Need To Know Ahead Of Powell's Speech!

May 4, 2021

These Market Movements Traders Need To Know Ahead Of Powell's Speech!

 The US dollar fell against major currencies on Monday causing previously enjoyed gains to decline. This is due to declining treasury yields and less encouraging data.


U.S. manufacturing activity grew at a slower pace in April due to supply shortages. The US dollar index was down 0.4% to an exchange rate of 90.88, slipping to a 2 -month low.


According to analysts, Shaun Osborne thinks the big rise in the US dollar last Friday has stopped the selling of the currency, hence this fall is one of the corrective processes.



Bearish sentiment against the dollar rose after a brief pullback. The dollar also fell against the euro on Monday after polls showed growth in eurozone factory activity soared to its highest level in April, driven by rising demand and pushing up hiring.


On the other hand, the comments of Luis de Guindos, vice -president of the European Central Bank, also pushed for the strengthening of the Euro. The ECB will lift control restrictions after the vaccination process is widely distributed.


The Australian and New Zealand dollars were stronger on Monday, though not enough to reverse Friday’s losses.


Jerome Powell is expected to give a speech early Tuesday morning. The market’s focus is now on Powell’s speech.