US dollar remains in the green as markets open on Monday.
The US Dollar (USD) is in for a very busy week, and US Dollar traders will need to keep an eye on their screens to avoid missing any headlines or comments.
Markets are bracing for potential headline risks ahead of Friday’s US jobs report.
This week will include two major events: the hearing of US Federal Reserve Chairman Jerome Powell. Who will confront Senator Elisabeth Warren and other politicians in Congress. And the US Jobs Report. . Meanwhile, headlines from the Chinese National People’s Congress and US President Joe Biden’s State of the Union address could cause some momentary volatility.
On the economic front, all eyes will be on the usual suspects ahead of the US Jobs data. Which includes the ADP Nonfarm Employment number and the JOLTS Job Openings data on Wednesday. As typically, there is no connection between ADP and Nonfarm Payrolls on Friday. But there is plenty to cause volatility in addition to the more than five US Fed speakers other than Jerome Powell who are scheduled to talk on the markets.
Daily Market movers: Headline risk is more than NFP.
A brief period of worry when social media indicated that an item had crashed near the Polish border. After a few moments, It turned out to be a weather balloon.
Patrick Harker, the head of the Philadelphia Fed, is scheduled to speak later on Monday, at 16:00 CET.
Around 16:30 GMT, the US Treasury will go to the markets to allot a three-month and six-month bill.
For the first time, Japan’s Nikkei Index has risen above 40,000.
Nikki Haley won the Columbia District (Washington, DC) primary. Ending former US President Donald Trump’s winning streak.
A couple factors to mark on your schedule for this week that could carry some significant headline risk:
China’s National Party Congress runs from March 5 to March 11. Be on the alert for any news on relaxing and stimulus support for Chinese markets.
Super Tuesday is approaching, as There are primaries for both Republicans and Democrats in 17 states.
US President Joe Biden is scheduled to deliver his State of the Union address on Thursday.
Equities are seeking for direction, with no significant outliers to report. The only thing worth mentioning on the far end of the risk spectrum is that Bitcoin is up about 3.5% this Monday.
According to the CME Group’s FedWatch Tool, there is a 97% chance of a Fed pause at the March 20 meeting, with 3% chance of a rate drop.
The benchmark 10-year US Treasury Note trades around 4.22%, basically sideways considering last week’s range.
