Forex Today: Fed Members Debate 50Bps Hike

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  • Two members of the US Federal Reserve,
    Cleveland Fed President Loretta Mester and St. Louis Fed President James Bullard, indicated in remarks over the weekend that they would consider a rate hike of 0.50% instead of the expected 0.25% at the Fed’s next meeting in March.
  • The US Dollar continues to be strong , as markets are becoming more firmly convinced that the Dollar will reach a higher terminal rate above 5.25%.
    The greenback last week reached a 6-week high price.

    In the Forex market, the Australian Dollar is the strongest currency right now, while the Swiss Franc is the weakest.
  • The S&P 500 Index made a
    golden cross
    the week before last
    This is typically a strong long-term buy signal , although the price has fallen since then. However, stock markets generally are a bit higher since this week’s open, especially
    the hang seng index .
  • Kazue Ueda
    is scheduled to replace
    Haruhiko Kuroda as the new Governor of the Bank of Japan. He
    will be testifying before the Japanese Parliament this Friday , and his testimony will be keenly watched for clues of a changing monetary policy which could materially impact the Japanese Yen, which has been showing high volatility lately, with
    the usd/jpy currency pair
    in focus.
  • It is a public holiday today in the USA and Canada, so their markets will be closed today.
  • Some commodities
    are performing
    quite well, with some continuing to rise after having recently made significant bullish breakouts, notably
    cocoa .
  • Daily
    new global coronavirus cases
    decreased last week for the eighth consecutive week.
  • Total confirmed new coronavirus cases worldwide stand at over 678.7
    million with an average case fatality rate of 1.00%.
    Daily new confirmed cases have fallen to a low level not seen since June 2020, shortly after the start of the pandemic
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