Will Fed Chair Powell’s Speech Cause a Shift in the market?

In comparison to a basket of other currencies, the dollar soared to its highest level since March 17 as a result of reports indicating lower-than-anticipated U.S. initial jobless claims and optimism around a potential deal to raise the country’s debt ceiling.

The dollar index settled at 103.521, up  0.64%, while USD INR settled at 82.74, up 0.38%.

Bullions extended its fall following the strength in the dollar. Gold prices settled at 59723, down 0.70%. Silver settled at  72143, down by 0.70%.

Copper retreated from the day’s high and settled at 718.50, down by 0.65%., Zinc down by 1.7.% settled at 223.20. Aluminium prices are up by 0.23% at 208.85.

After strong U.S. economic statistics drove the dollar to a two-month high on rising hopes that the U.S. Federal Reserve would increase interest rates, once again in June, crude oil prices dropped downwards.

Brent crude futures were down by 1.50% to $75.57 a barrel. U.S. West Texas Intermediate crude was at $71.56 a barrel, down 1.40%. MCX crude oil fell by 1.40% and settled at 5930.

Economic data and events to watch


At 10.00 am – Tertiary Industry Activity m/m. Data foresaw 0.3% lower from 0.7%.

U.K :

At 3.30 pm -MPC Member Haskel Speaks will have to closely watch.

Eurozone :

At 11.30 am – German PPI m/m is to be released. Data is foreseen at -0.5% from -2.6%.

 At 1.30 pm – ECB Economic Bulletin.

The above data is expected to have a volatile impact on the Euro.


At 6.00 pm- Core Retail Sales m/m is to be released. Data is foreseen at -0.8% from -0.7%.

Retail Sales m/m, data foreseen a contraction by -1.3% lower from -0.2%.

The above data is expected to have a negative impact on the dollar.


At 6.15 pm, FOMC Member Williams shall speak. Following that, at 6.30 pm FOMC Member Bowman and at 8.30 pm – Fed Chair Powell Speaks. The market will react strongly during his speech.