The market was positive yesterday as equity markets were positive across the board as we saw American and European Indices close the day out on a positive note, recovering significantly from last week’s selloff that was experienced. The Dollar lost some value during the course of the day, as some profit-taking came into the market following the planned interest rate hikes that the Fed announced last week with the FOMC.
The commodity market was positive yesterday as Gold and Silver found some stability as the immense selloff came to a halt, for the time being, Brent edged higher as it made a new high for the year, as it traded at $74.50 at the time of writing.
Before the European Open, the New Zealand Dollar was the strongest currency against all major currencies with the Pound and Australian Dollar the weakest of the major currencies.
Keep an eye out for Powell set to testify in front of the House Select Subcommittee on the Coronavirus Crisis this evening as he might give some hints on the Fed’s plan of action for the remainder of the year.
8:00 pm - Fed Chair Powell Testifies
Due to testify on the Fed’s emergency lending programs and current policies before the House Select Subcommittee on the Coronavirus Crisis