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Market Week Ahead: Fed Speech, Central Bank and Oil Futures

Last week recap

It was a solid week for the US Dollar, which after persistent weakness, managed to see gains against the majority of its G10 counterparts.

Investors pivoted back into growth equities this past week. On Wall Street, the tech-heavy Nasdaq Composite (+1.85%) outperformed the value-oriented Dow Jones Industrial Average (-0.80%).

Fed Speech and Central Bank

Traders may be further accepting the Federal Reserve’s outlook for the economy, seeing near-term rising inflationary pressures as transitory. 

All eyes are on the Fed on Wednesday. Chair Jerome Powell will almost surely be questioned about the latest CPI report and what the path for policy tapering could look like. The central bank will also release updated interest rate expectations.

Forex Pairs 

For the Euro and Canadian Dollar, inflation data will be closely eyed from Germany and Canada respectively. The Australian Dollar could be vulnerable to RBA meeting minutes if the central bank reiterates its reluctance to hike rates until much further out.

Crude Oil Futures

WTI crude oil prices are hovering around the highest since October 2018, closing at a new high for this year so far. The commodity could see volatility if tensions between the US and Russia worsen.

(source: Dailyfx)

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