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US Dollar, S&P 500 Brace for Powell Comments as Easing Bets Spike

US Dollar, S&P 500 Brace for Powell Comments as Easing Bets Spike

2019-10-08 06:30:00
Dimitri Zabelin, Analyst
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Eurozone Economy, US Dollar, Euro Outlook

  • Traders will be closely watching Powell for key comments
  • Equity markets cross fingers that Fed shifts more dovish
  • US-China trade relations remain headline risk for the week

Learn how to use political-risk analysis in your trading strategy!

The US Dollar and local equity markets will be closely listening to Fed Chairman Jerome Powell as he speaks at the NABE conference in Denver. Traders will be scrutinizing his commentary after last week’s dismal data dump and worsening US-China trade war relations. The economic conflict continues to be a major headwind to businesses and has negatively impacted consumer and companies sentiment.

Early into Asia’s Tuesday trading session, Washington blacklisted eight Chinese companies on the basis of violating human rights violations. This comes shortly after sources had said Chinese Vice Premier Lie He’s visit to Washington from October 10 to 11 will not include discussions on intellectual property rights. Considering this is a major issue on the trade agenda, this may be setting up the talks for a standstill or worse.

US President Donald Trump reiterated that a half-baked deal is “not one we prefer at all”. Volatility in financial markets may be relatively muted until updates are given on the state of US-China trade talks. This is because of the sheer magnitude a truce or deterioration could have on global growth prospects and monetary policy from central banks all over the world.

Market Analysis of the Day: Global Growth Prospects Present Gloomy Outlook

Chart showing Manufacturing PMI Data

FX TRADING RESOURCES

--- Written by Dimitri Zabelin, Jr Currency Analyst for DailyFX.com

To contact Dimitri, use the comments section below or @ZabelinDimitrion Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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