News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View more
Real Time News
  • 🇳🇿 ANZ Business Confidence Final (OCT) Actual: -13.4 Previous: -7.2
  • Heads Up:🇳🇿 ANZ Business Confidence Final (OCT) due at 00:00 GMT (15min) Previous: -7.2
  • The Japanese Yen has found some support after weakening this month against the US Dollar and Euro. Have we seen the top in USD/JPY and EUR/JPY? Find out from @ddubrovskyFX here:
  • Hello traders! I will be starting the webinar shortly, resuming the discussion on how retail traders are back to tending to sell Wall Street Signup for the session below to find out what that means for markets going forward!
  • Join @ddubrovskyFX at 19:00 EST/23:00 GMT for a webinar on what other traders' buy/sell bets say about price trends. Register here:
  • 🇳🇿 Balance of Trade (SEP) Actual: N$-2171M Previous: N$-2139M
  • RT @BrendanFaganFx: Nasdaq 100 Edges Higher as Microsoft, Alphabet, Twitter Report Earnings $NDX $NQ_F $QQQ $MSFT $GOOGL $TWTR Link: http…
  • Heads Up:🇳🇿 Balance of Trade (SEP) due at 21:45 GMT (15min) Previous: N$-2144M
  • NZD/USD struggles to retain the advance from the start of the week following an unexpected improvement in US household sentiment. Get your %NZDUSD market update from @DavidJSong here:
  • Seriously Twitter, how do you beat on revenue and miss so significantly on EPS. The flexibility in GAAP is so wide, you could drive a truck down the middle path...
Dow Jones Index Trims Gains as Fed Chair Powell Briefs Congress

Dow Jones Index Trims Gains as Fed Chair Powell Briefs Congress

Thomas Westwater, Analyst

Fed Chair Powell Testimony, Recession, COVID-19, Dow Jones Index – Talking Points:

  • Fed Chair Powell briefs Senate Banking Committee in Semi-annual address
  • Equity market strength took a hit on China COVID-19 news
  • Fed Chair Powell notes economic recovery may take some time

Federal Reserve Chairman Powell testified before the Senate Banking Committee Tuesday morning, where members of the Senate were briefed and allowed to question Chair Powell on the current state of the economy and Fed policies. Equity market strength remains following the testimony to congress, but fell from its intraday highs as news out of Beijing crossed the wires revealing that Beijing raised its emergency level as COVID-19 cases appear to be increasing. This follows equity markets receiving a boost Tuesday morning from better than expected retail sales figures for the United States.

Dow Jones Index (3-Min Chart)

Please add a description for the image.

Source: IG Charts

In his testimony, Chair Powell reiterated recent sentiment that the Fed is committed to using all its tools to bolster economic activity in response to the COVID-19 pandemic. More unconventional proposals being called for recently, such as negative rates, were once again shot down as Chair Powell said negative interest rates are “not attractive” for the United States. However, yield curve control (where the Fed would purchase targeted maturity bonds to keep a ceiling on rates) is being looked at by the Federal Reserve, although Powell stated that it is in the early stages and no decision to it being used in the future has been made yet.

Chair Powell also called attention to the path of the federal budget being on an unsustainable path. Still, it was suggested that more fiscal stimulus may be needed and noted that the path to recovery will be a long road that is highly dependent on the path of the virus in the United States. Turning to Fed facilities, particularly the bond market, Chair Powell said he doesn’t want the Fed going through the bond market “like an elephant,” but also stated that it is still necessary to be ready to step in if things get bad.

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