{"id":4096,"date":"2021-02-23T08:21:00","date_gmt":"2021-02-23T08:21:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=4096"},"modified":"2021-02-23T11:53:50","modified_gmt":"2021-02-23T11:53:50","slug":"markets-buoyant-ahead-of-powell-testimony","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/markets-buoyant-ahead-of-powell-testimony\/","title":{"rendered":"Markets buoyant ahead of Powell testimony"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"4096\" class=\"elementor elementor-4096\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9dea1cc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9dea1cc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-43bfdb8\" data-id=\"43bfdb8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-cc84a42 elementor-widget elementor-widget-text-editor\" data-id=\"cc84a42\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The ongoing breakout rally in the commodity sector shows few signs of stopping this morning as WTI and Brent trade at new 2021 highs. <a href=\"https:\/\/bit.ly\/36zX46y\" target=\"_blank\" rel=\"noopener\">Brent oil<\/a> is trading up +1.8 percent on the day, while <a href=\"https:\/\/bit.ly\/2NWFAe8\" target=\"_blank\" rel=\"noopener\">WTI oil<\/a> is close on its heels, and trades higher by around +1.6 percent on the day so far.<\/p><p>Metals are also getting in on the act, with the price of tin and <a href=\"https:\/\/bit.ly\/3mDrHgr\" target=\"_blank\" rel=\"noopener\">copper<\/a> trading at decade highs this morning. <a href=\"http:\/\/bit.ly\/2ZsFzPL\" target=\"_blank\" rel=\"noopener\">Gold<\/a> has moved back above the $1,815 level, marking a $50.00 recovery from the lows of last week, while <a href=\"http:\/\/bit.ly\/319C7df\" target=\"_blank\" rel=\"noopener\">silver<\/a> is making solid traction above the $28.00 level.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-79f3291 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"79f3291\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-86b12dc\" data-id=\"86b12dc\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-57dca55 elementor-widget elementor-widget-image\" data-id=\"57dca55\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"602\" height=\"290\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/BRENT-1W-3.png\" class=\"attachment-large size-large wp-image-4099\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-169de1a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"169de1a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d9c8a73\" data-id=\"d9c8a73\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-90138ab elementor-widget elementor-widget-text-editor\" data-id=\"90138ab\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3oAeh5W\" target=\"_blank\" rel=\"noopener\">Natural gas<\/a>, <a href=\"https:\/\/bit.ly\/3uxJ07Z\" target=\"_blank\" rel=\"noopener\">gasoline<\/a>, and heating oil are also posting solid gains on Tuesday as the bad weather in the United States causes traders and investors to turn bullish towards the energy sector.<\/p><p>Hope over improving global growth as the end of lockdown over the spring and summer period is giving US futures markets a boost and helping to lift Asian markets this morning. The <a href=\"https:\/\/bit.ly\/3aPYU60\" target=\"_blank\" rel=\"noopener\">Nikkei 225 index<\/a> is at record highs today, while the Hang Seng is trading up close to +2 percent intraday.<\/p><p>The <a href=\"https:\/\/bit.ly\/3mx6EMD\" target=\"_blank\" rel=\"noopener\">S&amp;P 500<\/a> is also trading higher and will look to break its four-day losing streak as the tech sector starts to struggle. The <a href=\"https:\/\/bit.ly\/3pgmDjW\" target=\"_blank\" rel=\"noopener\">Nasdaq<\/a> also looks to break a five-day losing run. European markets are also set to open higher, with the <a href=\"https:\/\/bit.ly\/2KrHPof\" target=\"_blank\" rel=\"noopener\">German DAX<\/a> and the <a href=\"https:\/\/bit.ly\/3aKVHV5\" target=\"_blank\" rel=\"noopener\">CAC 40<\/a> leading the advancers.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-68b6739 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"68b6739\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-bfcbf6e\" data-id=\"bfcbf6e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b9d180d elementor-widget elementor-widget-image\" data-id=\"b9d180d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"602\" height=\"289\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/UsaTec-1d-1.png\" class=\"attachment-large size-large wp-image-4100\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-021c4d9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"021c4d9\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-335bda5\" data-id=\"335bda5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1d8b505 elementor-widget elementor-widget-text-editor\" data-id=\"1d8b505\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Antipodean currencies continue to be the star performers the foreign exchange market as the ongoing rally in the commodity sector helps to lift the <a href=\"http:\/\/bit.ly\/2yFD0hu\" target=\"_blank\" rel=\"noopener\">Australian<\/a> and <a href=\"http:\/\/bit.ly\/2KflF5J\" target=\"_blank\" rel=\"noopener\">New Zealand dollar<\/a> to multi-year highs.<\/p><p><a href=\"http:\/\/bit.ly\/2Zn4HaM\" target=\"_blank\" rel=\"noopener\">Sterling<\/a> is making traction above the 1.4000 handle as traders await a raft of jobs data from the United Kingdom this morning. The <a href=\"http:\/\/bit.ly\/2YAQOVh\" target=\"_blank\" rel=\"noopener\">euro<\/a> is also benefitting from broad-based weakness in the <a href=\"https:\/\/bit.ly\/37m9dMU\" target=\"_blank\" rel=\"noopener\">US dollar index<\/a>.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8716495 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8716495\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-87d103e\" data-id=\"87d103e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-feec0bf elementor-widget elementor-widget-image\" data-id=\"feec0bf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"602\" height=\"289\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/gbpusd-1w-2.png\" class=\"attachment-large size-large wp-image-4101\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-fb54289 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"fb54289\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a9fb8a8\" data-id=\"a9fb8a8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d9907b1 elementor-widget elementor-widget-text-editor\" data-id=\"d9907b1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Bitcoin is trading lower by around -10 percent on the week. No major catalyst behind the sell-off, however, the crypto exchange Kraken observed major technical problems yesterday, with some big name cryptos dropping by as much as fifty percent.<\/p><p><strong>Data Watch<\/strong><\/p><p>During the European session, the release of UK jobs data and eurozone CPI is set to headline the economic docket. The EU CPI release is largely set to be a non-event; however, UK jobs data could be a big market mover for sterling and the <a href=\"https:\/\/bit.ly\/3ra7ySw\" target=\"_blank\" rel=\"noopener\">FTSE 100<\/a>.<\/p><p>The UK unemployment rate is set to increase to 5.1 percent, while UK jobless claims are predicted to increase by 35,000. Average wages are forecasted to come in slightly higher. Overall, sterling has plenty of scope to correct lower on worse-than-expected jobs data as it trades at multi-year highs, around the 1.4100 level.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6e5b00b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e5b00b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c4a1563\" data-id=\"c4a1563\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0755bd5 elementor-widget elementor-widget-image\" data-id=\"0755bd5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"602\" height=\"308\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/02\/CHART-1-11.png\" class=\"attachment-large size-large wp-image-4103\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bc1f184 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bc1f184\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-dc83dc0\" data-id=\"dc83dc0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-021920c elementor-widget elementor-widget-text-editor\" data-id=\"021920c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>US Consumer Confidence and FED Chair Powell\u2019s testimony headline the US trading session. Market participants will be closely listening to see Powell\u2019s thoughts on the current situation of the US economy, and his thoughts on rising inflation and the prospect of the central bank raising rates sooner-than-expected.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The ongoing breakout rally in the commodity sector shows few signs of stopping this morning as WTI and Brent trade at new 2021 highs. Brent oil is trading up +1.8 percent on the day, while WTI oil is close on its heels, and trades higher by around +1.6 percent on the day so far. Metals [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,5,6,2,7],"tags":[176,58,109,42,20,28,43,125,49,297,48],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Markets buoyant ahead of Powell testimony - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/markets-buoyant-ahead-of-powell-testimony\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Markets buoyant ahead of Powell testimony\" \/>\n<meta property=\"og:description\" content=\"The ongoing breakout rally in the commodity sector shows few signs of stopping this morning as WTI and Brent trade at new 2021 highs. Brent oil is trading up +1.8 percent on the day, while WTI oil is close on its heels, and trades higher by around +1.6 percent on the day so far. 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