Forex Signals Brief for Feb 26: Powell to Testify – Dollar on Watch
Rowan Crosby • 2 min read
US Federal Reserve Chairman Powell will head to Capitol Hill today to testify before Congress.
It has been a very interesting few weeks for the Fed boss, who has come out and taken a more dovish stance on monetary policy. That has seen the USD fade, but there will be much interest in his statement and if there is any change of tone. If not we might see even more downside ahead for the Greenback.
There have been some positive developments on trade and the economy has been going reasonably well based on the number of jobs being created. So that might help shift the balance back up.
Along with Powell we also get some data on Consumer Confidence and Build Permits. While out of the UK PM May will be speaking and there is growing talk that she will be pushing back the Brexit timetable.
Forex Signal Update
The FX Leaders Team finished with 1 winning trades out of 2 trades in a quiet start to the week.
EUR/USD – Active Signal
The EUR/USD is still floating around the 1.1350 level although at the moment price is above that mark. We have really just been drifting lately after the bigger sell-off so we will need to wait and see how the USD reacts today.
EUR/CHF- Active Signal
The EUR/CHF has bounced back and is above support at 1.1350. We are effectively headed here with one bet each way, so the emphasis today will be on the USD reaction to Powell and the CHF.
Bitcoin is still holding below the $4,000 level, after the big push and subsequent dump.
We heard news recently that Ripple (XRP) will be headed to Coinbase, which has given the entire market a lift.
However, famed investor Warren Buffett has come out and called Bitcoin ‘delusional’, however, he did say Blockchain was ‘ingenious’.