Forex Today: Markets remain calm at the start of a week full of high-level events

This is what you need to know to trade today monday march 6:

Financial markets are relatively quiet early Monday as investors refrain from taking large positions in anticipation of the key events this week. The data from February retail sales will be included in the European economic agenda and January factory orders of the US will be analyzed later in search of a new impetus. FOMC Chairman Jerome Powell will testify on monetary policy before the Senate Banking Committee on Tuesday and before the House Financial Services Committee on Wednesday.

The positive turnaround in risk sentiment seen late Friday made it difficult for the US dollar to find demand and the DXY Dollar Index closed the last day of the week in negative territory. On this European morning today, the DXY index It is moving sideways around 104.50 and the 10-year US Treasury yield is holding below 4%. US stock index futures are trading slightly higher, reflecting cautious sentiment.

He EUR/USD managed to post small gains last week thanks to Friday’s bounce. The pair is trading in a tight range around 1.0650 early Monday. Although the president of the European Central Bank, christine lagardereiterated in his last public appearance that a rise of 50 basis points in March is very likely, mario rye, the ECB’s monetary policy officer, said on Monday that the decision on the size of the next rate hike should be based on data. “Interest rates have risen too fast“, added Centeno and argued that the ECB should not rush to conclusions.

After last week’s turmoil, the pair GBP/USD appears to have stabilized above 1.2000 early Monday. Investors closely follow news related to the Brexit.

To the AUD/USD he is having a hard time making a decisive move in either direction on Monday. In the Asian session on Tuesday, the Reserve Bank of Australia (RBA) will announce its monetary policy decision. According to Reuters estimates, the RBA is expected to raise its key rate to 3.6% from 3.25%.

He USD/JPY it fell below 136.00 late on Friday and closed the previous week virtually unchanged. The pair is moving sideways near 135.50 early Monday.

The price of gold it benefited from a pullback in US Treasury yields late last week and ended up snapping a four-week losing streak. XAU/USD is stable above $1,850 on Monday.

After the sharp drop on Friday, the Bitcoin spent the weekend in a very tight range. BTC/USD is quiet on Monday and flat on the day around $22,400. He ethereum it failed to stage a rebound over the weekend and lost nearly 5% last week. ETH/USD is trading sideways near $1,550 on Monday morning in Europe.