Market Drivers – US Session, March 19

Mohamed Abdelhamid 20 March, 2024 5:21 am Commodities, Forex Market, Market Update

The US Dollar continued its recent strength, pushing the USD Index (DXY) above 104.00 earlier on Tuesday, though the gain was short-lived and it was last seen at 103.871. All eyes are now focusing on the Federal Reserve’s interest rate decision later Wednesday, along with their economic projections and Chair Powell’s press conference.

Key Events for Today (March 20):

Federal Reserve: The Fed’s interest rate decision is the main event, impacting markets worldwide.

ECB: Christine Lagarde, President of the European Central Bank, delivers a speech.

European Commission: Flash Consumer Confidence data for the Eurozone is released.

UK: Inflation Rate data is published.

Australia: RBA’s Consumer Inflation Expectations report is due.

Oil: WTI crude oil prices hold near four-month highs on geopolitical tensions and expectations of rising demand.

Gold, Silver: Gold prices retreat after modest gains yesterday, pressured by a stronger dollar. Silver prices follow a similar trend.

Other Highlights:

The Euro (EUR) extended its decline from Monday, reaching multi-week lows near 1.0830.

The British Pound (GBP) recovered from an earlier dip and closed above 1.2700.

USD/JPY surged close to the key 151.00 level, its highest point in 2024, as the Japanese Yen (JPY) weakened after the

Bank of Japan’s rate hike.

The Australian Dollar (AUD) continued its four-day slide as the USD strengthened and the Reserve Bank of Australia (RBA) maintained a dovish stance.

Also Read:

Pound Holds Steady Ahead of Key Data, Rate Decisions

Bitcoin Pulls Back After Record High: Correction or More to Come?

Gold Price Dips on Strong Dollar, Awaits FOMC Decision

USD/JPY Continues to Rise Despite Japanese Rate Hike

US bond yields decline ahead of the Fed’s decision

USD/CAD Climbs After Canadian Inflation Data