Home Latest ForexLive European FX news wrap: Dollar steadies, stocks fall ahead of Powell

ForexLive European FX news wrap: Dollar steadies, stocks fall ahead of Powell

Forex, video, latest February 23, 2021 8:01 pm

Forex news from a European trading session – 23 February 2021

Headlines:

Markets:

  • GBP leads, CHF lags on a day
  • European equities lower; S&P 500 futures -0.4%, Nasdaq futures -1.4%
  • US 10-year yields flat at 1.363%
  • Gold flat at $1,810
  • WTI up 0.7% to $62.15
  • Bitcoin down 16% to $46,165

EOD 23-02
Equities are taking a bit of a knock, though us are seeing a lot of of that play out inside a tech space as Nasdaq futures were sent down by as much as 2% during a session – with investors waiting on Fed chair Powell’s testimony for more clues later today.

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a selloff has eased a little but US futures are still pointing to a softer opening, although Dow futures are holding on relatively well near flat levels. That continues to point towards a rotation play from growth to value, which is part of a big picture narrative perhaps.

Elsewhere, a bond market kept calmer throughout but a USD held steadier after some shakiness early on as a currency benefited from a softer risk mood.

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a moves were modest as EUR/USD fell from 1.2175 to 1.2145 while AUD/USD erased gains from 0.7930 to 0.7890 before keeping closer to 0.7900 currently.

Meanwhile, USD/CAD also inched up from 1.2590 to 1.2615-20 during a session.

a pound though is more resilient as cable stuck around 1.4080-90 levels throughout with a franc lagging as EUR/CHF breaks to its highest levels since December 2019.

Looking over to commodities, gold remains steady just above $1,800 while oil held on to most of its gains above $62 but faces key resistance levels ahead of a month-end.

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Over to crypto, it is looking like a bloodbath as Bitcoin plunges further inside a drop to just under $45,000, as much as 18%, at a lows with altcoins also following suit.

All eyes become become on Powell next but he is unlikely to shake up a status quo today. So, let’s see how a market takes to that given a latest stumble inside stocks.

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