- European session review: USD mixed as focus shifts to Fed chair Powell's testimony
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European session review: USD mixed as focus shifts to Fed chair Powell's testimony
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 07:00 | United Kingdom | Average earnings ex bonuses, 3 m/y | December | 3.6% | 4% | 4.1% |
| 07:00 | United Kingdom | Average Earnings, 3m/y | December | 3.6% | 4.1% | 4.7% |
| 07:00 | United Kingdom | ILO Unemployment Rate | December | 5% | 5.1% | 5.1% |
| 07:00 | United Kingdom | Claimant count | January | -20.4 | -20 | |
| 07:30 | Switzerland | Producer & Import Prices, y/y | January | -2.3% | -2.1% | |
| 10:00 | Eurozone | Harmonized CPI | January | 0.3% | 0.2% | 0.2% |
| 10:00 | Eurozone | Harmonized CPI ex EFAT, Y/Y | January | 0.2% | 1.4% | 1.4% |
| 10:00 | Eurozone | Harmonized CPI, Y/Y | January | -0.3% | 0.9% | 0.9% |
| 11:00 | United Kingdom | CBI retail sales volume balance | February | -50 | -38 | -45 |
USD traded mixed against its major rivals in the European session on Tuesday as market participants prepared for the Fed chair Powell's appearance in front of the U.S. Senate Banking Committee later today with his semi-annual testimony on the economy.
The U..S. currency rose against CHF, JPY and AUD, changed little against EUR and CAD, and fell against GBP and NZD. The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, increased 0.12% to 90.12.
In Powell's testimony, close attention will be paid to his comments on the inflation prospects and growing Treasury bond yields. It is possible that the Fed's chairman may play down the risk of inflation despite President Joe Biden’s massive $1.9 trillion COVID-19 relief package. In the past, Powell had cautioned that inflation could rise, but only temporarily, as the economy recovers.
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