Forex Daily Forecast, Analysis and Prediction

U.S Federal Reserve Chairman Jerome Powell essentially dumped cold water on the short-term hopes for a weaker USD yesterday.

The S&P 500 index faces a challenging trading environment, struggling to rally past key resistance levels.

The US dollar has rallied rather significantly as Jerome Powell reiterated the need to stay “tighter for longer” by the Federal Reserve in front of Congress.

The AUD/USD price plunged to the lowest level since November last year after the hawkish statement by the Federal Reserve chair.

The GBP/USD pair dived to November lows after a hawkish statement by Jerome Powell and a warning by a Bank of England (BoE) official about the British pound.

The EUR/USD exchange rate dropped sharply after the hawkish tone by Jerome Powell.

Japanese Yen one of the stronger currencies against the US Dollar.

The bulls’ control over the direction of the price of the USD/JPY currency pair awaits the reaction from the testimony of US Central Bank Governor Jerome Powell today and tomorrow.

XAU/USD (gold) futures ended Monday's session flat after snapping a four-week losing streak.

The GBP/USD exchange rate has remained weak while the possibility of a recovery seems to be slipping further from view in recent trades.

The EUR/USD exchange rate appears to be drawing a line below the losses incurred in February last week.

The British pound has been trading in a tight range over the course of Monday's trading session, with the market struggling to find a clear direction.

Spot natural gas prices (CFDS ON NATURAL GAS) fell during their early trading on Tuesday, to incur slight daily losses until the moment of writing this report by -1.33%.

The Dow Jones Industrial Average advanced slightly during its recent trading on intraday levels, to achieve gains for the fourth day in a row, by 0.12%.

The TRY/USD stabilized against the US dollar during early trading this morning.