The US dollar is holding onto Thursday's recovery, The presidential debate was more civilized than the previous one and post-event opinion polls are awaited. Following prepared remarks, Powell will take part in a question and answer session. Upon his return to the White House, he tried to show that luck had nothing to do with his victory over illness. Mr. Powell also serves as Chairman of the Federal Open Market Committee, the System's principal monetary policymaking body. By Adam Button Front-month WTI futures’ reversal from day tops near $41 has extended to one-week lows at $39.55 on Friday after Baker Hughes reported that US oil and gas rigs increased to their highest level since May last week. Stocks are rather mixed in pre-market trading. With two hours left at the end of another long week, US stocks are down about 2%. The use of this website constitutes acceptance of our user agreement. It's been another rough day. The Dow fell 700 points, or 2.8%, on Friday as the market selloff intensified following an escalation in the US-China trade war. The PMI index for the services sector rose faster than expected from 56.9 to 57.8 in September. It was the worst day for stocks since August 14. Jerome Powell, Chairman of the Federal Reserve System, will be delivering his remarks on the monetary policy outlook at a press conference following the meeting of the Board of Governors. But look at the year-to-date performances of three primary indices: Please enable JavaScript for a better experience. Note: All information on this page is subject to change. Multiple daily strategies running 24/7 and FX expert guidance. Scroll through the posts below to see how it unfolded or follow CNN Business. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts. Fed Preview: Nine major banks expectations. Powell's speech today (June 10th, 2020) will start at 18:30 GMT. Gold’s upside attempt witnessed during the Asian and European trading sessions has been halted at $1,914 on the Early US session as market sentiment plunged and the precious metal has dropped to find support at $1,895. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. Investors will scrutinize each of Powell's words for any clues on the state of the economy. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. symposium. The focus of the speech is on the economy and the damage done during the coronavirus crisis. The attention of investors will, once again, be focused on the talks concerning the support plan between the two political camps in the United States. The headlines will cross before the speech Find out what Powell has to say live here: The text will be pre-released and we will have the highlights. There will be a Q&A afterwards. This is the fourth consecutive month after two months of contraction and 122 months of growth before that. Follow all the Fed updates, analysis, technical levels to watch and more, at the Fed Live Coverage. A reading above 50 indicates that the services economy is generally expanding, while a reading below 50 indicates that the services sector is contracting. This episode did not seem, for the moment, to change the political situation. China announced this morning it would impose tariffs on $75 billion worth of American goods. 3:59 PM ET Fri, 16 Oct 2020. Boeing (BA) was the only Dow component that ended the day in the green. Earlier, hopes for a stimulus bill faded and allowed the dollar to recover. Meanwhile, the US dollar has been on a franc decline ahead of the event, undermined by a better perception of risk, FXStreet’s Chief Analyst Valeria Bednarik informs. The market consensus is the Fed to stay on hold and as we get closer to the release time, here are the expectations forecast by the economists and researchers of nine major banks, regarding the upcoming FOMC meeting. Don't let it dominate your life”, he said on Twitter, adding that he feels better than he did 20 years ago.However; doctors say he may not be out of the woods yet. President Tump's promise earlier this month, majority of the cars they sell to Chinese customers in China. While the services PMI deteriorated much more in 2008 than it did this year, this is not the case for GDP, which will contract more sharply in 2020. This is CNBC's live coverage of Fed Chair Powell's virtual speech from the central bank's annual Jackson Hole, Wyo. GBP/USD has retreated from the highs around 1.31 after UK minister Truss reiterated that the UK could leave without a deal. However, to date, this statistic has been more a measure of the extent of the economic recovery rather than its actual pace. The move was in response to President Tump's promise earlier this month to impose tariffs on $300 billion of Chinese goods — though he relented and agreed to hold off on most of that until December to avoid hitting Christmas shoppers in the United States. While the latest US services PMI figures suggest a general recovery, uncertainties remain, such as the slowdown in growth in US employment, a support plan that is still under negotiation and the resurgence of covid-19 infections could lead to new restrictive measures, as is currently the case in Europe. All the more so since Jerome Powell is due to speak later today. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. UK retail sales beat estimates while PMIs were mixed. EUR/USD bounces from 1.18 after robust German Manufacturing PMI, GBP/USD retreats amid mixed Brexit headlines, XAU/USD's reversal from $1,914 contained at $1,895 support area, Forex Today: Dollar clings to gains after the presidential debate, Bitcoin extends gains, PMIs eyed, WTI hits one-week low at $39.55 after Baker Hughes’ report. China retaliates: The country announced $75 billion in tariffs on US goods. Shares of companies sensitive to the trade tensions, such as Apple (AAPL), Intel (INTC) and IBM (IBM), led losers in the Dow. Powell's speech today (June 10th, 2020) will start at 18:30 GMT. The Dow fell 600 points, or 2.3%, today with less than half an hour left in the trading day as the market selloff intensified. Other PMIs missed expectations. You should do your own thorough research before making any investment decisions. It also does not guarantee that this information is of a timely nature. The headlines will cross before the speech Find out what Powell has to say live here: The text will be pre-released and we will have the highlights. The announcement came after Beijing unveiled a new round of retaliatory tariffs on about $75 billion worth of US goods. New German manufacturing orders rose by 4.5% in August 2020, following a 3.3% increase the previous month, and against market forecasts of +3%. Ireland´s Coveney expressed more optimism. By Adam Button All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. China threatened another round of tariffs today on $75 billion of US-made goods. PMIs and COVID-19 statistics stand out on Friday. EUR/USD is trading above 1.18 after German Manufacturing PMI beat estimates. Revisions to data on housing construction and sales should contribute to the overall recovery, with the prospect of an extension of remote working fueling demand for new housing. Mr. Powell has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term. Optimism and commitment to act by the Federal Reserve (Fed) would boost stocks and weigh on the safe-haven dollar while pouring cold water would send stocks tumbling and the greenback to a comeback, Yohay Elam, an analyst at FXStreet, reports. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The Federal Open Market Committee (FOMC) is undergoing a monetary policy meeting and will announce its latest decision today at 18:00 GMT. "Don't be afraid of Covid. China will place additional tariffs of 5% or 10% on US imports starting on Sept. 1, according to a statement posted by China's Finance Ministry. Fed Press Conference: Chairman Jerome Powell speech live stream – September 16 NEWS | Sep 16, 18:13 GMT | By Eren Sengezer. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.

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