Fed Speech stage amid Markets Await Powell's Testimony
European stocks ended the trading session on Monday, March 6, on a mixed note, amid a follow-up to economic data. At the end of the session, the STOXX600 index settled, recording 464 points, with a decline in shares of mining companies by 2.6%. The British FTSE declined by 0.2%, recording 7929 points, while the DAX rose. The German CAC increased by 0.48% to 15,653 points, and the French CAC rose by 0.34% to 7,373 points.
China revealed its growth target at 5% levels this year, which is less than last year’s target of about 0.5%.
Markets now await Federal Reserve Chairman Jerome Powell’s testimony before Congress on Tuesday and Wednesday. He is set to give investors a better idea of the Fed’s view of inflation and its plan to raise rates.
The dollar fell broadly on Monday, March 6, as investors await US Federal President Jerome Powell’s testimony before Congress. The February jobs report will be also be released at the end of the week and is likely to influence the Fed’s interest rate decision.
The dollar index fell 0.182% to 104.420. Last week, the index incurred its first weekly loss since January.
| Resistance level | Support level |
| 104.55 | 104.00 |
| 104.85 | 103.80 |
| 105.30 | 103.25 |
European Central Bank President Christine Lagarde said core inflation in the eurozone would remain high in the near term, and therefore, a 50 basis point rate hike by the bank later this month is becoming increasingly likely.
The ECB has already raised rates by 3 percentage points since July and has pledged to approve another half-percentage point increase on March 16.
| Resistance level | Support level |
| 1.0710 | 1.0635 |
| 1.0735 | 1.0590 |
| 1.0770 | 1.0565 |
Gold prices stabilized at the settlement of trading on Monday, March 6th, after recording the first weekly gains in more than a month last week.
Upon settlement, gold futures contracts settled at $1854.6 an ounce.
| Resistance level | Support level |
| 1,855 | 1,842 |
| 1,860 | 1,836 |
| 1865 | 1,830 |
US indices recorded limited gains in Monday’s session after US Treasury bond yields rose, amid anticipation of Federal Reserve Chairman Jerome Powell’s testimony, in addition to the February jobs report.
The Dow Jones index rose by 0.1%, or 40 points, recording the fourth daily increase in a row, to close at 33,431 points.
The Dow Jones touched the 50-day moving average of 33,540 points before trimming its gains and closing below it.
| Resistance level | Support level |
| 33575 | 33340 |
| 33690 | 33230 |
| 33930 | 32990 |
Oil prices rose at the settlement of trading on Monday, March 6th, after recording losses at the beginning of the session due to concerns about economic growth in China.
Upon settlement, Brent crude futures rose by 0.4% to $86.18 a barrel, and US oil futures rose by 1%, recording $80.46 a barrel.
| Resistance level | Support level |
| 81.25 | 78.95 |
| 82.00 | 77.55 |
| 83.50 | 76.00 |
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