Markets await ECB President Draghi’s speech


On Monday, the Greenback traded lower to start the week on Monday, giving back some of the previous week’s gains as traders grew more cautious ahead of Federal Reserve Chairman Jerome Powell's first congressional testimony on monetary policy and the economy due later this week. On the release front, traders are awaiting the U.S. New Home Sales for Jaunary, which is expected to hit 3.4% from -9.3%.

  • The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down by 0.36% at 89.49, off last Thursday's one-and-a-half week high of 90.17.


The single currency rose as much as 0.37%, to settle at $1.2349, but gains were held in check as traders remained cautious ahead of the Italian general election due in March 4. On the release front, traders are awaiting the ECB President Draghi’s speech.


The Sterling pound rose by 0.60%, to settle at 1.4059, positively affected by a weak USD.


Against the JPY, the USD fell by 0.19%, to settle at ¥106.59. No major reports are due from the Japan today.


Gold prices settled high, after declining more than 1% last week, as the Greenback declined following recent gains as market players remained cautious ahead of new Federal Reserve head Jerome Powell's testimony due later this week. Gold Futures - Apr 18 (GCJ8), rose by 0.87%, to settle at $1,341.90.


Crude oil prices fell slightly after trading near two-week highs, backed by news Saudi Arabia plans to continue cutting output levels. Oil prices settled high after Saudi oil said over the weekend that the country's oil production in January-March would be well below output caps, with an average export rate below of 7 million barrels per day. Crude Oil WTI Futures - Mar 18 (CLH8) fell as much as 0.09%, to settle at $63.49, and Brent Oil Futures - Apr 18 (LCOJ8) was down by 0.10% at $66.97.

The most important economic events:

  • EUR ECB President Draghi speaks in Brussels: (GMT 14:00) – Important
  • USD New Home Sales (MoM) (JAN): (GMT 14:00) – Important – Medium – Forecast (3.4%) – Previous (-9.3%).

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