Investors await Powell & Yellen's testimonies.

23/03/2021

Equity markets came under pressure on Tuesday, correcting Monday's gains as market participants are getting ready for many important speeches throughout the day.

Later in the day, the Federal Reserve Chair Jerome Powel is due to testify, along with Treasury Secretary Janet Yellen, on the quarterly CARES Act report before the House Financial Services Committee. 

Additionally, several other FOMC governors will hold speeches today, along with the Bank of England governor Andrew Bailey. 

From other news, the USD was seen stronger against most of its majors, with the EURUSD pair dropping back to 1.19. 

Domestic fundamentals hit the NZD and AUD, and the NZDUSD pair fell below strong support of 0.71, ending the medium-term uptrend. The New Zealand government announces measures to boost housing supply, help first-home buyers and curb investment flows to ease housing prices.

US yields declined for the second consecutive day, but it failed to support precious metals. Both gold and silver remained lower on the day.
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