Market Watch: Fed's Powell Calms Markets

Financial and commodity markets analytics

Wall Street futures remained steady before the market opening, and the dollar index eased slightly, particularly against the euro and sterling, as British and French elections unfold over the week.
Gold surpassed the upper end of its local range around the $2335 level, with the first barrier visible near the $2360 mark. US WTI crude oil continued to decline from its recent high, with support anticipated around the $82 zone.

Asia-Pacific Markets
Asia-Pacific markets mostly rose overnight after U.S. Federal Reserve Chair Jerome Powell highlighted progress in controlling inflation. Investors also digested a plethora of regional data.
The Japanese yen reached a new low against the U.S. dollar.
The Australian dollar remains within its range, and the longer it stays without a breakout, the stronger the potential movement could be.

European Markets
European stocks rose on Wednesday, with sentiment cautious ahead of elections. Investors are preparing for national parliamentary elections in the U.K. on Thursday and in France on Sunday.
The euro and sterling remained relatively stable, both situated at the upper ends of their local ranges.

American Markets
Federal Reserve Chair Jerome Powell alleviated some concerns in the bond markets on Tuesday, contributing to Wall Street stocks reaching all-time highs. This comes ahead of a series of labor market reports due before the July 4 break. Although Powell indicated no rush to cut interest rates, he reassured markets by stating that the United States is back on a "disinflationary path."
Wednesday's economic data includes ADP's private sector jobs report for June, weekly jobless claims, June layoff data, and service sector surveys for last month. These precede the release of the minutes from the latest Fed policy meeting.