Today's Hot Financial News

Amid concerns about a weakened European economy affecting the Dollar, there's a persistent expectation for rate cuts starting in June. However, recent disappointing data on consumer confidence and durable goods, coupled with potential weakness in PCE and GDP figures, could further impact the Dollar's outlook.

Currently, markets are in a consolidation phase as they await significant data releases from both sides of the globe. Statements from Federal Reserve (Fed) speakers and European Central Bank (ECB) officials suggest a consensus leaning towards delaying rate cuts, contrary to what many investors expect.

Investors are closely watching for another revision of the Q4 GDP Growth Rate and preliminary Goods Trade Balance results. Speeches from Fed officials Bostic, Collins, and Williams are also on the agenda.

Here's what's happening on Wednesday, February 28:

Australia's Consumer Price Index (CPI) for January 2024 came in below expectations, keeping the AUD/USD below the 50-moving average. If this trend continues, it's likely to test the 0.6512 level.

The Reserve Bank of New Zealand (RBNZ) is set to convene its first monetary meeting of 2024. While the OCR is expected to remain steady at 5.50%, some economists anticipate the February meeting to be a “live” one, with potential for a rate hike.

NZD/USD fell as the RBNZ decided to hold the OCR unchanged at 5.5%, breaching the 0.6149 support level. Further bearish sentiment could see NZD/USD testing the 0.6053 support level, while a reversal would require reclaiming at least the 0.6149 level.

EUR/USD remains stagnant amid lack of clear direction, with final prints of Consumer Confidence, Economic Sentiment, and Industrial Sentiment in the eurozone on the agenda.

GBP/USD trades in a tight range, awaiting US GDP growth numbers for the fourth quarter and a speech from the Bank of England's Catherine Mann.

USD/JPY experiences minor losses but holds above the 150.00 level, with the final Japanese Coincident Index and Leading Economic Index expected today.

USD/CAD strengthens above the 1.3522 level as the dollar recovers amid declines in US Durable Goods Orders.

In commodities:

Gold price slightly rises but retreats below the 50-moving average, supported by a decline in US consumer confidence.

Silver price drops to an eight-day low, trading below the $22.60 level after challenging the 50-moving average.

WTI oil prices climb beyond $78.00 per barrel, building on Mondays positive sentiment, with the EIA set to release its weekly report on US crude oil inventories.

In US Stocks:

The Utilities Sector led the day, followed by the Communication Services Sector, while the Energy Sector dipped slightly. The S&P 500 climbed to close at $5,056.37, the Dow Jones slipped to finish at $38,873.90, and the NASDAQ gained to end slightly above the $17,960 resistance.

Here's today's scheduled economic news and reports:

Wednesday, February 28

Day 1 G20 Meetings

07:00 GMT+2 - JPY - Coincident Index

11:00 GMT+2 - CHF - Credit Suisse Economic Expectations

11:00 GMT+2 - EUR - Business Confidence

    - EUR - Consumer Confidence

    - EUR - BEconomic Sentiment Indicator

    - EUR - Industrial Confidence

15:30 GMT+2 - USD - Prelim GDP q/q

15:30 GMT+2 - USD - Goods Trade Balance

17:30 GMT+2 - GBP - MPC Member Mann Speaks

17:30 GMT+2 - USD - Crude Oil Inventories

19:00 GMT+2 - USD - FOMC Member Bostic Speaks

19:45 GMT+2 - USD - FOMC Member Williams Speaks

21:10 GMT+2 - USD - RBNZ Gov Orr Speaks