The DAX Index Is Weaker Now

Forex News

DAX has dropped 0.38% to close at 12,478.50. Germany is about to release Preliminary Consumer Price Index. But, today’s key event is Jerome Powell’s speech before the House of Representatives and the Senate. The new Fed Chair is expected to give his comments about a $300 billion increase in federal outlays, the balance sheet lowering and most importantly, his feelings about Fed plans on rates. Overall, he is unlikely to declare any changes in the policy framework and the case of 3 rate hikes in 2018 remains in store. The sentiment at the market is expected to be rather fluctuating.

In Germany, delegates of the Christian Democratic Union voted in favor of Grand coalition with Social-Democratic Party. Now, SPD members will take seats of financial and foreign ministers. The delegates of SPD are yet to vote on March 4.