{"id":72436,"date":"2023-11-09T11:49:59","date_gmt":"2023-11-09T09:49:59","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=72436"},"modified":"2025-11-19T13:39:16","modified_gmt":"2025-11-19T11:39:16","slug":"fed-chair-powell-is-due-to-speak-today","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/en\/fed-chair-powell-is-due-to-speak-today\/","title":{"rendered":"Fed Chair Powell is due to speak today"},"content":{"rendered":"\n<p>Fed Chair Powell during his <a href=\"https:\/\/www.federalreserve.gov\/newsevents\/speech\/powell20231108a.htm\">speech<\/a> yesterday, did not comment on the outlook for monetary policy in his remarks according to Bloomberg. However, Fed Chair Powell implied that forecasters should think outside traditional economic models. As a result, market participants may be interested in his speech later on today, which may shed some light on his previous comments. The BoC <a href=\"https:\/\/www.bankofcanada.ca\/2023\/11\/summary-governing-council-deliberations-fixed-announcement-date-october-25-2023\/\">minutes<\/a> stated that the \u201clack of downward momentum in underlying inflation was a source of considerable concern\u201d, implying that the bank is concerned about persistent inflationary pressures. \u00a0As such, we may see the bank adopt a slightly hawkish tone in the future. In Europe, ECB Vice President De Guindos stated that \u201cwe are not there yet\u201d when referring to reducing interest rates. Yet he also expressed his concern about the Eurozone\u2019s growth outlook, as the \u201cleading indicators point to the growth outlook being somewhat more negative than we previously projected\u201d, which may weigh on the EUR. Over in Asia, China\u2019s economy slips back into deflation levels, following their CPI rates coming in lower than expected. Sparking concern about China\u2019s economic resilience. In Japan, BoJ Governor Ueda in his remarks earlier today, implied that the bank may abandon its ultra-loose monetary policy, sooner than what may have been previously expected.<\/p>\n\n\n\n<p>On a technical level, the EUR gained slightly against the dollar during yesterday\u2019s trading session, having broken above our downwards-moving trendline which was incepted on the 6<sup>th<\/sup> of November. Despite the formation of a new upwards-moving trendline incepted on the 1<sup>st<\/sup> of November, we maintain a neutral outlook for the pair, and supporting our case is the RSI indicator below our 4-hour chart, which is currently fluctuating around the figure of 50, implying a neutral market sentiment. In addition, the narrowing of the Bollinger bands with the upper and lower bounds coinciding with the R1 and S1 levels, appear to further support our theory of a neutral market sentiment. As such for our neutral outlook to continue we would like to see the pair remaining between the 1.0665 (S1) support and the 1.0745 (R1) resistance levels. On the other hand, for a bearish outlook, we would like to see a clear break below the 1.0665 (S1) support level, with the next potential target for the bears being the 1.0535 (S2) support base. Lastly, for a bullish outlook, we would like to see a clear break above the 1.0745 (R1) resistance ceiling, with the next possible target for the bulls being the 1.0835 (R2) resistance ceiling.<\/p>\n\n\n\n<p>USD\/JPY appears to be moving in an upward fashion and supporting our case is the upwards-moving trendline which was incepted on the 3<sup>rd<\/sup> of November, in addition to the RSI indicator currently reading a figure near 70, implying a bullish market sentiment. For our bullish outlook to continue, we would like to see a break above the 151.60 (R1) resistance level, with the next possible target for the bulls being the 152.50 (R2) resistance ceiling. For a bearish outlook, we would like to see a break below our upward-moving trendline, in addition to a clear break below the 150.30 (S1) support level, with the next possible target for the bears being the 149.05 (S2) support base. Lastly, for a sideways bias, we would like to see the pair remaining confined between the 150.30 (S1) support and the 151.60 (R1) resistance levels.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>In an easy going Thursday, we note the release of the US weekly initial jobless claims figure and near the beginning of the Asian session, we note the release of New Zealand\u2019s manufacturing PMI figure. On the monetary front, we note that ECB Chief Economist Lane, BoE\u2019s chief Economist Pill, BoJ Governor Kazuo Ueda, Atlanta Fed President Bostic, Richmond Fed President Barkin, St. Louis Fed President O\u2019Neil Paese, BoC Senior Deputy Governor Rogers, ECB President Christine Lagarde are scheduled to speak and RBA releases statement on monetary policy in tomorrow\u2019s Asian session.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eur-usd-4-hour-chart\"><strong>#EUR\/USD 4 Hour Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"494\" src=\"\/wp-content\/uploads\/2023\/11\/image-43.png\" alt=\"support at one point zero six six five and resistance at one point zero seven four five, direction sideways  \" class=\"wp-image-72437\" title=\"eur-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.0665 (S1), 1.0535 (S2), 1.0440 (S3)<\/p>\n\n\n\n<p>Resistance: 1.0745 (R1), 1.0835 (R2), 1.0930 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-usd-jpy-4-hour-chart\"><strong>#USD\/JPY 4 Hour Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"493\" src=\"\/wp-content\/uploads\/2023\/11\/image-44.png\" alt=\"support at  one five zero point three zero and resistance at one five one point six zero , direction upwards      \" class=\"wp-image-72438\" title=\"usd-jpy-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 150.30\u00a0 (S1), 149.05\u00a0 (S2), 147.55 (S3)<\/p>\n\n\n\n<p>Resistance: 151.60 (R1), 152.50\u00a0 (R2), 153.35 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1788\" height=\"440\" src=\"\/wp-content\/uploads\/2023\/11\/image-45.png\" alt=\"\" class=\"wp-image-72439\" title=\"benchmark-09-11-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1115\" height=\"642\" src=\"\/wp-content\/uploads\/2023\/11\/image-47.png\" alt=\"\" class=\"wp-image-72441\" title=\"table-09-11-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1238\" height=\"1125\" src=\"\/wp-content\/uploads\/2023\/11\/image-46.png\" alt=\"\" class=\"wp-image-72440\" title=\"morning-releases-09-11-2023\"\/><\/figure>\n\n\n\n<p>If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:reseach_team@ironfx.com\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Fed Chair Powell during his speech yesterday, did not comment on the outlook for monetary policy in his remarks according<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-72436","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Forex blog - IronFX\u2122 | Fed Chair Powell is due to speak today<\/title>\n<meta name=\"description\" content=\"EUR holds steady as Powell\u2019s remarks leave markets cautious, while JPY gains and China\u2019s return to deflation raises global growth concerns.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/en\/wp-json\/wp\/v2\/posts\/72436\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed Chair Powell is due to speak today\" \/>\n<meta property=\"og:description\" content=\"EUR holds steady as Powell\u2019s remarks leave markets cautious, while JPY gains and China\u2019s return to deflation raises global growth concerns.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/en\/fed-chair-powell-is-due-to-speak-today\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-09T09:49:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-19T11:39:16+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/fed-chair-powell-is-due-to-speak-today\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/fed-chair-powell-is-due-to-speak-today\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"Fed Chair Powell is due to speak today\",\"datePublished\":\"2023-11-09T09:49:59+00:00\",\"dateModified\":\"2025-11-19T11:39:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/fed-chair-powell-is-due-to-speak-today\\\/\"},\"wordCount\":742,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/fed-chair-powell-is-due-to-speak-today\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/fed-chair-powell-is-due-to-speak-today\\\/\",\"name\":\"Forex blog - IronFX\u2122 | Fed Chair Powell is due to speak today\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#website\"},\"datePublished\":\"2023-11-09T09:49:59+00:00\",\"dateModified\":\"2025-11-19T11:39:16+00:00\",\"description\":\"EUR holds steady as Powell\u2019s remarks leave markets cautious, while JPY gains and China\u2019s return to deflation raises global growth concerns.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/fed-chair-powell-is-due-to-speak-today\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/fed-chair-powell-is-due-to-speak-today\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/fed-chair-powell-is-due-to-speak-today\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fed Chair Powell is due to speak today\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/en\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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