Gold and silver suffered heavy losses on Tuesday as rate-sensitive assets took a beating following Fed Chairman Powell’s hawkish comments at a congressional hearing.

The greenback received fresh impetus following Fed Chair Powell’s testimony. USDCAD finally clearing the range high at 1.3700 which has been a key area of resistance since November 2022.

The US dollar extended gains after Powell embraced a hawkish stance in an appearance before Congress, stating that the Fed’s terminal rate is likely to settle higher than initially anticipated to tame inflation.

Gold prices test $1,840 as markets await Fed Powell’s monetary policy report.

Hawkish rate expectation re-pricing is supporting the Euro ahead of Federal Reserve chair Jerome Powell’s appearance before US lawmakers, for now.

UK Halifax house price data rose for a second successive month. The initial optimism has since dissipated as early gains were surrendered following the European Open.

Demand factors have been propping up crude oil prices of recent but Fed Chair Jerome Powell may change this trend with a hawkish testimony later today.

Alone among major central banks, the Bank of Japan has stuck to its ultra-loose monetary policy as inflation has risen. Will its new Governor shake things up?

Gold prices fell on Monday as a jump in Treasury yields weighed on the yellow metal. A bearish Death Cross is in focus as traders await Fed Chair Jerome Powell’s testimony.

AUD/USD slides after the Reserve Bank of Australia hiked the cash rate by 25 basis points, in line with expectations. The focus now shifts to US Fed Chair Powell’s testimony later today and tomorrow. What’s next for AUD/USD?