Oil prices rise despite China’s disappointing GDP growth target for 2023. Meanwhile, gold trades with a neutral bias as traders avoid taking large directional positions ahead of Powell’s testimony.

US equities continue to rise after last week’s positive PMI data and optimism around China’s manufacturing sector & general reopening. Powell’s testimony and NFP up next

The U.S. dollar falls on Monday as riskier assets rise, but Fed Chairman Powell could revive the greenback’s recovery if he takes a hawkish stance in his testimony before Congress this week.

Sterling may struggle against the Euro as ECB hawks continue to call for higher interest rates

Bitcoin and Ethereum have continued to trade sideways after recovering from Friday’s slide. BTC lingers around $22,500 while ETH eyes $1,600.

The recent rally in the precious metal has stalled as the week opens with traders looking ahead to a couple of important market moving events.

Eurozone retail sales recorded a small increase in January which points to a weaker start to the year than expected as higher prices continue to weigh on consumers.

AUD/USD trades cautiously ahead of a stacked day tomorrow which include the RBA’s rate decision as well as Fed Chair Jerome Powell’s testimony.

The Japanese Yen could be in for a bumpy ride this week with Fed Chair Powell set to testify and a Bank of Japan meeting amongst other data could be pivotal for USD/JPY direction.