FX.co ★ Powell to speak in front of Congress and discuss monetary policy

Fed Chairman Jerome Powell is scheduled to speak in front of the Congress this week, and presumably support President Biden's plan, which is a $ 1.9 trillion bailout bill for the US economy. The speech is to take place on Tuesday at the Senate Banking Committee. However, Powell may face Republican pressure.

Therefore, he may try to avoid commenting on specific elements of Biden's plan and stick to his own point of view.

Bloomberg Economics predicts that: "Powell is likely to support the previous comments, stressing that now is not the time to discuss this. He will also highlight the Fed's concern and sensitivity to the uneven distribution of economic results over the past year, especially to the pronounced negative impact on low-income households and minorities. "

The US House of Representatives plans to hold the first vote on the stimulus package. Then, the final voting will take place on March 14.

ECB President Christine Lagarde and Bank of Canada Governor Tiff Macklem are also set to speak this week. Meanwhile, central banks in Israel, South Korea and New Zealand are planning to revise interest rates.

Economic data from Germany and Britain are also expected to be published this week.

And on Monday, UK citizens will eagerly await Prime Minister Boris Johnson's signal to lift quarantine measures.

South Korea will also be looking closely at export data for the first 20 days of February to check the state of global trade ahead of time.

Then on Wednesday, Hong Kong will release its latest economic reports.

The Central Bank of New Zealand will also make a policy decision that will require the governor to acknowledge economic outlook, all while providing the markets a continued political support. South Korea will face a similar situation on Thursday.

On Friday, India will release a report on GDP, which is likely to show a slight recovery. Latin America will also have the same situation.