WEEKLY MARKET REVIEW − February 20-24, 2017 FOMC Meeting Minutes will be main event this week Forex USD/JPY, Daily The past week was full of economic statistics, chiefly with the UK, US and Chinese consumer inflation data published last week. Traders additionally paid attention to British and US labor market data. US and China Inflation grew but in UK it fell. Nevertheless, the US labor market has traditionally proved its strength. Meanwhile, the British data, especially on the average wage, disappointed market participants. At the same time, the main event last week was US Federal Reserve Chair Janet Yellen’s report. Against this background, all the major currencies except Japanese yen fell against US dollar. This week the main events are the FOMC and Bank of Australia Meetings Minutes’ publications. Stocks USA NASDAQ, Daily The US stock market set new records once again. All three major US stock indexes reached new historical highs thanks to positive data on quarterly reports. Meanwhile, the rally in the US stock markets began after Donald Trump become US president. Last Thursday, he reiterated the promise to reduce the corporate income tax from 35% to 15%. This week traders will look after Fed representatives’ statements. Europe FTSE, Daily Major stock indexes in Europe showed an upward trend thanks to European companies’ reports. Also, the relatively low rate of the European currency automatically increases the value of the securities. This week traders will wait for performances of European officials. Commodities Brent Oil Futures, Daily Last week “black gold” closed with fall due to strong US dollar. The resumption of oil production in the US could trigger excess of supply over demand in the world market. Oil reserves increased last week according to API. Meanwhile, a further drop hinders the execution of the transaction conditions to reduce production volumes. This week traders again will wait for reports on oil stocks.