Economic calendar: first day of Powell's testimony ahead

• Futures point to a lower opening in today's European cash session
• Powell's testimony in Congress and Trump's possible comments in focus for investors

Trump is pushing tariffs on steel and aluminum, and this has remained a key theme in the market over the past two days. The new 25% tariffs cancel all existing agreements and will go into effect on March 12. However, the market assumes that there is a possibility of some concessions in negotiations between the countries until then, so the forex market's reaction to the news has been relatively quiet.

In the coming day, all the market's attention will be directed to Trump's possible new comments and Fed Chairman Powell's testimony before Congress. As for Powell, we should get excerpts of his speech moments before the actual start of testimony at 3pm GMT.

Daily Calendar:

• 15:00 GMT - USA, first day of Powell's testimony before Congress 
• 20:30 GMT - USA, speech by FED Bowman and Williams
• 21:40 GMT - USA, API data on crude oil inventories