Investing.com - Here are the top five things you need to know in financial markets on Monday, March 21:
1. U.S. dollar extends rebound from Fed-inspired losses
The U.S. dollar continued to recover from five-month lows on Monday, as investors closed out bearish bets following an aggressive selloff late last week in wake of the Federal Reserve’s dovish statement.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, tacked on 0.2% to 95.27, moving away from Friday’s five-month low of 94.61.
2. Sterling hit by British political turmoil
Sterling was the biggest mover among major currencies on Monday, sinking more than half a percent on concerns a split in the ruling Conservative Party over a Brexit was deepening ahead of June's referendum.
3. Oil falls again as U.S. rig count rises
Oil prices extended sharp losses from the prior session on Monday, after the U.S rig count rose for the first time since December, renewing worries of a supply glut.
U.S. crude shed 37 cents, or 0.9%, to $40.77, while Brent lost 20 cents, or 0.48%, at $41.00 a barrel by 10:00GMT, or 6:00AM ET.
4. Fed speakers awaited
Following last week’s dovish Fed meeting, the market will be paying attention to FOMC member speeches to judge the balance of opinion among policymakers on the prospect of further rate hikes.
Atlanta Fed President Dennis Lockhart will speak on the economic outlook and monetary policy at 16:40GMT, or 12:40PM ET, while St. Louis Fed President James Bullard speaks on economic inequality at 8:30PM ET.
Richmond Fed President Jeffrey Lacker said earlier that U.S. inflation will likely accelerate in coming years and move toward the Fed's 2% target after the price of oil bottoms out.
5. Apple to launch smaller iPhone
Apple Inc (NASDAQ:AAPL) is expected to launch a smaller, cheaper iPhone on Monday aimed at emerging markets and possibly China, as it looks to reverse a decline in worldwide sales of its most important product.
The iPhone SE is expected to be the star attraction of Apple’s launch event at its 1, Infinite Loop headquarters in Cupertino, California.