- The US Dollar trades softer across the board on Wednesday.
- US Federal Reserve Chairman Jerome Powell is heading to Capitol Hill for his semi-annual testimony.
- The US Dollar Index snaps an important support, looking bleak ahead of the ECB decision and NFP data.
The US Dollar (USD) is facing some firm selling pressure on Wednesday ahead of the semi-annual testimony from US Federal Reserve Chairman Jerome Powell at Capitol Hill. Traders are being thrown left and right by mixt data, blurring the projections on the timing of the expected rate cuts from the Fed, if any for this year. This results in a four-day losing streak for the Greenback ahead of Powell’s testimony, the European Central Bank (ECB) meeting on Thursday and the US Nonfarm Payrolls data on Friday.
On the economic calendar front, some appetizers are being provided for traders to dig their teeth in. The ADP Private Payrolls and the JOLTS job openings reports will shed some more light on how the job market is doing. However, traders are expected to keep their powder dry before Powell’s speech, which is expected to be published when he takes his seat before the Congressional hearing committee.
- The US Dollar trades softer across the board on Wednesday.
- US Federal Reserve Chairman Jerome Powell is heading to Capitol Hill for his semi-annual testimony.
- The US Dollar Index snaps an important support, looking bleak ahead of the ECB decision and NFP data.
The US Dollar (USD) is facing some firm selling pressure on Wednesday ahead of the semi-annual testimony from US Federal Reserve Chairman Jerome Powell at Capitol Hill. Traders are being thrown left and right by mixt data, blurring the projections on the timing of the expected rate cuts from the Fed, if any for this year. This results in a four-day losing streak for the Greenback ahead of Powell’s testimony, the European Central Bank (ECB) meeting on Thursday and the US Nonfarm Payrolls data on Friday.
On the economic calendar front, some appetizers are being provided for traders to dig their teeth in. The ADP Private Payrolls and the JOLTS job openings reports will shed some more light on how the job market is doing. However, traders are expected to keep their powder dry before Powell’s speech, which is expected to be published when he takes his seat before the Congressional hearing committee.
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