The index keeps the topside near 98.50 following positive CPI data and the firm note from the first testimony by Fed’s Powell. Louis Fed J.Bullard (voter, dovish) speaks in Louisville and Dallas Fed R.Kaplan (2020 voter, centrist) will speak at a Community Forum in Texas. In addition, R.Clarida (permanent voter, dovish) speaks in Washington, Chicago Fed C.Evans (voter, centrist) will speak at a Fintech event in Philadelphia, San Francisco Fed M.Daly (2021 voter, centrist) and New York Fed J.Williams (permanent voter, centrist) will appear at the Economic Policy Conference, Sy. In the docket, usual weekly Claims are due seconded by Producer Prices and another testimony by Chief Powell, this time to the House Budget Committee. The greenback, in the meantime, found extra support in the higher-than-expected inflation figures released on Wednesday and after Chief Powell gave an upbeat outlook on the economy at his testimony to the Congress, supporting further the view that the Fed has moved into a ‘wait-and-see’ stance. In fact, US yields returned to sub-1.90% levels in past sessions while the demand for the safe havens has picked up pace moderately. The index is struggling for direction in the area of 4-week highs in the 98.40/50 band amidst alternating risk trends in response to the re-emergence of some jitters in the US-China trade scenario.
The greenback, in terms of the US Dollar Index ( DXY), is extending the positive performance in the second half of the week and trades near the 98.40 region.
Chief Powell will testify again later today.DXY moves to the 98.40 region on Thursday.
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