USD Index looks to regain upside traction near 105.60 ahead of Powell – by pabspiovano DollarIndex Currencies Majors Fed
Powell will testify once again before Congress later in the session.
The recent move higher in the dollar and US yields has been propped up by the shift in investors’ sentiment towards a 50 bps rate hike by the Fed at the March event. On this, CME Group’s FedWatch Tool sees the probability of such scenario at around 75%, from nearly 9% a month ago. The loss of traction in wage inflation – as per the latest US jobs report - however, seems to lend some support to the view that the Fed’s tightening cycle have started to impact on the still robust US labour markets somewhat.: MBA Mortgage Applications, ADP Employment Change, Balance of Trade, Powell’s Semiannual Monetary Policy Report, Fed’s Beige Book – Initial Jobless Claims – Nonfarm Payrolls,: Rising conviction of a soft landing of the US economy.
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