US Dollar Edges Higher Ahead of FOMC and Powell’s Testimony

The US dollar continues to edge higher, buoyed by the strong NFP report release of last week which have dented the sentiments for a rate cut


The US dollar continues to edge higher, buoyed by the strong NFP report release of last week which have dented the sentiments for a rate cut by the Fed. At the time of writing, the US dollar index DXY is trading at 97.51.

US bond yields have also started climbing higher on the improved sentiment in markets. Now, all eyes turn to the FOMC meeting minutes and clues in Fed Chair Powell’s congressional testimony over the next two days.

If Powell’s comments come out sounding neutral or a little hawkish, it could be taken as a sign that Fed may delay or limit future rate cut plans. This would help boost the dollar further.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers