US Dollar Edges Higher Ahead of FOMC and Powell’s Testimony - Forex News by FX Leaders

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

Posted Wednesday, July 10, 2019 by
Arslan Butt • 1 min read

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.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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