Today, all lights will fall on Jerome Powell’s first appearance as the new Fed Chair. He delivers his first semi-annual testimony, so investors will be eager to hear his view on the economy, inflation, and monetary policy. We expect him to sound optimistic on the economy, but to refrain from boosting expectations for a forth hike this year.
New Fed Chair Jerome Powell Testifies Before Congress
The US dollar traded higher against most of the other G10 currencies on Monday, ahead of Jerome Powell’s first appearance as the Fed Chair. The greenback underperformed only NOK, while main losers were NZD, CAD and GBP in that order. The US currency traded virtually unchanged against EUR and SEK.
Read the full financial markets daily report on JFD Research.