USD Index to extend its slump below 105 on cautious Fed Chair Powell – MUFG

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Today’s semi-annual testimony from Fed Chair Powell will be important in determining whether the US Dollar can regain upward momentum in the week ahead, economists at MUFG Bank report.

“Market participants will be looking for clear signals from the Fed Chair Powell today that he is considering adjusting his plans for only a couple more hikes this year, and displays some concern over recent stronger US activity and inflation.”

“If Fed Chair Powell remains cautious over the need to change their current plans to deliver only a couple of more hikes then there could be some disappointment today that could trigger the DXY to fall further below the 105.00 level ahead of the release of the NFP report on Friday.”

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