After a subdued start to the week following yesterday’s US holiday, the USD is softer across the board this morning, dipping below the 104 as the Euro bounces back from the 1.05 handle, while GBP breaches 1.23. Get your market update from JMcQueenFX here:
Looking ahead, among the key risk events will be the testimony from Fed Chair Powell. However, following last week’s leak to the WSJ to pre-warn markets about a 75bps two days before the Fed meeting following recent inflation figures, I would argue it would be better to follow the data over Fed speak. That being said, the Fed Chair is likely to reiterate his hawkish message.
Elsewhere, the final U. of Michigan inflation expectations survey scheduled on Friday will have increased in importance following Chair Powell’s explicit mention of the data at his most recent press conference.So the preliminary Michigan reading, it's a preliminary reading, it might be revised, nonetheless it was quite eye catching and we noticed that.
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