Talking Points:
- The US Dollar has caught a bid earlier this morning, and prices are bouncing from the 94.30 level which is also the 38.2% retracement of the down-trend that started last year. This has helped to drive EUR/USD[1] deeper into the digestion formation that’s been building over the past month, and GBP/USD[2] is nearing a re-test of a key Fibonacci level at 1.3117.
- The next two days bring the twice-annual Humphrey Hawkins testimony from the FOMC[3] Chair to Congress. Today at 10AM ET, Chair Powell will testify in front of the Senate Finance Committee and tomorrow at the same time he will speak in front of the House of Representatives Financial Services Committee. The big question is what Mr. Powell and the Federal Reserve might think about the flattening US Treasury Yield Curve that’s beginning to garner more attention across global markets.
- DailyFX Forecasts on a variety of currencies such as the US Dollar[4] or the Euro[5] are available from the DailyFX Trading Guides page[6]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[7]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[8].
Do you want to see how retail traders are currently trading the US Dollar? Check out our IG Client Sentiment Indicator[9].
US Dollar Bounces From Fibonacci Support Ahead of Powell Testimony
The next two days bring a rather large driver to the fray for US markets[10]. FOMC Chair Jerome Powell testifies in front of
