US Dollar strengthens as markets await Powell speech at Sintra Fed USD
is outperforming against the Chinese Yuan at a six-month high and against the Japanese Yen. This translates into substantial gains for the US Dollar Index, which is back above 102.50., who is set to speak at 13:30 GMT at the European Central Bank’s symposium in Sintra, Portugal. Markets are to get some more insight on the US economy through a small batch of data, Wholesale Inventories and the Goods trade Balance for May.
Around noon, 12:30 GMT, Goods Trade Balance and Wholesale Inventories are coming in. The Goods Trade Balance stood at a deficit of $96.1 billion in April. Wholesale Inventories are expected to contract 0.2%, more than the 0.1% decline registered a month earlier. The CME Group FedWatch Tool shows that markets are pricing in a 76.9% chance of a 25 basis points interest-rate hike on July 26th. The certainty of one more hike has increased as US Fed Chairman Jerome Powell remained hawkish in the recent two hearings before the US Congress, though markets remain reluctant to price in that second rate hike.
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