US Dollar Index attention to Fedspeak
The greenback, followed by the US dollar index, has reversed setback yesterday and returned to positive territory today, managing to test the highs near 95.50.
Although the index has shrunk so far out of Wednesday’s losses, the upward momentum seems to have lost steam around 95.50 for now.
A recent surge in trends in risk appetite due solely to the agreement at the OPEC meeting in Algeria on Wednesday has prompted traders to dump positions USD in favor of riskier assets, all it reinforced by the abrupt movement in oil prices.
Key US published today the attention back to the ball moves, as the final Q2 GDP figures are due ahead of inflation figures measured by the PCE (the Fed favorite gauge) and August pending sale of homes.
Adding to the interest of around USD speeches Atlanta Fed D.Lockhart (2018 voters, pessimistic), J.Powell (permanent voter, neutral), Minneapolis Fed N.Kashkari (2017 voter, neutral), Fed Kansas City E.George (voter hardliners) and President J.Yellen are all expected later in the NA session.
Previously, the Philadelphia Fed P.Harker (2017 voters hardline) argued that consumer prices are “slowly but surely” on his way to clinch the inflation target at 2%, while advocated a policy tax or other policies to take the reins.