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Daily digest market movers: US Dollar continues soft ahead of CPI and Powell’s testimony

Wulan Viana
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  • Among the most noteworthy events of the week are Chairman Powell's Semiannual Monetary Policy Report to Congress, multiple Fed members speaking, and the release of inflation data for June.
  • On Thursday, the headline Consumer Price Index (CPI) is expected to have dropped two ticks to 3.1% YoY, while the core figure is expected to remain steady at 3.4% YoY.
  • As for now, the market predicts less than a 10% chance of a rate cut at the July 31 meeting, with the odds shooting to around 80% for September.


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