• The US Dollar turns flat this week and trades relatively steady at current levels. 
• Traders will feast on no less than four Fed speakers on Wednesday. 
• The US Dollar index hovers around 105.00 and is looking for direction.

The US Dollar (USD) trades sideways and is stuck in a tight range in most currency pairs on Wednesday. As such, that should not come as a surprise as the semi-annual testimony from US Federal Reserve (Fed) Chairman Jerome Powell before Congress on Tuesday did not bear any special comments or new angles that markets have not priced in yet. It could have been a tape recorder replaying the latest Fed rate decision, with the bottom line remaining the same: Powell wants to keep rates steady for longer as he is afraid to start cutting too soon. 

On the economic front, no real data springs out, though it will instead be the side events that will draw up all the attention. With a 10-year Note auction, it is an ideal moment to see how the benchmark tenor will be behaving and how the appetite for American debt is now in the bond market. Add in there no less than three Fed members, besides Fed Chairman Powell, who is heading to Congress again this Wednesday, and it looks to be a rather Fed-driven day.