US DOLLAR MILDLY WEAKENS DURING JEROME POWELL'S TESTIMONY
- US Dollar slips slightly under impact of Jerome Powell's fresh words.
- Investors keenly await June’s CPI data release on Thursday for clear guidance.
- If CPI comes in soft on Thursday, USD is poised for further downside.
On Thursday, despite Powell's cautious stance at his visit to the House Financial Services Committee, the US Dollar (measured by the DXY index) saw minor downturns and fell to 105.00. Powell's reluctance toward immediate rate cuts and his hints at an ongoing assessment of data-driven indicators have kept the markets on edge.
Signs of disinflation in the US economic outlook have emerged, and the market confidence in the September rate cut remains strong. However, Federal Reserve (Fed) officials including Chair Jerome Powell continue to tread carefully, underlining their inclination toward data-dependent decisions rather than hastened action in implementing rate cuts.
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