Daily digest market movers: USD under pressure due to weak inflation numbers, eyes on Powell
- Concerning the data releases, last week's low inflation numbers have put the USD under significant pressure, amplifying the possibility of a September rate cut.
- Federal Reserve Chairman Jerome Powell is scheduled to speak at the Economic Club of Washington DC later in the sessions, with markets keenly awaiting any hints regarding future monetary policy actions.
- This week will also see significant commentary from other US policymakers in the run-up to the monetary policy meeting on July 31.
- The CME FedWatch Tool continues to show a high probability of a rate cut in September, currently standing at around 86% for a 25 bps cut.
- The US 10-year benchmark rate is currently at its lowest since April, at 4.20%.
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