External broker reports(aggregated public sources), Scotiabank

Scotiabank

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External broker reports(aggregated public sources)

FX & Rates

<ul><li>The USD is trading lower for a fourth day (so far) in succession, something we haven’t seen in terms of the USD’s broad performance since the end of last year.</li><li>The defensive tone in the USD reflects caution ahead of today’s comments from Fed chairman Powell who will deliver his semi-annual update on the economic and policy outlook to US lawmakers.</li><li>The chairman may not shed too much light on policy prospects, other than the stick with recent messaging from top FOMC officials that progress is being made on inflation but there is still more work to do—keeping rate cut risks at arm’s length for now. Cautious trading on the USD suggests market participants are concerned the chairman may be a little more forthcoming on rate cut prospects though. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The USD is trading lower for a fourth day (so far) in succession, something we haven’t seen in terms of the USD’s broad performance since the end of last year.The defensive tone in the USD reflects caution ahead of today’s comments from Fed chairman Powell who will deliver his semi-annual update on the economic and policy outlook to US lawmakers.The chairman may not shed too much light on policy prospects, other than the stick with recent messaging from top FOMC officials that progress is being made on inflation but there is still more work to do—keeping rate cut risks at arm’s length for now. Cautious trading on the USD suggests market participants are concerned the chairman may be a little more forthcoming on rate cut prospects though. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

FX Daily - USD Slips Before Powell Comments