The US Dollar is treading water ahead of Powell – BBH

Jul 9, 2024 11:12 AM

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The Dollar Index (DXY) is trading flat near 105.035 as markets await Fed Chair Powell’s Senate testimony, BBH analysts note.

DXY and EUR trade flat

“DXY is trading flat near 105.035 as markets await Fed Chair Powell’s Senate testimony.”

“The Euro (EUR) is trading flat near $1.0825 while the Pund Sterling (GBP) is trading higher near $1.2812. USD/JPY is trading higher near 161 even as the BOJ prepares to cut its bond-buying.”

“Recent softness in the data is challenging our view that the backdrop of persistent inflation and robust growth in the U.S. remains largely in place. However, we note that weaker data in many of the major economies underscore the fact that the relative story should continue to support the dollar.”

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