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Powell is scheduled to make an appearance later today at 1355 GMT where he will be speaking about the Fed’s policy strategy, tools, and communication practices at an event hosted by the Chicago Fed.
With plenty of attention and market focus being turned towards the Fed rate cut debate, this could be the platform where Powell can give us a clear indication of what to expect in the coming months from the Fed.
The dollar is starting to weaken again in the past half hour following a more steady session but let’s see what Powell has to offer before running away with any conclusions. It’s been a complicated trading day so far with equities gaining some ground and Treasury yields recovering but it doesn’t have any feeling of a risk-on play here. The fact that the dollar has been bouncing back and forth isn’t helping as well.