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Instrument: USDIDX
Bullish Preference:
A buy position is envisaged if the price trades above 102.227 with take profit at 102.286
Bearish Preference:
A sell position is envisaged if the price trades below 102.064 with take profit at 101.972
Fundamentals:
3:00pm USD Fed Chair Powell Testifies
Comment:
The dollar was firmer on Wednesday leading into Federal Reserve Chair Jerome Powell’s appearance before Congress, where he is expected to strike a hawkish tone, while sterling slipped after hotter-than-expected British inflation data. Despite having paused last week, the Fed officials still surprisingly aggressively forecasted another 50 basis points in hikes by end 2023. It is crucial to see whether (Powell) would more strongly drive home the point that the Fed is serious about another 50 bps of hikes or give the impression that they are data dependent, with this the former may do more to give additional support to send the dollar index and (bond) yields higher.
Analysis: SCRUM Team
