ADIV - Quiet Summer Tuesday With Powell's Testimony And A Deluge Of U.S. Supply On Tap
2024-07-09 07:05:00 ET
Summary
- The dollar is consolidating in narrow ranges today against the G10 currencies and enjoys as slight upward bias against most emerging market currencies but for a few currencies from the Asia Pacific region.
- Asia Pacific equities rallied but for Hong Kong, led by 1% gains by Japan and China.
- US index futures are trading with a firmer bias after the S&P 500 and Nasdaq set new record highs yesterday.
Overview
In the absence of fresh developments, the dollar ([[DXY]], [[USDOLLAR]]) is consolidating in narrow ranges today against the G10 currencies and enjoys as slight upward bias against most emerging market currencies but for a few currencies from the Asia Pacific region. With practically an empty US data calendar, Fed Chair Powell's testimony with be the highlight, and a soft headline CPI on Thursday anticipated. The US two-year premium over Germany has fallen from around 190 bps at the start of last week to 170 bps today, the narrowest in more than three months. This has coincided with the euro advancing every session last week, before slipping slightly yesterday. The greenback continues to hover around JPY161....
Quiet Summer Tuesday With Powell's Testimony And A Deluge Of U.S. Supply On Tap