Congressional testimony of Fed Chair Powell and Treasury Secretary Yellen is a key event of the day. Testimony will begin at 4:00 pm GMT but text of the speech has been already released. Powell is set to tell lawmakers that economic recovery is far from complete but seems to be strengthening in recent months. However, Powell is also expected to stress that a 6.2% unemployment rate may be underestimating the shortfall of the labour market. US officials will commit to continue to support the US economy. As the text was released, the speech itself will not be a surprise. However, questions from lawmakers may touch on topics like inflation or stimulus measures. Hearing will be held today and tomorrow but text of the speech will remain the same on both days.
US dollar index (USDIDX) is trading higher today following a pullback yesterday. The index is testing the resistance zone marked with the 50% retracement of downward move started in September 2020 (92.00 area). Clearing this hurdle would pave the way for a test of the next resistance zone ranging between 92.50 and 61.8% retracement.
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Source: xStation5
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