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Dollar index (USDX) will be watching out for Powell this evening

Much earlier today the dollar index (USDX) was under pressure and had been trading below 105.50 after stalling a couple of times yesterday at 105.87. It was an interim failure up there that had helped to push it down below 105.50 ahead of the US close last night. Well, as I am sure you are aware, it has been on the rebound since, but so far it has not managed to get above that previous interim high, at 105.87. The high seen so far today has been set at 105.75. It is below that high now as the US markets get underway and the latest weekly claims data awaits at 1.30pm GMT. The low seen earlier today was set at 105.47. Hence the immediate lines of demarcation look pretty clear, but we night have to wait and see what the Fed boss has to say at 7pm GMT. Jerome Powell is due to speak at a panel discussion this evening and there is potential for him say something on Fed policy. That could entail banging the higher for longer drum, when it comes to US interest rates, but we shall have to wait and see if that is the case. Meantime, the USD index is currently trading at 105.67
 

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