The US Dollar (USD) slightly increased due to comments from US Federal Reserve Chairman Jerome Powell.
He mentioned that inflation is under control but warned against rushing to make monetary policy changes. This reassured markets, leading to a bit of strength in the US Dollar.
The National Federation of Independent Business (NFIB) and the TechnoMetrica Institute of Policy and Politics (TIPP). NFIB’s Business Optimism Index for June improved, while the Redbook Index also showed growth in retail sales. Later today, TIPP will release the Economic Optimism Index for July.
Three key figures from the Federal Reserve are scheduled to speak today: Vice Chair Michael Barr, Chairman Jerome Powell, and Governor Michelle Bowman. Their speeches may influence market expectations.
Global equity markets showed mixed results: Asian and US indices rose, but major European indices declined. The CME Fedwatch Tool indicates a high probability of a small rate cut by September, despite recent Fed comments suggesting caution.
The US 10-year benchmark rate is currently at 4.30%, near its recent low. Technical analysis suggests the US Dollar Index faces resistance at certain levels but also has support zones in case of declines.