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The speech of the US Central Bank Secretary J. Powell on Tuesday in the Banking Committee of the US Congress had a strong support for the rate of the US dollar.
Before the speech of the head of the Federal Reserve in the Congress, the dollar remained under pressure on Tuesday, as market participants wanted to hear Powell's opinion on the state of the country's economy, its growth potential, the labor market situation, the expected inflation dynamics and, of course.
The head of the Federal Reserve "justified" all the expectations of those investors, in fact, one hundred percent who believed that his speech would be optimistic about the state of the American economy, its prospects and the Fed's desire to continue to increase interest rates smoothly. "The incoming data demonstrate that the US economy grew at a rather high rate this year against the backdrop of a positive situation in the labor market. The best solution will be a gradual increase in rates, "Powell said.
Against the background of his speech, the US dollar added to all major currencies, and not only to them. The ICE dollar index again approached the maximum values of the current year. At the time of writing, it is growing to the basket of major currencies by 0.24% at a point of 94.97 points. From a technical point of view, overcoming the level of 95.00 points will open the indicator to the level of 97.50 points with the prospect of further increase to an important psychological value of 100.00 points.
Today, the attention of market players will be focused on the publication of data on consumer inflation in the euro area and the UK. A significant number of investors still hope that the Bank of England, in the wake of the problems of the country's exit from the EU and high inflation, "will not be afraid" to raise interest rates by the autumn of this year, which by and large keeps the continued fall in the British currency rate. Therefore, if today data show an increase in consumer inflation in annual terms to 2.6% from 2.4%, it can provide local support for the sterling rate. But if they are worse than forecasts, then its fall will only increase.
A similar picture will be in the possible market reaction to the output of consumer inflation in the euro area. Preservation of its growth rate is unlikely to contribute to an increase in the euro/dollar pair. But the lower values of the indicator can strengthen the decline of the pair.
Forecast of the day:
The currency pair EUR / USD is trading above the level of 1.1625. If the consumer inflation data are weaker than the forecast, we can expect it to fall below the level of 1.1625 with a probable decline in the price to 1.1590, and then to 1.1550.
The AUD / USD currency pair fell below the 0.7360 mark, which may lead to the continuation of its fall to 0.7300-10.
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