The US Dollar Index (DXY), which tracks the performance of the US Dollar (USD) against six major currencies, trades unchanged around 108.00 after Federal Reserve (Fed) Chairman Jerome Powell did not leave any clues for markets to pick up on, when facing lawmakers on Tuesday at Capitol Hill.
Powell did not leave many clues about the timing for another interest rate cut by the central bank, if any. Traders are mulling what to do next, with US yields slowly but surely starting to head higher this week.
The economic calendar shows the Consumer Price Index (CPI) numbers for January are due on Wednesday. Expectations are not very big, with the monthly headline CPI expected to rise 0.3% compared to 0.4% in December.
The monthly core CPI gauge is expected to tick up 0.3%, coming from 0.2% in the previous month. Meanwhile, Fed Chairman Jerome Powell will give a speech for the second day in a row at Capitol Hill.
Source: FXStreet
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