The dollar traded mostly lower following dovish comments from Fed Chairman Powell during his Senate testimony yesterday, leading the greenback index to 3 week lows. While Powell’s comments were basically no news FX markets reacted negatively to the dollar and the surge in the sterling sent the greenback index lower. Other FX markets traded mostly sideways leaving the sterling as the lone winner in the FX markets yesterday. Global equity markets traded another lackluster low volume session, as EU and US markets closed marginally to the upside. Metals traded sideways despite dollar weakness and Oil reversed some of yesterday losses ahead of the inventories number today in the afternoon to close at 55.43$ per barrel.
CAD CPI at 1:30 pm, Fed Chairman Powell Senate testimony at 3:00 pm and US Oil Inventories at 3:30 pm are the important news on the agenda Wednesday.
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