A few light dollar deals, but all eyes on Powell
The greenback is currently at the height of the day’s highs, but the movement is not too wide for most. EUR / USD is down to around 1.1800 and above its 100 hour moving average as sellers look to gain short-term control for now:
Elsewhere, Cable is also down to 1.3165 from around 1.3200 levels earlier as AUD / USD and NZD / USD equalize some of their slight gains from the start of the session.
I wouldn’t dwell on that too much until I hear from Powell later. Stocks are still lukewarm while Treasuries are also waiting for Powell to say before they budge.
If anything, it seems like a slight positioning ahead of the key risk event.