{"id":10573,"date":"2021-06-22T08:48:00","date_gmt":"2021-06-22T07:48:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=10573"},"modified":"2021-06-22T15:56:17","modified_gmt":"2021-06-22T14:56:17","slug":"us-dollar-momentum-is-decreasing-ahead-of-powell-testimony-to-congress","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/us-dollar-momentum-is-decreasing-ahead-of-powell-testimony-to-congress\/","title":{"rendered":"US dollar momentum is decreasing ahead of Powell testimony to Congress"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10573\" class=\"elementor elementor-10573\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ea1d9c5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ea1d9c5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a93fb3f\" data-id=\"a93fb3f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-296c12d elementor-widget elementor-widget-text-editor\" data-id=\"296c12d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Market Brief<\/strong>\u00a0<\/p><p>The day will be a big build up to Fed Chair Powell\u2019s testimony to Congress where some are expecting a bit of a walk back of the Hawkish stance laid out in the FOMC meeting minutes last week. Usually in a solid market, with low unemployment and rising inflation due to positive economic activity, we would see rising <a href=\"https:\/\/bit.ly\/3wIwSRV\" target=\"_blank\" rel=\"noopener\">bond yields<\/a> and a <a href=\"https:\/\/activtrader.activtrades.com\/account\/createaccount?setup=indeces\" target=\"_blank\" rel=\"noopener\">stock market<\/a> appreciating to new highs. The fall in yields and rising bonds, plus a falling <a href=\"https:\/\/bit.ly\/3vAPe6h\" target=\"_blank\" rel=\"noopener\">Dow Jones<\/a> would have been a shot across the bow that the market is not quite ready and tantrums at anything, but increased stimulus are likely to happen.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-58a8783 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"58a8783\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5d3d9b5\" data-id=\"5d3d9b5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ab46df5 elementor-widget elementor-widget-image\" data-id=\"ab46df5\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3wIAbsj\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"497\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/oil-27.png\" class=\"attachment-large size-large wp-image-10578\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-45fb8070 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"45fb8070\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-465f0d65\" data-id=\"465f0d65\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-29fe1f88 elementor-widget elementor-widget-text-editor\" data-id=\"29fe1f88\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3wIAbsj\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c2f4dbf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c2f4dbf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3a5b892\" data-id=\"3a5b892\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-01c5a1f elementor-widget elementor-widget-text-editor\" data-id=\"01c5a1f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The energy markets are continuing to push higher, with <a href=\"https:\/\/bit.ly\/3wIAbsj\" target=\"_blank\" rel=\"noopener\">WTI crude<\/a> now trading as high as $73 per barrel. The rising <a href=\"https:\/\/bit.ly\/3wsfLnp\" target=\"_blank\" rel=\"noopener\">US dollar index<\/a> did put a slight dent in the oil uptrend but as momentum in the dollar eased off, oil markets found support, and then rose rapidly on a weakening in the DXY. With the resilience shown in the oil markets pricing Russia is said to consider proposing an OPEC+ output hike in the next week. As they view the supply to market being in deficit to demand. News around Iran will have an effect on the prices of oil and negotiations around the nuclear deal are ongoing.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e05a814 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e05a814\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-852df4d\" data-id=\"852df4d\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f652112 elementor-widget elementor-widget-image\" data-id=\"f652112\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3wsfLnp\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"493\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/DXY-8.png\" class=\"attachment-large size-large wp-image-10579\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6d8c9639 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6d8c9639\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2424c9c1\" data-id=\"2424c9c1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5eb92a4b elementor-widget elementor-widget-text-editor\" data-id=\"5eb92a4b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3wsfLnp\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a>\u00a0provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-031b6e2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"031b6e2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-d11fb10\" data-id=\"d11fb10\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2120dbe elementor-widget elementor-widget-text-editor\" data-id=\"2120dbe\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>President Biden has stated that he expects the debt ceiling to be raised at the end of next month and that he is encouraged by the infrastructure deal. The idea is to get a bi-partisan deal which is being labelled \u201ctoo big to fail\u201d. Net transfers from the government to the non-government are slowing as stimulus from the Cares Act is now rolling off the books. An infrastructure bill will ensure the US economy continues to grow over the next 4-8 years but without it, the equities may find the US dollar index progress higher.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-40ab1fe elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"40ab1fe\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-26959b1\" data-id=\"26959b1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6be6bc1 elementor-widget elementor-widget-image\" data-id=\"6be6bc1\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"700\" height=\"682\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/Figure-1_-Borrowing-in-the-financial-year-ending-March-2021-expressed-as-a-percentage-of-gross-domestic-product-has-reached-a-level-last-seen-at-the-end-of-World-War-Two.png\" class=\"attachment-large size-large wp-image-10581\" alt=\"\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-40fb904 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"40fb904\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e0c2a47\" data-id=\"e0c2a47\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6538978 elementor-widget elementor-widget-text-editor\" data-id=\"6538978\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The UK has had to borrow due to the decrease in tax receipts from the disruptions caused by covid-19 lockdown measures. Public sector net borrowing (excluding public sector banks, PSNB ex) was estimated to have been \u00a324.3 billion in May 2021; this was the second-highest May borrowing since monthly records began in 1993, \u00a319.4 billion less than in May 2020.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Market Brief&nbsp; The day will be a big build up to Fed Chair Powell\u2019s testimony to Congress where some are expecting a bit of a walk back of the Hawkish stance laid out in the FOMC meeting minutes last week. Usually in a solid market, with low unemployment and rising inflation due to positive economic [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":10576,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[64,154,42,69,67,48],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US dollar momentum is decreasing ahead of Powell testimony to Congress - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/us-dollar-momentum-is-decreasing-ahead-of-powell-testimony-to-congress\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US dollar momentum is decreasing ahead of Powell testimony to Congress\" \/>\n<meta property=\"og:description\" content=\"Market Brief&nbsp; The day will be a big build up to Fed Chair Powell\u2019s testimony to Congress where some are expecting a bit of a walk back of the Hawkish stance laid out in the FOMC meeting minutes last week. Usually in a solid market, with low unemployment and rising inflation due to positive economic [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/us-dollar-momentum-is-decreasing-ahead-of-powell-testimony-to-congress\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-22T07:48:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-06-22T14:56:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/GettyImages-1154468031.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"509\" \/>\n\t<meta property=\"og:image:height\" content=\"303\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Neville Hornsey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Neville Hornsey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-momentum-is-decreasing-ahead-of-powell-testimony-to-congress\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-momentum-is-decreasing-ahead-of-powell-testimony-to-congress\/\"},\"author\":{\"name\":\"Neville Hornsey\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\"},\"headline\":\"US dollar momentum is decreasing ahead of Powell testimony to Congress\",\"datePublished\":\"2021-06-22T07:48:00+00:00\",\"dateModified\":\"2021-06-22T14:56:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-momentum-is-decreasing-ahead-of-powell-testimony-to-congress\/\"},\"wordCount\":395,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"Crude oil\",\"DXY\",\"Fed\",\"FOMC\",\"US Dollar\",\"WTI\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/us-dollar-momentum-is-decreasing-ahead-of-powell-testimony-to-congress\/\",\"url\":\"https:\/\/youtrading.com\/en\/us-dollar-momentum-is-decreasing-ahead-of-powell-testimony-to-congress\/\",\"name\":\"US dollar momentum is decreasing ahead of Powell testimony to Congress - 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