The US Dollar (USD) is facing a moment of truth with US Federal Reserve (Fed) Chairman Jerome Powell taking the stage this Wednesday. Although no hike
Thai Baht drops 1% against the Greenback in Asian trading.
Thirty minutes later, at 18:30 GMT, Jerome Powell will take the stage and give his insights on why the Fed hiked or paused. Here will be the crucial moment if Powell is able to deliver that expected hawkish message to the markets that the Fed will not relent on controlling inflation. The benchmark 10-year US Treasury yield trades at 4.36% and peaked on Tuesday. Yields are ticking up again after earlier a flight to safety triggered the opposite with bond prices rising. THe US Dollar was facing some selling pressure this week with market participants unwinding some of their US Dollar long positions and others trying to pre-position for the main event this Wednesday.
On the downside, the 104.44 level seen on August 25 kept the Index supported on Monday, halting the DXY from selling off any further. Should the uptick that started on September 12 reverse and 104.44 gives way, a substantial downturn could take place to 103.04, where the 200-day Simple Moving Average comes into play for support.
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