The pair is hovering around a level not seen since October 2020, after the buck gained traction because of the mounting expectations that the Federal Reserve will taper stimulus from November. The high inflation records have corroborated this expectation in the country as bond yields continue to spike. The current impasse over the debt ceiling in the US could plunge the government into a shutdown and might weigh on the strength of the greenback. Traders are expecting the testimony of the Fed Chair alongside the Treasury secretary later today about the CARES act before the house committee on fresh insight into the expected tapering come November.
The pair is trading around a proven support level on H4, D1 and W1 chart and a rebound to the upside will be expected with a target at 1.16644 and stop-loss at 1.15560.
Final GDP q/q (USD) 1:30 PM
Unemployment Claims (USD) 1:30 PM
Chicago PMI (USD) 2:45 PM
Fed Chair Powell Testifies (USD) 3:00 PM
FOMC Member Williams Speaks (USD) 3:00 PM
FOMC Member Bostic Speaks (USD) 4:00 PM
FOMC Member Evans Speaks (USD) 5:30 PM
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