US dollar dips below 92.00 support level as Powell testifies to inflation being transitory

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ByScott Andrews

US index 23 06 2021

Jerome Powell testified earlier today at 02:00 GMT+8 with a dovish stance on inflation mentioning again that it was mostly transitory, earlier in the session at 22:00 existing home sales for May was released coming out at 5.80 million beating the forecast of 5.72 and a little less then previously at 5.85. Today there are a few data releases coming out with flash manufacturing and services PMI’s at 21:45, then at 22:00 new home sales data is released and finally FOMC committee member Bowman will be speaking later at 21:00 and FOMC committee member Bostic will be speaking later at 23:00. I’ll be watching after the PMI and new home sales releases before entering any trades and after 23:00 with Bostic speaking to avoid whip saw situations. I’m long biased on the US dollar although will be sitting out until a clear break is made and a daily candle can close over the 92.04 resistance level before getting in long here.