European session review: USD mixed as focus shifts to Fed chair Powell's testimony
23.02.2021, 12:40

European session review: USD mixed as focus shifts to Fed chair Powell's testimony

TimeCountryEventPeriodPrevious valueForecastActual
07:00United KingdomAverage earnings ex bonuses, 3 m/yDecember3.6%4%4.1%
07:00United KingdomAverage Earnings, 3m/y December3.6%4.1%4.7%
07:00United KingdomILO Unemployment RateDecember5%5.1%5.1%
07:00United KingdomClaimant count January-20.4 -20
07:30SwitzerlandProducer & Import Prices, y/yJanuary-2.3% -2.1%
10:00EurozoneHarmonized CPIJanuary0.3%0.2%0.2%
10:00EurozoneHarmonized CPI ex EFAT, Y/YJanuary0.2%1.4%1.4%
10:00EurozoneHarmonized CPI, Y/YJanuary-0.3%0.9%0.9%
11:00United KingdomCBI retail sales volume balanceFebruary-50-38-45

USD traded mixed against its major rivals in the European session on Tuesday as market participants prepared for the Fed chair Powell's appearance in front of the U.S. Senate Banking Committee later today with his semi-annual testimony on the economy. 

The U..S. currency rose against CHF, JPY and AUD, changed little against EUR and CAD, and fell against GBP and NZD. The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, increased 0.12% to 90.12.

In Powell's testimony, close attention will be paid to his comments on the inflation prospects and growing Treasury bond yields. It is possible that the Fed's chairman may play down the risk of inflation despite President Joe Biden’s massive $1.9 trillion COVID-19 relief package. In the past, Powell had cautioned that inflation could rise, but only temporarily, as the economy recovers.

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