Fed Chair Powell’s remarks can probably see the Dollar gently bid – ING

Today, the highlight will be Fed Chair Jerome Powell's testimony on monetary policy. The US Dollar can hold gains on limited Powell pushback, in the view of economists at ING.

Little incentive for Powell to push back

“The highlight of today's FX session will be Fed Chair Powell's first leg of his monetary policy testimony to Congress.” 

“While welcoming the start of a broad disinflation process in early February, we doubt Powell will push back much against expectations of another 75 bps+ of Fed hikes. This should see the USD hold gains.”