Forex Today: All eyes on Powell, trade talks resume, Bitcoin tops $13,000
|- Fed Chair Jerome Powell testifies on Capitol Hill and hints about the next moves.
- Trade talks between the US and China have resumed.
- Bitcoin has continued advancing, topping $13,00.
Here is everything you need to know on Wednesday, July 10th:
- Tension is mounting towards Fed Chair Jerome Powell's testimony today at 14:00 GMT. Markets will want to know if the Fed will cut rates later this month and if such a move is the beginning of a loosening cycle. The recent upbeat Non-Farm Payrolls report has cooled expectations for a significant accommodation of monetary policy.
- The FOMC Meeting Minutes are due at 18:00 GMT and will shed more light on the Fed's thinking.
- The Bank of Canada is set to leave its Overnight Rate unchanged at 1.75%. The BOC will also present new growth and inflation forecasts. Recent economic data has been favorable and the bank may stand out by refraining from cutting interest rates this year.
- Trade: White House economic adviser Larry Kudlow has said that initial high-level talks with China have been "constructive" without providing any details.
- Chinese Producer Price Index came out at 0%, below expectations and at the lowest since 2016.
- The euro has been under some pressure after European Central Bank member Benoit Coeure said that renewing QE is on the cards.
- UK politics: Candidates Boris Johnson and Jeremy Hunt have clashed in a televised debate. Johnson insisted on leaving by the October 31st deadline but refused to say he will resign if it does not happen.
- UK monthly GDP and manufacturing production for May may move the pound. Recovery is projected after the economy contracted in April.
- Bitcoin has extended its recovery, topping $13,000. Goldman Sachs will reportedly "go further than ever before" in its cryptocurrency ventures.
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