Hiring and spending gains happened more rapidly than FED’s projections. Jerome Powell, Chairman of the Federal Reserve, and Treasury Secretary Steven Mnuchin will speak today at 16:30 GMT and FXStreet’s analyst Joseph Trevisani expects an upbeat speech to reanimate risk trade.
“Mr. Powell and Treasury Secretary Mnuchin will speak on Capitol Hill on Tuesday in a quarterly appearance required by the coronavirus relief legislation. His remarks were published on the Fed website on Monday. ‘While recent economic data offer some positive signs, we are keeping in mind that more than 20 million Americans have lost their job,’ noted Mr. Powell’s statement.”
“The increase in coronavirus cases though not in fatalities in a number of American states has prompted a mild risk-aversion rise in the USD. If Mr. Powell can be more optimistic than he was two weeks ago in his Semiannual Monetary Report to Congress on June 16 and 17 currency traders may be able to clip the same risk discount coupon at use in the stock market.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.