Analysts at TD Securities explained that the focus for the day ahead, in terms of the greenback, will fall on the Monetary Policy Report released at 11am EDT.
"The report will be out ahead of Powell's Semi-Annual Testimony scheduled for next week."
"We expect Powell to reiterate the case for gradual hikes on the back of a tight labor market but contained inflation."
"Any comments on trade protectionism, the yield curve, and operational procedures will be closely watched."
"Import prices and Michigan sentiment likely to play second fiddle."
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