Forex Today: Powell pulverizes the dollar, oil is on fire, Bitcoin is on the back foot

  • Fed Chair Jerome Powell's words continue weighing on the US dollar and he continues talking today.
  • Oil prices have jumped due to a storm and an incident.
  • Cryptocurrencies are on the back foot with Bitcoin falling below $12,000.

Thursday, July 11th, European session:
- The US dollar has extended its losses after Fed Chair Jerome Powell opened the door to cutting rates. He said that the outlook has dimmed as trade and global uncertainties weigh, weak inflation may become persistent, and even the labor market cannot be labeled as "hot." Powell testifies again today.
- The FOMC meeting minutes echoed Powell's words, saying that the many considered reducing rates. The publication added to the greenback's slide.
- US inflation figures for June may fall below expectations after Powell talked about its weakness. 
- The European Central Bank's meeting minutes are due today and are also expected to be dovish, opening the door to adding more stimulus.
- Bank of England Governor Mark Carney will be speaking today about financial stability, but may still move markets if he issues warnings.
- Oil prices are on the rise.  A storm is brewing in the Gulf of Mexico and Iranian ships allegedly delayed a British oil tanker.
- Bitcoin, Litecoin, and other cryptocurrencies extend their falls.

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