It’s looking like markets are digesting some of the recent moves today.
US equity futures are flat and so is FX aside from a retracement in the yen. Treasury yields have moved up slightly after a three-day decline.
Eyes will be on Powell today in his second day of testimony starting at 10 am ET. He’s in the Senate today but it’s tough to imagine it will be a market mover. He’s an old pro at this time and his wait-and-see message has been clear and consistent. Notably, KC Fed President Schmidt endorsed that line of thought in a speech late Tuesday.
Economic data is also light today with new home sales at 10 am ET and US weekly oil inventories 30 minutes later.
This article was written by Adam Button at www.forexlive.com.