Trader’s calendar on July 11: USD to hunt assist from US unemployment

After the devastating US labor market reports last week, it seemed that the US dollar was headed for a prolonged decline. Forecasts for the Federal Reserve’s rate cuts were immediately moved to earlier dates. However, today, July 10, the US dollar remains resilient.
The US dollar index, which measures its value against six major counterparts, has been rising for the third session in a row. While its main competitor, the euro, struggles with unstable policies, the dollar found support from comments provided by the Federal Reserve chairman.
Speaking before the US Congress with a semi-annual report, Jerome Powell confirmed the regulator’s cautious approach to lowering interest rates. It turned out that the data received by the US regulator was insufficient to confirm a steady movement of inflation towards the target of 2%.
Although Powell also warned that maintaining restrictive policies for too long could inadvertently weaken the economy, his speech was perceived as hawkish. Nonetheless, the possibility of a rate cut in September is already 70%. Curiously, the second cut is almost entirely priced in.
Today, the head of the US Federal Reserve speaks again, this time before the House of Representatives. Additionally, key inflation data and other important macroeconomic reports will be issued this week.
Let us find out what events will shape traders’ sentiment on July 11.

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00:00 INTRO
01:48 CORE MACHINERY ORDERS
02:36 INFLATION GROWTH RATE
03:18 GDP GROWTH RATE
03:41 MANUFACTURING PRODUCTION
04:02 INFLATION GROWTH RATE
04:49 UNEMPLOYMENT CLAIMS