Will Fed Chair Powell Move the USD?

Will Fed Chair Powell Move the USD?

What will happen?

The Fed Chair Jerome Powell will testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee on June 22-23 at 17:00 GMT+3. During this event, the head of the Federal Reserve will highlight current Fed monetary policy, comment on challenges and provide forecasts. After the session, the committee will hold a question and answer session.

Why is it important?

The testimony is scheduled for the next week after the FOMC Meeting. As a result, we expect Mr. Powell to tell what impacted Fed's decision and share hints on the future US regulator's monetary policy.

Usually, the speeches by Fed Chair Powell result in volatile movements of the USD pairs. For example, in the picture below, you can see how the US dollar strengthened in the short term after Jerome Powell's words. If you traded one lot of EURUSD on May 24, you could have earned around $200.

2.png

How to trade on the Fed Chair Powell’s Testimony?

Watch the testimony, track the comments by Fed Chair Powell, and follow the direction of the USD.

  • The USD will strengthen if the Fed Chair confirms the possibility of the rate hike by the 75 basis points during the following meetings.
  • Vice versa, if the Fed Chair denies this possibility, the USD will weaken.

Check the Economic Calendar.

Instruments to trade: EURUSD, GBPUSD, USDJPY

TRADE NOW

Similar

Will the CPI Crash the USD?
Will the CPI Crash the USD?

 The most impactful releases of this week will fill the market with volatility and sharp movements. Be ready to take action!

Latest news

No More US Debts in Sight
No More US Debts in Sight

The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.

Gold Rises as Central Banks Buy More
Gold Rises as Central Banks Buy More

About 24% of global central banks intend to increase gold reserves in 2023. Rising inflation, geopolitical turmoil, and worries about interest rates are reasons to increase gold reserves.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera