XE Market Analysis: Europe – Jul 09, 2019

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Moderate USD firming has been a prevalent theme, driving the narrow USD index (DXY) to a two-session high at 97.43, which is just 1 pip shy of the near three-week peak that was seen on Friday. Markets are looking to Fed Chair Powell’s Monetary Policy Report on Wednesday in the wake of Friday’s strong jobs report. A much anticipated 50 bp easing at the July 30-31 FOMC was knocked out by the 224k climb in nonfarm payrolls, which has fed a rotation higher in the USD, although a 25 bp “insurance” cut is still expected to be signalled by Powell.