Dollar Flat Ahead of Powell Speech as Markets Eye Potential Fed Rate Hike Slowdown
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The US Dollar traded flat on Monday with the DXY index near 105.15 ahead of Fed Chair Powell's speech on Wednesday.
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US Treasury yields rebounded after reaching multi-week lows following the weaker-than-expected October jobs report on Friday.
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The October jobs report showed signs of a cooling labor market, reducing expectations for a Fed rate hike in 2023.
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Powell's speech on Wednesday will give clues about potential rate hikes at the Fed's December meeting.
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Technical analysis suggests the DXY index has a neutral to bearish outlook, with more downside potential ahead.