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US dollar extends as the market counts down to Powell’s speech

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The Fed chairman is speaking today at 9 am ET and the market is cautious.

US equities sold off late yesterday and have continued lower in the premarket with S&P 500 futures down 15 points. The US dollar has also turned higher in the past hour and is trading at the best levels of the day.

The thing is, Powell might not comment on markets at all. He’s speaking on a panel and the topic is central bank independence. In general, he’s not shy and will touch on the economy even if it’s not the main topic but it’s not a given.

Aside from Powell, there isn’t much for the market to chew on today with wholesale sales at 10 am ET and a 3-year auction at 1 pm ET.

For more, see the economic calendar.

This article was written by Adam Button at