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The dollar holds firm ahead of Fed Chair.....>

DOLLAR
DOLLAR: The dollar holds firm ahead of Fed Chair Powell's testimony.
- The DXY rallied to 97.58 yesterday and is now up over 1.7% from the late June
lows. Light profit take sales eased overnight to hold in a very narrow 97.49-55
range. The 97.75/80 area remains key which holds previous highs from Jun 3 & Jun
18, trendline resistance drawn off the May 23 high & 76.4% retracement level of
98.37-95.84. The Jul 8 low & 100-dma provide near-term support at 97.16/13.
- Gold - The broadly firmer dollar has seen topside gains capped ahead of $1400.
The yellow metal holds toward the base of its $1391.29-1398.17 range. Support
remains at $1385.87 from yesterday's low, ahead of the Jul1 low at $1381.90.
- UST yields improved with the 10y touching highs of 2.0822% to rest on down
trendline resistance off the May 21 high.
- WTI & Brent trade marginally higher from their settlement levels, last
$58.65/64.80.
- Light on the US data release today, but heavy on Fed speak. Wholesale
Inventories the main release at 1400GMT, Fed Chair Powell testifies to Congress
at the same time. Further speeches scheduled from Fed's George & Bullard. 

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