Global macro overview for 12/07/2017:
The most important event of the day is Federal Reserve Chairperson Janet Yellen's speech in the front of the US Congress. It is very
possible, that Jannet Yellen will reinforce the message from the press conference of June 14 FOMC meeting and continue to guide the
financial market towards an announcement of the beginning of balance sheet normalization at the September 20 meeting as well as a rate
hike by year-end. Moreover, the market participants will focus on Yellens comments around inflation and the justification, that the
recent pause in inflationary pressures is likely due to transitory factors. Any change from this statements might trigger interesting
developments. The hawkishness of this event would help the dollar and could harm the stocks. Dovishness of Yellen statements should
work the other way round.
Let's now take a look at the US Dollar Index technical picture at the H4 timeframe. The market slid towards the technical support at
the level of 95.47 again and if the bounce from this level will be strong enough to break out above the level of 96.61, this might be
a Double Bottom pattern. The hawkish comments from Yellen will definitely help to unfold this scenario.
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