Oddbean

Dollar steadies ahead of Powell's speech; euro edges higher ========== The U.S. dollar stabilizes ahead of comments from Fed Chair Jerome Powell. The Dollar Index trades largely unchanged at 103.785. The dollar initially gained after former U.S. President Donald Trump was shot at a campaign rally. Trump is set to appear at the 2024 Republican convention and is likely to be nominated as the party's frontrunner for the presidential race. The shooting increased his chances of victory over Joe Biden, which could favor the dollar. However, gains have dissipated ahead of Powell's speech. The euro gains ahead of the European Central Bank meeting. The ECB is expected to maintain its current rates. The euro is trading at its highest level since March. The yen slips slightly against the dollar. The Chinese yuan weakens after weak GDP data. Chinese economy grew less than expected at 4.7% in Q2. https://www.investing.com/news/forex-news/dollar-steadies-ahead-of-powells-speech-euro-edges-higher-3518615