Powell: "A full recovery is unlikely"
Christophe Chevalier June 17, 2020 6:50 AM
Jerome Powell told the Senate Banking Committee that a full recovery is unlikely.
Yesterday, Federal Reserve Chairman Jerome Powell told the Senate Banking Committee: "Until the public is confident that the disease is contained, a full recovery is unlikely." Anyway, investors were encouraged by upbeat retail sales readings and a news report of a potential one-trillion-dollar infrastructure plan by the government.
From a technical point of view, on a daily chart, Dollar Index has broken below the lower boundary of a triangle and remains capped by its declining 50-day moving average (in blue). The daily RSI stands within its selling area. Readers may therefore consider the potential for further weakness as long 99.00 is not broken to the upside. The nearest support would be set at yearly bottom at 94.60. A second one would be set at horizontal support at 93.80.
Source: TradingView, GAIN Capital
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