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US Dollar May See Some Turbulence with 5 Fed Speakers Today

US Dollar May See Some Turbulence with 5 Fed Speakers Today

Christopher Vecchio, CFA,

Talking Points:

- After a dry week, the calendar has meaningful US economic data and events on it today.

- Fed Chair Yellen testifies at 14 GMT; three FOMC voters speak later today.

- See the DailyFX economic calendar for the week of September 25 to September 30, 2016.

After what's been a relatively quiet start to the week, the US economic calendar is heavier today with important consumption figures for August and five Federal Reserve policymakers on tap. However, as time ticks off the clock to election day, the impact the Fed has on the day-to-day happenings in the market is likely to decrease; today may be one of the few days between now and November 8 where Fed policymakers can have a meaningful impact on FX markets.

With that said, even though there are five Fed speakers, not all of the speeches are worth paying attention to by our measure. Fed Chair Janet Yellen is testifying in front of a House panel today at 14:00 GMT, but discussions related to monetary policy are expected to be limited. Likewise, St. Louis Fed President James Bullard's remarks shortly thereafter at a community banking forum are likely to be absent of meaningful monetary policy commentary too.

Instead, our focus turns to Cleveland Fed President Loretta Mester and Kansas City Fed President Esther George later on in the day. With all due respect to Chicago Fed President Charlie Evans, we only care about what FOMC voters think at present time, which Mester and George are; Evans is not. Along those lines, given that the commentary from two of the more hawkish members in the past, FOMC voters Mester and George have the most potential to move the needle for the US Dollar - especially since they'll be speaking after US equity markets close today.

See the video (above) for technical considerations in EUR/USD, GBP/USD, USD/JPY, EUR/JPY, GBP/JPY, and the USDOLLAR Index.

Read more: US Dollar Turns to Fed Speakers Next Two Days for Help

--- Written by Christopher Vecchio, Currency Strategist

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.