US Dollar retreats as Powell speech is nonevent

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• The Greenback erases intraday gains and sees its recovery attempt stalling.
• Traders will be looking for clues and guidance from Fed Chairman Powell.
• The US Dollar Index is still in the 105-region, with still more room to the upside to recover from last week’s decline. 

The US Dollar (USD) sees its recovery stalling as US Federal Reserve Chairman Jerome Powell delivered speech which held no comments on any monetary policy or guidance. As the earning season is coming to an end, traders are now starting to draw a global picture of the US, and ergo, the world’s economy. With several big names disappointing and recently the bigger retailer discounters showing rising profits, it reveals that the current elevated rate environment is eating into people’s wallets and the US is at bigger risk than ever of falling into a recession together with the rest of the world.