US dollar traded sideways on Monday, with no apparent direction in the European session.

The US Dollar (USD) is slightly higher with Fed comments started. As measured by the US Dollar Index (DXY). Although there is no obvious direction for this week following Monday’s standstill performance. Markets are volatile, with recent polls indicating that former US President Donald Trump would win if elections were conducted today. While equities are falling ahead of Nvidia earnings on Wednesday. Add another pair of Fed speakers to the mix, and today’s trading could become choppy.

Today’s economic statistics will not include any first-tier indicators. And the spotlight will be on the Federal Reserve (Fed), as previously stated. On Monday, markets had already heard from many Fed members. Albeit the message was pretty consistent: the Fed could still do whatever it deemed necessary to manage inflationary pressures. Of course, markets are not buying the notion that another rate hike is on the way, though a “steady for a bit longer” approach is already completely factored in.

Daily Market movers: No cuts before the last quarter. The US Dollar is now catching up on safe haven inflows.

The US Redbook Index for the week ending May 17 declines from 6.3%.to 5.5%.
No less than seven Fed members are scheduled to speak:
At 13:00 GMT, Federal Reserve Governor Christopher Waller stated. That several more months of strong inflation are required before considering a decrease. Raphael Bostic. President of the Federal Reserve Bank of Atlanta, has also stated that a rate drop is not expected until the fourth quarter.

At the same time, Federal Reserve Bank of Richmond President Thomas Barkin delivers the opening comments at the bank’s “Investing in Rural America” conference.
At 13:05 GMT, Federal Reserve Bank of New York President John Williams will make the opening comments for the 2024 Governance and Cultural Reform Conference.
Michael Barr, Fed Vice Chair for Supervision, will examine the economy. And the lessons learned from the 2023 liquidity crisis. Regional banking supervision will be discussed in a fireside conversation at the 2024 Regional State Member Bank Director and Executive Conference at 14:45 GMT.

Federal Reserve Bank of Atlanta President Raphael Bostic moderates a keynote lecture.

Around 23:00 GMT, Federal Reserve Bank of Atlanta President Raphael Bostic moderates. A keynote lecture at the Atlanta Fed’s Financial Market Conference dinner. He will be accompanied by Presidents Susan Collins of the Federal Reserve Bank of Boston and Loretta Mester of the Federal Reserve Bank of Cleveland.
Following a relatively calm morning for US equities, the red numbers are beginning to shape up. This Tuesday, US equities have surpassed Europe and Asia in terms of negative performance.
The CME Fedwatch Tool predicts that the Federal Reserve’s fed fund rate will remain unchanged in June, with a 96.4% likelihood. The odds have shifted. for September. With the tool indicating a 49.6% possibility that rates will be 25 basis points lower than present levels.
The benchmark 10-year US Treasury Note is trading at 4.42%, in the middle of the week’s range.