Another quiet session on the FOREX, with millimetric spreads on the $-Index, which is down -0.08% at 105.05.

The euro is up 0.08% at 1.0820, but the Swiss franc is down -0.2% at 0.8990/$.
The strongest currency was the Pound, which climbed +0.45% to 1.2840, and the weakest, once again this year, with -0.3% to $161.75.

The only figure of the day was of minor importance: US wholesaler inventories rose by 0.6% in May on a sequential basis, according to the Commerce Department, following a 0.2% increase the previous month (revised from an initially estimated 0.1% growth).

As US wholesaler sales rose by 0.4% in May compared with the previous month, it took them 1.35 months to clear their inventories, a ratio stable compared with that observed in April.

Investors are not expecting any surprises from Fed Chairman Jerome Powell's second hearing before the House of Representatives, scheduled for this afternoon.

Yesterday, in front of the Senate, the Federal Reserve boss had paved the way for a rate cut next September by welcoming the decline in inflation and the easing of tensions on the labor market.

An important point: he highlighted the risk of cutting rates too late or too little, which could have negative effects on economic activity and employment", argues Christopher Dembik at Pictet AM.
Everything is in place for a rate cut in the autumn", concludes the strategist.
The consensus is around 75% for a 1st easing as early as mid-September.

FOREX could come alive tomorrow with US inflation figures.
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