•  The US Dollar enters a fifth straight day of gains against most major peers. 
• Markets are awaiting a change in stance from Fed Chairman Powell on Tuesday.
• The US Dollar Index remains steady above 106.00 targeting now the 2023’s high. 

The US Dollar Index (DXY) rallies forward as the King Dollar gains  ground against several major peers. The Greenback is enjoying the change in narrative on the rate differential since last week, which got bigger against other currencies in favor of the US Dollar. Additional tailwind comes from Israel, which vowed yet to retaliate against Iran despite diplomatic efforts to ease tensions in the Middle East, now really putting the region back on the brink of war. 

On the economic data front, the data points will not really move the needle for the US Dollar on Tuesday. Main event comes in the form of three Federal Reserve (Fed) speakers, with  Fed Chairman Jerome Powell being the most important. Powell’s speech could be the game changer, as any change in wording on rate cut expectations or outlook from the Fed Chairman could spark either another leg higher for the Greenback or start a severe pullback.