Traders brace for a barrage of US macro data today

US equities also declined this week, although losses seem limited so far as dip buyers have taken that opportunity to add to their long positions. 

Oil rallied sharply as Biden promised to take some (legal) action against high oil prices (like the Fed has nothing to do with it..).

Powell's nomination "generated another round of USD buying, as the risk of the more dovish Lael Brainard taking over was priced out (she was, however, named Vice-Chair) and markets reinforced their views around a first Fed hike by mid-2022," said analysts at ING in a note.

The EURUSD trades at the lowest level since summer 2020, and the euro remains under pressure due to the ultra dovish ECB and hawkish Fed expectations.

Later in the day, US durable goods orders are due, expected to improve notably in October. Additionally, the US GDP for the third quarter will be released, likely staying near the Q2's 2.0% annualized. 

Furthermore, US personal spending and income data are on the agenda, including jobless claims and new home sales for October.

The day will be finished with the FOMC minutes from the latest Fed's monetary policy meeting, where the central bank decided to start tapering its bond purchases.