Macro outlook for next week: Powell will make an appearance under heavy pressure

According to BlockBeats, on July 19th, in the coming week, the PMI for manufacturing and service industries in Europe and America will provide any signs of the impact of Trump's tariff policies. On the central bank side, the Federal Reserve has entered a quiet period before its July interest rate meeting, but Fed Chairman Powell, who has recently been embroiled in a public opinion storm, will make an appearance. Market participants will hold their breath to see if he will respond to Trump's recent attacks. The European Central Bank will announce its latest interest rate decision. On Tuesday at 20:30, Federal Reserve Chairman Powell delivered a welcome speech at a regulatory meeting; At 20:15 on Thursday, the European Central Bank announced its interest rate decision; 20: 45. European Central Bank President Lagarde held a press conference on monetary policy; At 20:30 on Thursday, the number of initial jobless claims in the United States for the week ending July 19th. This week, it was reported that Trump has discussed with other Republicans the idea of rehiring Powell. However, he quickly downplayed these discussions, stating that it was "highly unlikely" to dismiss Powell. If Powell insists on defending the independence of the Federal Reserve and emphasizes once again the need for patience, waiting for more data to show the impact of tariffs, then the US dollar is likely to prolong its recovery. That being said, it's too early to start discussing the bullish reversal of the US dollar now. Although this global reserve currency has responded positively to recent tariff related headlines, if tariffs begin to intensify concerns about an economic recession, traders may still start to react like they did in April by selling the US dollar.