Powell's remarks send US dollar tumbling.

The US dollar fell to session lows after Federal Reserve Chair Jerome Powell's testimony, during which he endorsed the market pricing of a Fed rate hike at the July 26 meeting. The implied odds of a hike remain at 76%. Powell also highlighted that nearly all FOMC participants expect to hike 'somewhat further' by year end. The euro rose 55 pips to 1.0970 on the day. The UK inflation report showed core CPI at 7.1%, higher than expected, suggesting the Bank of England's terminal rate may exceed the Fed's. Treasury yields are slipping and tech stocks are selling off, possibly due to quarter-end flows.