US dollar at the best levels of the day

The dollar has caught a bid in the minutes ahead of Powell's testimony.

Economic optimism won't be enough to sustain a USD bid. It's going to take some comments about rising inflation and something beyond a pledge to continue gradual hikes.

Don't expect any kind of smoking gun. This is probably going to be a case of the sum-of-the-parts.

The Q&A portion is much more likely to include some kind of surprise. Powell doesn't have much experience and a few policymakers will surely try to score some points. That part kicks off shortly after 10 am ET (1500 GMT).

Some are attributing the drop in EUR/USD to Weidmann's comments but they're a re-hash of something he said earlier.