The Fed is in data-dependent mode, and we've gotten a string of data that shows a lot of strength.

But clearly any view on the Fed now is dependent on how the data comes through and hence we can expect the dollar to be a bit more volatile on data releases, starting with Friday's payrolls.

He is going to dance around the weeds a little bit, calling for the Fed to be data-dependent.

It reduces the impact of some of the softer data, but won't be a major factor for the Fed.

His testimony is apt to be consistent with the notion that the Fed is still in a tightening mode and inflation is rearing its head,

They're in a fundraising mode right now.