© Reuters. Dollar remains under pressure before Powell Testimony
Investing.com – The U.S. dollar remained lower against other major currencies on Tuesday, as sentiment on the greenback was fragile ahead of Federal Reserve Chairman Jerome Powell’s first congressional testimony scheduled later in the week.
Investors were eyeing Powell’s congressional testimony scheduled later Tuesday. It will be his first appearance on Capitol Hill since he was sworn in as the new Fed chief earlier this month.
Any indications the Fed is leaning towards raising interest rates at a faster than expected pace this year could determine whether the dollar’s recovery from recent three year lows still has further to go.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.33% at 89.51 by 05:15 a.m. ET (09:15 GMT), the lowest since February 20.
The euro was higher, with adding 0.13% to 1.2332, while slipped 0.11% to 1.3954.
Elsewhere, the yen was weaker, with up 0.10% to 107.05, while edged down 0.15% to trade at 0.9365.
The Australian and New Zealand dollars were lower, with down 0.18% at 0.7840 and with shedding 0.31% to 0.7281.
Meanwhile, held steady at 1.2690.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Forex – Dollar Slides Despite Expectation of Rate Hike - March 20, 2018
- Euro supported as ECB debate seen shifting to rate path - March 20, 2018
- Pakistani rupee weakens sharply in likely devaluation by central bank: traders - March 20, 2018