Forex – U.S. Dollar Inches Down Ahead of Powell Speech

© Reuters. – The greenback was down slightly Tuesday, but still remained near two-month highs as investors waited for speeches from Federal Reserve officials to give more clues about monetary policy over the coming months.

The , which measures the greenback’s strength against a basket of six major currencies, fell 0.13% to 96.727 as of 11:00 AM ET (16:00 GMT).

Traders will focus mostly on Fed Chairman Jerome , who is expected to speak at the Hope Enterprise Corporation Rural Policy Forum in Mississippi at 12:45 PM ET (17:45 GMT).

Speeches from Cleveland Fed President Loretta and Kansas City Fed President Esther are also on the agenda for today.

Expectations for a Fed rate hike this year are quickly losing ground, as the central bank paused its pace of tightening.

The dollar was up against the safe-haven yen, with jumping 0.62% to 110.38. The yen is typically sought by investors as a safe haven during times of economic or market stress.

Elsewhere, the pound rallied after it slid to a three-week low after data showed the U.K. economy has stalled ahead of Brexit. Sterling was lifted after Bank of England Governor Mark Carney said that modest tightening of monetary policy should be enough for the central bank to achieve its inflation target. increased 0.26% to 1.2882.

Elsewhere the euro was higher, with recovering 0.2% to 1.1296.

In Australia, the rose 0.4% to 0.7089 while inched up 0.07% to 0.6735. The loonie was higher, with down 0.3% to 1.3259.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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.