Dollar climbs ahead of Jerome Powell's Congressional testimony

2022-06-22 14:16:30 GMT (Economies.com)
Dollar climbs ahead of Jerome Powell's Congressional testimony

US dollar gained ground in European trade after a two-day hiatus ahead of Fed Chair Jerome Powell's Congressional testimony. 

 

The Index

 

The dollar index rose 0.5% today to 104.95, with a session-low at 104.39. 

 

The index closed down 0.1% yesterday, the second loss in a row off 20-year highs at 105.79. 

 

Powell's testimony

 

Fed Chair Jerome Powell is testifying ahead of the Senate later today, and will provide clues on the future of monetary policies. 

 

The Fed took a historic decision last week by hiking rates by 75 basis points 1.75%, the highest such hike since 1994.

 

Estimates 

 

If Powell sounded bullish remarks, and hints towards another 0.75% hike this year, it'll no doubt drive both US yields and the dollar higher. 

 
 
 
  Symbol Last Change Chg.%
1.0427
-0.0154
1.4550%
1.2096
-0.0176
1.4311%
19.698
-1.669
7.811%
108.022
0.605
0.563%
111.50
2.47
2.27%
1799.775
-29.770
1.627%
 
 
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