Dollar consolidates above 6-week low ahead of Jerome Powell's testimony

2021-02-23 14:24:48 GMT (Economies.com)
Dollar consolidates above 6-week low ahead of Jerome Powell's testimony

The US dollar rose on Tuesday, to consolidate above the 6-week low it hit earlier, while on track for the first daily gain in 4 days, thanks to renewed demand and ahead of a testimony by Fed chair Jerome Powell before the US Congress.

 

The dollar index rose 0.2% to 90.19 points, after opening at 90.02 points, and hit the lowest since January 13 at 89.94, after losing 0.4% yesterday, amid hopes over the global economic recovery.

 

Demand for the greenback was renewed today as investors eschewed ahead of the Fed Chair's statements before the US Congress.

 

At 15:00 GMT, Fed Chair Jerome Powell will testify on the Semiannual Monetary Policy Report before the Senate Banking Committee, via satellite.

 

If Powell succeeds in calming the market about the Fed’s ability to withstand high inflation rates without hiking interest rates, the US bond market would stabilize, and the US dollar will fall against its peers.

 
 
 
  Symbol Last Change Chg.%
1.1911
-0.0143
1.1851%
1.3838
-0.0097
0.6972%
Tadawul
9242.28
-68.88
0.74%
25.247
-1.621
6.035%
66.283
4.812
7.828%
69.56
2.85
4.27%
1700.790
-39.040
2.244%
 
 
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