Dollar holds firm after Powell's remarks

The US dollar held steady on Wednesday after the US Federal Reserve Chairman's statements in his testimony hearing before the US congress joint committee.

Powell said the Federal Reserve will put the current interest rates on hold after cutting them for three times, and will assess their implications for the US economy.

The US economy showed today that the consumer price index rose by 0.4% in October, the biggest increase in 7 months.

President Donald Trump said yesterday that since China’s entrance into the World Trade Organization in 2001, it has manipulated the United States.

However, Trump said that he expects signing the first phase of the final trade agreement with China very soon.

The dollar index steadied against a basket of currencies at 98.3 points as of 20:19 GMT, and hit an intraday high of 98.4 and a low of 98.2.