Dollar turns higher ahead of Jerome Powell's second testimony

The US dollar rose against a majority of rivals on Thursday, after falling earlier, which comes ahead of the second part of the US Federal Reserve Chairman's semi-annual testimony before the Congress, while investors await insight on the odds of the Federal Reserve's potential moves to tighten monetary policy soon.

The dollar index rose 0.15% to 92.53 points, after opening at 92.39 points, and hit a low of 92.27 points.

The US dollar lost 0.5% yesterday, on corrections and profit taking.

The dollar index fell following the first half of Fed Chairman's semi-annual testimony before Congress, which lowered the chances of the near tightening of the US monetary policy.

Federal Reserve Chairman Jerome Powell stated before the House Financial Services Committee that the recent surge in inflation is temporary, as consumer prices rose due to the US economy reopening, and stressed the Fed's commitment to its current dovish monetary policy.

At 13:30 GMT, Jerome Powell will deliver his testimony before the Senate Banking Committee.