Comprehensive up-to-date news coverage

HomeNewsBusinessDollar Falls Ahead of Powell's Remarks; Euro-Swiss hits seven-week high

Dollar Falls Ahead of Powell’s Remarks; Euro-Swiss hits seven-week high

Published on

Follow us on Google News for latest updates and information.

News Tech: The dollar fell on Tuesday but remained stuck in recent ranges as investors awaited US Federal Reserve Chairman Jerome Powell to speak at a congressional hearing later in the day. European stocks rose in early trading after Wall Street rallied late in the session, while US Treasury yields were slightly higher. Investors will be hoping Powell will offer some clues as to when to tighten monetary policy when he takes questions from the Senate Banking Committee as seeks a second four-year term as president. the head of the Fed. Powell will tell Congress that the bank will “stop rising inflation at its root,” pre-release comments showed.

Some of Wall Street’s biggest banks are now expecting four U.S. rate hikes this year, starting in March. The euro-dollar has been stuck in a range recently around $1.1346, but the euro has hit a seven-week high against the Swiss franc, with the pair changing hands at around 1.0497. This follows a surge in demand deposits held by the Swiss National Bank last week, which is a possible sign that the central bank is intervening to limit the strength of the franc. “CHF inflows could continue today if Powell sends hawkish signals to the market and UST yields rebound, providing a more decisive break above 1.0500 EUR/CHF,” ING wrote.

As of 08:40, the US dollar index was down about 0.1% on the day to 95.817 – well below the 16-month high, it touched at the end of November amid the key makers’ mood. Fed policy is increasing. “We expect any decline in the dollar to be short-lived as the impending Fed tightening narrative continues to provide a very positive undercurrent for the greenback,” the analysts said. ING FX analyst wrote in a note to clients. “An acknowledgment that faster rate hikes are needed may be enough to provide more support to the dollar today,” ING said.

See also  The seven assets cost $130 million when BLT Enteprises paid

The Swiss franc also serves as a safe haven to hedge against Italian political risks, ING said. Italy’s parliament will meet to choose new president this month, with Prime Minister Mario Draghi seen as the leading candidate. Yields on Italian government bonds rose as investors worried about the country’s political stability. The US dollar was up about 0.1% against the Japanese yen at 115.280. Japan’s household inflation expectations hit a two-year high as a quarterly survey showed rising costs of living are starting to change public perception of future price movements.

Latest articles

Remove slide numbers from specific slides in Microsoft PowerPoint

Hello everyone, in this article we will show you how Remove slide numbers from...

Investment of INR 45 million by Incofin India Progress Fund in Mufin Green Finance Limited

News Tech: From Incofin India Progress Fund, Mufin Green Finance has received INR...

Australia and the United States announced the International Olympic Committee for the Space Surveillance Telescope

In Science and Space: The Australian Department of Defense (DoD) and the United...

How to Create Local Account on Windows 11

Hello everyone, in this article we will show you how Create a local account...

More like this

Remove slide numbers from specific slides in Microsoft PowerPoint

Hello everyone, in this article we will show you how Remove slide numbers from...

Investment of INR 45 million by Incofin India Progress Fund in Mufin Green Finance Limited

News Tech: From Incofin India Progress Fund, Mufin Green Finance has received INR...

Australia and the United States announced the International Olympic Committee for the Space Surveillance Telescope

In Science and Space: The Australian Department of Defense (DoD) and the United...

How to Create Local Account on Windows 11

Hello everyone, in this article we will show you how Create a local account...

One-of-a-kind rides are featured at the Highlands Car Show, which benefits charity

News Tech: At the Highlands Church car show on September 24, auto enthusiasts...

Crypto Energy Study Ignored By Agencies, Irking Lawmaker

News Tech: In response to recommendations made by a White House assessment on...