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Dollar rises as foreign exchange markets pay attention to Powell’s testimony

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News Tech: The dollar struggled to find its way on Tuesday, stuck in recent ranges as investors awaited US Federal Reserve Chairman Jerome Powell to speak at a congressional hearing on Tuesday. End day. Global stocks edged higher after a late session rally for Wall Street, while US Treasury yields were slightly higher. Stock markets had a weak start to the year, driven by bets that the Fed would tighten policy sooner than initially expected.

Fed policy is increasing. Joel Kruger, currency strategist at LMAX Digital, said investors will be watching any news on the Fed’s stance on inflation “because that’s something no one can really lock down on.” and the Fed continues to act as directed”. “If we continue to see downward pressure on equities… then not only do we have a demand for dollars on the yield differential, but you also have a need for dollars on the flight to safety. all,” he declared. Some of Wall Street’s biggest banks are now expecting four U.S. rate hikes this year, starting in March.

Investors will be hoping Powell will offer some clues as to when to tighten monetary policy, as he takes questions from the Senate Banking Committee as he seeks a second four-year term as president is the head of the Fed. Powell will tell Congress that the bank will “stop rising inflation at its root,” pre-release comments showed. At 11:51 GMT, the US dollar index was down about 0.1% on the day to 95.842 – well below the 16-month high, it hit at the end of November amid a jolt of decision makers.

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Meanwhile, the new head of Germany’s central bank said the rise in inflation in the eurozone was not entirely temporary and could be read more than expected. His comments challenged the European Central Bank’s narrative of price pressures. The euro-dollar has been trapped in a recent range of around $1.13425, but the euro has hit a seven-week high against the Swiss franc, with the pair changing around 1.0507. 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.

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