US Dollar Dollar Edges Higher Testimony to Congress

FX Signals – The dollar stabilized in early European trade Tuesday, after handing back some of the previous week’s gains during the previous session, with traders awaiting testimony from Federal Reserve Chair Jerome Powell in the wake of the central bank’s hawkish turn.

Dollar Edges Lower Brexit

At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 92.002, bouncing after dropping 0.5% on Monday.

USD/JPY was up 0.1% at 110.44, EUR/USD dropped 0.1% to 1.1904, after gaining 0.4% overnight, GBP/USD fell 0.2% to 1.3906, trying to hold on to its overnight bounce, while the risk-sensitive AUD/USD was down 0.3% at 0.7514.

Dollar Edges Lower amid Fed Meeting

The dollar index gained 1.9% last week, its biggest weekly rise since March 2000, and it was perhaps understandable that traders cashed in some of those gains during Monday’s session.

Fed officials have already started the process of explaining their thinking, with New York Fed president John Williams taking a dovish tone Monday, saying more economic progress is needed before the central bank should begin to scale back some of its support.

However, others, including Dallas Fed President Robert Kaplan and his colleague in St. Louis, James Bullard, expressed views more in line with the change of overall tone at the central bank, calling for an early discussion over tapering the central bank’s ongoing bond purchases.

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US Dollar Dollar Edges Higher Testimony to Congress

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US Dollar Dollar Edges Higher Testimony to Congress