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Dollar Flat; Powell Testimony inside Focus

Forex, invest, money February 23, 2021 4:07 pm

Dollar Flat; Powell Testimony in Focus© Reuters.

By Peter Nurse

Investing.com – a USD was largely unchanged inside early European trading Tuesday, after earlier falling to a near six-week low ahead of Federal Reserve Chairman Jerome Powell’s semi-annual testimony to Congress.

At 3:55 AM ET (0755 GMT), a , which tracks a greenback against a basket of six another currencies, was up 0.01% at 90.002.

rose 0.2% to 1.2174, was up 0.1% at 105.14, while a risk-sensitive rose 0.1% to 0.7917, climbing to a highest level inside almost three years as commodity prices has soared.

These gains has triggered worries of a global rise inside inflation, also puts a focus on Fed chief Jerome Powell, who before Congress later inside a day.

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He is expected to provide assurance that a Fed become not respond to higher inflation with an immediate rate hike, which could potentially cause a USD to drop further.

“His challenge become become to express confidence inside a recovery, but not too much confidence such that a bond market slide turns into a collapse,” said analysts at ING, inside a research note. 

“Typically, a Fed finds a right words on these occasions – most certainly downplaying a forthcoming rise inside inflation into 2Q – such that a bond market decline can probably stay orderly.” 

Elsewhere, was up 0.2% at 1.4083, up almost 3% this month as a U.K. has impressed with its Corona vaccine program, inside turn boosting confidence inside a U.K. economic recovery.

Britain’s rose to 5.1% inside a last three months of 2020, its highest since a first quarter of 2016, official data showed Tuesday. That said, separate data from a Office for National Statistics showed that a number of employees on company payrolls inside January rose by 83,000 from December.

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On Monday, U.K. Prime Minister Boris Johnson set out his aim to ease lockdown rules inside a series of stages over a next four months.

“a switch from Brexit-related uncertainty to a vaccine rollout-related upside to a UK growth outlook argues for more frequent periods of GBP valuation overshoots,” ING added.

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