Markets > Currencies

U.S. dollar gains modestly ahead of Powell testimony

2019-07-10 05:45

Already collect

NEW YORK, July 9 (Xinhua) -- The U.S. dollar climbed slightly against its major rivals in late trading on Tuesday as market participants anxiously awaited more clues about the Federal Reserve's next move on interest rates.

Fed Chair Jerome Powell is scheduled to deliver his bi-annual congressional testimony on Wednesday and Thursday. Traders will pore through his remarks for clues about the central bank's monetary policy update.

This comes as investors are pricing high on immediate interest rate cut moves in order to spur growth.

Market expectations for a July rate cut were 100 percent, according to the CME Group's FedWatch tool. However, the odds for a more aggressive cut were reduced significantly after the release of the stronger-than-anticipated jobs report last Friday.

The dollar index, which measures the greenback against six major peers, was up 0.11 percent at 97.4953 in late trading.

In late New York trading, the euro decreased to 1.1207 dollars from 1.1211 dollars in the previous session, and the British pound was down to 1.2466 dollars from 1.2512 U.S. dollars in the previous session. The Australian dollar fell to 0.6927 dollar from 0.6971 dollar.

The U.S. dollar bought 108.87 Japanese yen, higher than 108.72 Japanese yen of the previous session. The U.S. dollar was down to 0.9935 Swiss franc from 0.9939 Swiss franc, and it was up to 1.3126 Canadian dollars from 1.3096 Canadian dollars. Enditem

Add comments

Latest comments

Latest News
News Most Viewed