U.S. Dollar Rises Ahead of Powell Speech By Investing.com

Forex News


© Reuters.

Investing.com – The greenback rose to an almost one-and-a-half-week high as traders waited for clues from Federal Reserve Chair Jerome Powell on the outlook for monetary policy.

is scheduled to give remarks at a town hall meeting with teachers in Washington D.C. at 7:00 PM ET (24:00 GMT).

The , which measures the greenback’s strength against a basket of six major currencies, increased 0.16% to 95.965 as of 10:33 AM ET (15:33 GMT).

Last week the central bank signaled an end to its drive to tighten monetary policy due to concerns over slowing economic growth both domestically and abroad.

Meanwhile U.S. President Donald Trump’s State of the Union address on Tuesday night caused little movement, as markets digested the prospects of another government shutdown should Congress not meet his demand for a border wall.

The dollar was down against the safe-haven yen, with falling 0.25% to 109.67.

Elsewhere, the pound recovered slightly after falling to a two-week low of $1.2926 amid reports that the European Union would not reopen the Brexit divorce deal negotiated last year. inched up 0.15% to 1.2960.

The euro was down after downbeat data from Germany, with falling 0.25% to 1.1382.

In Australia, the remained near a 1.4% low of 0.7129 after Australian central bank governor Philip Lowe said in a speech that the next move in interest rates could be downwards.

dipped 0.7% to 0.6842. The loonie was lower, with up 0.46% to 1.3184.

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