US dollar rises on Powell’s testimony | 2018-07-19 |

US dollar rises on Powell’s testimony

    18th July, 2018 09:46:53 printer

NEW YORK: The U.S. dollar went up on Tuesday as investors were digesting Federal Reserve Chair Jerome Powell’s first congressional testimony.

Powell said in his prepared remarks on Tuesday before the U.S. Senate Banking Committee that the economy is on the cusp of “several years” in which the job market remains strong and inflation stays around the Fed’s 2 percent target, reports Xinhua.

He also downplayed the impact of current global trade policy discussions on the outlook for further monetary tightening.

Analysts mostly interpreted Powell’s comments as hawkish, which supported the greenback on Tuesday.

The dollar index, which measures the greenback against six major peers, was up 0.46 percent at 94.942 in late trading.

In late New York trading, the euro was down to 1.1663 dollars from 1.1713 dollars in the previous session, and the British pound decreased to 1.3124 dollars from 1.3231 U.S. dollars in the previous session. The Australian dollar declined to 0.7390 dollar from 0.7418 dollar.

The U.S. dollar bought 112.84 Japanese yen, higher than 112.31 Japanese yen of the previous session. The U.S. dollar climbed to 0.9993 Swiss franc from 0.9968 Swiss franc, and it went up to 1.3186 Canadian dollars from 1.3141 Canadian dollars.