The US dollar showed a strengthening against other major currencies ahead of a speech by Federal Reserve chairman Jerome Powell that will give an indication of the market situation.
The US dollar also recorded a five -month best performance against the Swiss franc and a seven -month best against the yen. The market is now looking forward to what steps Powell will take as there has recently been volatile sales in the treasury and is there a recent valuation.
The US dollar is expected to continue to strengthen against the yen if treasury yields continue to rise but there is a possibility that a depreciation against the currency of shellfish exporters may be driven by a recovery in global growth.
The US dollar strengthened by 0.38% against the yen at the exchange rate of 107.40. On the other hand, the UK pound depreciated slightly against the US dollar to the exchange rate of 1.3948.
The 10 -year treasury yield so far declined to 1.4533%, after rising earlier to 1.4567%. There has been massive sales starting earlier this year due to concerns that large government spending will drive inflation.
