USD continues to rise ahead of Powell's speech! - Kakiforex | Forex markets for the smart money. USD continues to rise ahead of Powell's speech! USD continues to rise ahead of Powell's speech!

March 4, 2021

USD continues to rise ahead of Powell's speech!

 The US dollar remains trading higher against other major currencies with market focus now focused on Federal Reserve (Fed) Chairman Jerome Powell's speech today.


Powell will talk about the US economy in an online event hosted by Wall Street, and it may be possible to determine the direction of the global bond and currency markets.


The dollar index, which measures the strength of the greenback dollar against six major currencies, traded higher at 91.16.



The Aussie dollar, which initially gained support from Australia's record-breaking surplus data with a record high of A $ 10 billion, failed to maintain its bullish momentum at the start of the European session.


Meanwhile, the pound traded slightly lower against the USD, with a relatively limited decline as it was backed by a UK budget launched by Minister Rishi Sunak which included more support for the economy and investment incentives for firms.


Rishi Sunak also returned higher corporate tax payments in 2023 to cover government spending. However, overall the market welcomed the change.


In addition, euro trading also faltered following the strengthening of the US dollar with the price trading around 1.20300.