USD Bursts Other Major Currencies In Asian Session - Kakiforex.com - Financial Market Media No. 1 in the World USD Bursts Other Major Currencies In Asian Session USD Bursts Other Major Currencies In Asian Session

July 16, 2021

USD Bursts Other Major Currencies In Asian Session

 The US dollar rebounded ahead of weekend trading with trading stronger against most major currencies in the Asian session.


US Federal Reserve (Fed) Chairman Jerome Powell testified for a second day on monetary policy before the Senate Banking Committee.


While he continued to issue dovish statements on inflation similar to his speech on the first day, the US dollar maintained a strengthening after seeing readings of unemployment claims data showing a decline.


Powell may not be in the rush to cut stimulus in his monetary policy like other central banks, but positive U.S. data will likely force him to do so.



At the beginning of the Asian session, the dollar index, which measures the strength of the greenback against six other major currencies, traded positive at 92.60.


The release of US retail sales data tonight will be the next concern for US dollar investors who expect it to show an improvement over previous readings.


Meanwhile, the Aussie dollar continued to be under pressure following more closures implemented following Covid-19 infection cases in New South Wales (NSW) continued to show an increase.


The pound failed to defend gains following a hawkish statement by Bank of England (BOE) official Michael Saunders who said they would discuss whether to cut its current asset purchase program or take further policy action next year.