January 11, 2022

USD Alert Awaits Jerome Powell's Testimony

 The greenback continued to hover around the same price as investors awaited Federal Reserve (Fed) Chairman Jerome Powell’s testimony for new indications of monetary policy tightening.

Jerome Powell will testify on his re -candidacy to chair the U.S. central bank before the Senate Banking Committee at tonight’s New York session.

Based on his inaugural speech released on Monday, Powell would promise to curb the rise in high inflation from getting worse but made no mention of his plans on a tightened policy direction.

During the Asian session, the US dollar displayed a slight decline with the dollar index trading at 95.87 against most major currencies.

Examining the movement of the European currency, the pound remained traded stable with price movements continuing to hover around the highs for the year after recording modest losses in the previous session.

Meanwhile, investors were also seen with the release of Australian retail sales data showing a positive reading, thus giving some support for the Aussie dollar to record gains.

Meanwhile, the safe-haven yen depreciated slightly against the greenback dollar, seeing the currency trade hovering at 115.30 in the Asian session.