The dollar was on the front foot on Wednesday, having rebounded from a three-week low, after Federal Reserve Chair Jerome Powell struck a cautious tone on how soon US interest rate cuts would come. In the first day of his testimony to Congress overnight, Powell said a rate cut is not appropriate until the Fed gains "greater confidence" that inflation is headed toward the 2% target. The dollar index, which measures the US currency against six major peers including the euro and yen, was flat at 105.14, after rising about 0.1% on Tuesday. The dollar rose 0.13% to 161.525 yen. The euro was flat at $1.0815 while Australia's dollar eased 0.1% to $0.67345. Source: Qatar News Agency
Tuesday, November 05, 2024