What you need to know on Wednesday, June 23:
Optimism returned to financial markets and weighed on the dollar. However, USD losses were limited and continue to look corrective after last week’s rally. US Federal Reserve Chairman Jerome Powell testified before Congress on the Federal Reserve’s response to the pandemic.
Earlier in the day, Cleveland Federal Reserve Chair Loretta Mester said she is not yet thinking about tightening monetary policy, adding that she would like to see more progress in employment. In addition, he said that “the Fed should be methodical in its approach to downsizing and communicating with the public to avoid surprises.”
High-yielding currencies posted modest intraday gains. EUR / USD is currently trading at 1.1950, GBP / USD is at 1.3960, while AUD / USD is hovering around 0.7560. The USD / CAD pair approached the 1.2300 level, while the USD / JPY is approaching the 2021 high at 110.96.
UK Health Minister Matt Hancock said data related to covid looks encouraging and suggests that the lockdown may end entirely on July 19 as planned because a recent spike in cases is not leading to deaths.
Concerns arose globally after the report of a new variant of covid called Delta Plus, which may unleash new waves.
Little action around raw materials. Gold continues to hover around $ 1,780 a troy ounce, while crude prices maintained gains. The WTI closed at $ 73.00 a barrel.
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