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US Dollar Steady Ahead of Jerome Powell Speech – BBH

He Dollar Index (DXY) remains stable near 105.035 as markets await the Fed Chairman’s testimony before the Senate, BBH analysts note.

DXY and EUR remain stable

“DXY holds steady near 105.035 as markets await Fed Chair’s Senate testimony.”

“The Euro (EUR) is holding steady near $1.0825 while the British Pound (GBP) is trading higher near $1.2812. The USD/JPY is trading higher near $161 even as the BoJ prepares to reduce its bond buying.”

“The recent weakness in data is challenging our view that the backdrop of persistent inflation and robust growth in the US remains largely in place. However, we note that weaker data in many major economies underscores the fact that the relative story should remain supportive of the Dollar.”

Source: Fx Street

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