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[ltr][rtl]Release date: 2018/2/27 14:09[/rtl] • [rtl]1083 times read[/rtl][/ltr]
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The dollar fell against a basket of major currencies on Tuesday, with traders cautious ahead of new Federal Reserve Chairman Jerome Powell's testimony, which could determine whether there is still room for the US currency to recover from its lowest level in three years.
Powell's testimony to Congress will be his first public appearance since taking office this month. Traders will follow closely the testimony to see whether Powell will continue the policy of gradual rate hike by former President Janet Yellen or adopt a tougher stance.
The dollar has fallen to its lowest level since late 2014 against a basket of major currencies this month but has since recovered about 2 percent.
Today, the index fell 0.1 percent to 89.776.
With the dollar down, the euro was up 0.1 percent at $ 1.2332 as investors pulled out of positions this week ahead of major political events in Europe.
A general election will be held in Italy on Sunday as major political parties in Germany decide the fate of a deal to form a governing coalition that could secure Chancellor Angela Merkel a fourth term.
Against the yen, the dollar was up 0.1 percent at 107.05 yen.
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The dollar drops amid caution before Powell's testimony
[/ltr][ltr][rtl]Release date: 2018/2/27 14:09[/rtl] • [rtl]1083 times read[/rtl][/ltr]
[ltr]
[Ayna-Follow]
The dollar fell against a basket of major currencies on Tuesday, with traders cautious ahead of new Federal Reserve Chairman Jerome Powell's testimony, which could determine whether there is still room for the US currency to recover from its lowest level in three years.
Powell's testimony to Congress will be his first public appearance since taking office this month. Traders will follow closely the testimony to see whether Powell will continue the policy of gradual rate hike by former President Janet Yellen or adopt a tougher stance.
The dollar has fallen to its lowest level since late 2014 against a basket of major currencies this month but has since recovered about 2 percent.
Today, the index fell 0.1 percent to 89.776.
With the dollar down, the euro was up 0.1 percent at $ 1.2332 as investors pulled out of positions this week ahead of major political events in Europe.
A general election will be held in Italy on Sunday as major political parties in Germany decide the fate of a deal to form a governing coalition that could secure Chancellor Angela Merkel a fourth term.
Against the yen, the dollar was up 0.1 percent at 107.05 yen.
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