The dollar has regained some strength after Federal Reserve Chair Jerome Powell testified again in front of Congress yesterday.
Once again, Powell stuck to his word around maintaining monetary policy despite rising inflation. He acknowledged the markets’ worries but dismissed any policy change, adding that any such move is still “a ways off”.
In terms of data, US initial jobless claims are at their lowest level since the start of the pandemic. Retail sales data will be released later today and are expected to have increased month-on-month as the economy continues to open up. Michigan consumer sentiment will also be released later.
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