USD: Powell confirms support for March interest rate hike

The dollar is stronger this morning following Federal Reserve Chair, Jerome Powell’s testimony in front of Congress yesterday.

Powell revealed that he would still support a 25 basis points interest rate hike at the Federal Reserve’s next meeting in March. Despite the economic risks posed by the conflict in Ukraine, Powell demonstrated that high inflation in the US still needs to be tackled.

Jerome Powell will testify in front of Congress again today. Jobless claims figures will also be released for the US.

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