The dollar was largely unchanged yesterday following a ‘dovish’ speech from Federal Reserve Chair Jerome Powell, who testified in front of Congress yesterday.
Despite a higher than expected inflation reading earlier this week, Powell insisted that it’s too soon to start tapering monetary policy. He shrugged off the spike as temporary and said it would be damaging to withdraw monetary support prematurely. Powell will testify in front of Congress again today.
Jobless claims figures will be released for the US later today followed by retail sales tomorrow.
For more on currencies and currency risk management strategies, please get in touch with your Smart Currency Business trader on 020 3918 7255 or your Private Client trader on 020 7898 0541.
