The dollar is strong against both the pound and the euro as it benefits from its status as a safe-haven currency. This is mainly due to the global concern over rising COVID cases and the economic effects this could have on the worldwide economy.
Today, Federal Reserve Chairman, Jerome Powell, will make a speech to congressional committees. Other Fed officials will also make speeches. It is hoped that they will shed more light on the Fed’s plans with inflation. Any comments indicating that the Fed are concerned about the future state of the economy could push the dollar higher.
Existing Home Sales will be released for the US today, and are expected to show a 2.4% jump month-on-month.
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