The dollar remains stronger this morning after the second day of Federal Reserve Chair, Jerome Powell’s, testimony in front of the Senate.
After suggesting a recession was “certainly a possibility” on Wednesday, he added that the Fed understands “the hardship high inflation is causing” and that it is “strongly committed to bringing inflation back down.” Powell also said that the US economic conditions were generally favourable with a strong labour market and high demand.
This comes despite lower-than-expected PMI figures. However, the number of Americans filing for unemployment benefits was less-than-expected. Later today, data for new home sales will be released. The figure is predicted to have fallen in May.
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