Forex Today: Fed Powell put the dollar in sell-off mode ahead of US inflation data By ValBednarik DollarIndex Inflation Fed Gold CryptoCurrencies
The dollar fell sharply on Tuesday, following comments from US Federal Reserve chief Jerome Powell. In the hearings before the Senate amid his nomination for a second term, the leader of the US central bank mixed a hawkish view of the economy with a Powell noted that the economy is growing at its fastest rate in years, while the labour market is "robust." Also, he said the Fed would stop higher inflation from getting entrenched, cooling down the market's concerns.
Wall Street advanced on relief, with the three major indexes holding on to gains ahead of the close. US governmentadvanced to 1.1374, holding nearby as the day comes to an end, while GBP/USD trades at 1.3625, its highest since November. Safe-haven currencies advanced modestly against the greenback, with USD/JPY now trading at 115.40. Commodity-linked currencies strengthened, with AUD/USD trading at 0.7210 and USD/CAD down to 1.2570.
Gold is up to $1,820 a troy ounce, while crude oil prices also got a boost from a weaker dollar, with WTI currently trading at $81.40 a barrel.
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