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TEHRAN, February 26 - The dollar steadied on Monday, with investors looking to Federal Reserve Governor Jerome Powell’s first congressional testimony for hints on the future pace of U.S. monetary tightening.
TEHRAN,Young Journalists Club (YJC) - The dollar steadied on Monday, with investors looking to Federal Reserve Governor Jerome Powell’s first congressional testimony for hints on the future pace of U.S. monetary tightening.
The dollar index, which measures the greenback against a basket of six major rivals, was unchanged at 89.879 .DXY. It had gained nearly 0.9 percent last week and pulled away from a three-year low near 88.25 set on Feb. 16.
A view that the dollar’s selloff had been overdone, and minutes from the Fed’s January rate-setting meeting that offered a relatively upbeat tone had helped give the dollar a lift last week.
Speculators’ net short dollar bets fell in the week to Feb. 20, according to calculations by Reuters and Commodity Futures Trading Commission data released on Friday, as investors priced in more interest rate increases by the Federal Reserve.
The focus this week is on Fed Chairman Jerome Powell’s congressional testimony on monetary policy and the economy.
Source:Reuters
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