{"id":25302,"date":"2023-06-21T02:42:10","date_gmt":"2023-06-21T06:42:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-edges-higher-ahead-of-powell-sterling-gains-after-cpi\/"},"modified":"2023-06-21T02:42:11","modified_gmt":"2023-06-21T06:42:11","slug":"dollar-edges-higher-ahead-of-powell-sterling-gains-after-cpi","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25302","title":{"rendered":"Dollar edges higher ahead of Powell; sterling gains after CPI"},"content":{"rendered":"
\n

Investing.com – The U.S. dollar steadied in early European trade Wednesday ahead of Federal Reserve Chair Jerome Powell’s appearance before Congress, while sterling gained with U.K. inflation remaining highly elevated.<\/p>\n

At 02:00 ET (06:00 GMT), the , which tracks the greenback against a basket of six other currencies, edged higher to 102.185, trading just above its recent one-month low.\u00a0<\/p>\n

Powell\u2019s testimony in focus<\/strong><\/h2>\n

The dollar received a boost Tuesday with the release of surprisingly strong U.S. housing data, as surged 21.7% in May, much more than expected.<\/p>\n

However, gains were limited as there wasn\u2019t the corresponding jump in and traders were reluctant to commit strongly ahead of Powell\u2019s congressional , starting with the U.S. House Financial Services Committee on Wednesday.<\/p>\n

The paused its year-long rate hike cycle last week, but also flagged the potential for more increases in rates later in the year, and thus Powell\u2019s comments will be studied carefully for more cues on monetary policy.<\/p>\n

U.K. CPI remains highly elevated<\/strong><\/h2>\n

Elsewhere, rose 0.2% to 1.2792 after U.K. inflation showed few signs of easing, with the May coming in at 8.7% on an annual basis, unchanged from the prior month.<\/p>\n

The meets on Thursday, and is still widely expected to increase interest rates once more from the current 4.5% level with inflation still more than four times above the central bank\u2019s 2% medium-term inflation target.<\/p>\n

\u201cAfter some unwelcome inflation and wage data, markets now expect the Bank of England to take rates close to 6% over the coming months,\u201d said analysts at ING, in a note. \u201cThat equates to almost six additional rate hikes and is very close to the highs we saw in the midst of the \u2018mini budget\u2019 crisis last year.\u201d<\/p>\n

Euro remains near one-month high<\/strong><\/h2>\n

slipped 0.1% to 1.0911, remaining close to a one-month peak, the risk-sensitive edged higher to 0.6788 and gained 0.2% to 141.75, trading close to seven-month highs with the Bank of Japan maintaining its ultra-loose monetary policy.<\/p>\n

rose 0.2% to 7.1934, with the yuan sinking 0.2% to a near seven-month low against the dollar the day after the People\u2019s Bank of China cut its key , its first such move in 10 months, as Chinese authorities attempted to shore up a slowing economic rebound.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com – The U.S. dollar steadied in early European trade Wednesday ahead of Federal Reserve Chair Jerome Powell’s appearance before Congress, while sterling gained with U.K. inflation remaining highly elevated. At 02:00 ET (06:00 GMT), the , which tracks the greenback against a basket of six other currencies, edged higher to 102.185, trading just above […]<\/p>\n","protected":false},"author":1,"featured_media":25303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-25302","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"\nDollar edges higher ahead of Powell; sterling gains after CPI | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar steadied in early European trade Wednesday ahead of Federal Reserve Chair Jerome Powell's appearance before Congress,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=25302\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar edges higher ahead of Powell; 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