SINGAPORE : The dollar languished near a one-month low against a basket of currencies on Thursday, after Federal Reserve Chair Jerome Powell stuck to his usual messaging at his semi-annual testimony, offering little room for surprise.Sterling was perched near a one-year high ahead of the Bank of England's
SINGAPORE : The dollar languished near a one-month low against a basket of currencies on Thursday, after Federal Reserve Chair Jerome Powell stuck to his usual messaging at his semi-annual testimony, offering little room for surprise.
That sent the greenback down nearly 0.5 per cent against a basket of six major peers in the previous session. The U.S. dollar index last stood at 102.05 in early Asia trade, not far from its recent five-week low of 102.00."Markets had priced a lot of hawkishness from Powell prior to his testimony, so his comments didn't really surprise too much on the hawkish end," said Carol Kong, a currency strategist at Commonwealth Bank of Australia .Elsewhere, sterling rose 0.
"The strong UK inflation data raised the probability of a larger hike than 25bp, a higher terminal rate and rates staying higher for longer," said economists at ANZ in a note. "Until we get the confirmation on a stimulus package, will likely remain under downward pressure because of the soft outlook for the Chinese economy and that will in turn likely be a headwind for the Aussie as well," said CBA's Kong.
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