The head of the Federal Reserve Jerome Powell will testify on the Semiannual Monetary Policy Report on Tuesday and Wednesday
Greenback rallies on diving UK pound
On Monday, the evergreen buck tacked on versus its counterparts in the face of concerns about a worsening US-China trade clash and a dip in the UK pound to an 11-month minimum.
Estimating the greenback’s purchasing potential versus a pack of its main rivals, the USD index managed to ascend by 0.14% hitting 95.16.
Chinese state media accused US leader of forcing other countries to sacrifice their own interests in favor of those of America.
The scathing attack on Trump was launched several days after the Chinese government told it would slap tariffs of 20%, 5%, 10% and 25% on American goods worth more than $60 billion if the current US presidential administration followed through on its outrageous threats to slap more radical duties on $200 billion of China’s products.
Recently, Trump has written on Twitter that all imported products should be taxed or manufactured in his country.
Some experts have suggested the strengthening worries over an all-out trade conflict between China and America were backing demand for the US currency because investors bet the American economy, considering its current condition, would fare better in this trade conflict.
Safe-haven demand against the backdrop of soaring US-China trade clashes was restricted because the Swiss franc and the Japanese yen tumbled versus the evergreen buck.
The currency pair USD/JPY tacked on by 0.13% being worth Y111.43, USD/CHF added 0.22% trading at 0.9966.
Additionally, a dip in the UK currency as well as a diving common currency helped the evergreen buck to hold profits.
The currency pair GBP/USD went down by 0.45% reaching $1.2944 because remarks by officials as for a no-deal Brexit spurred worries that the United Kingdom would leave the EU without even securing a trade pact.
The currency pair EUR/USD dipped by 0.05% trading at $1.1562.
The United States will publish the non-farm employment change, also known as non-farm payrolls (NFP) at 15:30 MT time on February 7.
The level of non-manufacturing PMI for the United States by the Institute of Supply Management will be published at 17:00 MT time on February 5.
The Federal Open Market Committee will publish its meeting minutes on February 19, at 21:00 MT time.
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