Greenback slides on caution prior to Powell testimony

Greenback slides on caution prior to Powell testimony

On Tuesday, the evergreen buck decreased versus its key rivals, with market participants quite cautious ahead of testimony from fresh Fed Chair Jerome Powell, which could determine whether the greenback’s revival from a three-year minimum has more room to run or not.

Powell's Congressional testimony is going to be his first public debut since being sworn in as Fed Chair in February. Market participants would like to know whether the new governor will stick with the gradual monetary rate policy run by his predecessor Janet Yellen, or he’s going to take a more aggressive stance.

Early in February, the evergreen buck dived to its lowest value since late 2014 versus a basket of key currencies, although it has since revived nearly 2%.

On Tuesday, the US dollar index headed south 0.1% being worth 89.776.

Some market experts are assured that Powell would be quite optimistic on US the economic outlook. Additionally, they guess Powell would be patient in estimating whether inflation is going to inch up or not.

Many experts agree that the evergreen buck won’t probably be boosted by Powell's highly anticipated speech.

Financial experts surveyed by Reuters expect the core PCE to edge up 1.5% in January year-on-year that would be the same as December's tempo and somewhat way off from the Fed's 2% objective.

This week is literally stuffed with American economic data, including consumer confidence, updated fourth-quarter surge, manufacturing as well as personal income, to say nothing of spending numbers.

As the US currency slumped, the common currency rallied 0.1% hitting $1.2332, with market participants seen unlikely to open big positions this week prior to major political events in the EU.

Against the Japanese yen, the evergreen buck tacked on about 0.1% demonstrating an outcome of 107.05 yen.


How to trade the JPY?
How to trade the JPY?

Happy Friday, traders! Are you ready to trade at the end of the week? Here’s what you need to know before you start:

Latest news

Crucial News For The Following Week
Crucial News For The Following Week

Consumer Price Index, Existing Home Sales, US Fed rate decision - all of these things we will discuss in our new review. Don't miss it out!

Focus on Banks' Meeting and NFP
Focus on Banks' Meeting and NFP

The RBA and the Bank of Canada will add volatility to the AUD and the CAD, while USD is expected to be boosted by the Non-farm payrolls.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera