Dollar dips against euro
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The dollar dipped against the euro on Wednesday before Federal Reserve Chair Jerome Powell is due to testify before Congress for a second day, after indicating on Tuesday that the US central bank is getting closer to cutting interest rates. Traders now have around 77% odds for a rate cut by September, up from 73% a day earlier, with a second cut also seen likely by December, according to the CME Group’s FedWatch Tool. The dollar index, which measures the US currency against six others including the euro and yen, was last down 0.05% at 105.07. The euro gained 0.09% to $1.082 as investors came to terms with a hung parliament in France. The dollar strengthened 0.11% to 161.48 Japanese yen. Sterling strengthened 0.16% to $1.2804. Meanwhile, the kiwi dropped after the Reserve Bank of New Zealand opened the door to possible rate cuts should inflation slow as expected. The New Zealand currency was last down 0.73% versus the greenback at $0.6078.
#Dollar #Euro #FederalReserve #JeromePowell #InterestRates
https://www.brecorder.com/news/40312294
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