BUSINESS US dollar slips as traders eye Fed chair testimony

BUSINESS

US dollar slips as traders eye Fed chair testimony

Xinhua

07:14, June 23, 2021

NEW YORK, June 22 (Xinhua) -- The U.S. dollar weakened in late trading on Tuesday as market participants looked to testimony from Federal Reserve Chairman Jerome Powell.

The dollar index, which measures the greenback against six major peers, decreased 0.14 percent at 91.7626.

In late New York trading, the euro was up to 1.1936 U.S. dollars from 1.1909 dollars in the previous session, and the British pound rose to 1.3941 dollars from 1.3929 U.S. dollars in the previous session. The Australian dollar increased to 0.7552 U.S. dollar from 0.7538 dollar.

The U.S. dollar bought 110.62 Japanese yen, higher than 110.27 Japanese yen of the previous session. The U.S. dollar was down to 0.9182 Swiss franc from 0.9185 Swiss franc, and it fell to 1.2320 Canadian dollars from 1.2359 Canadian dollars.

Powell testified before the U.S. House of Representatives on Tuesday afternoon on the central bank's response to the coronavirus pandemic.

In the prepared statement released ahead of the testimony, the Fed chief said that while the "economy has shown sustained improvement," it still faces continued threats from the pandemic.

Last week, the Fed kept its benchmark interest rates unchanged at the record-low level of near zero, as the economic recovery continues amid growing concerns over a surge in inflation.

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