Sat, 27 Feb 2021

U.S. dollar rises amid Powell testimony

Xinhua
24 Feb 2021, 07:18 GMT+10

NEW YORK, Feb. 23 (Xinhua) -- The U.S. dollar strengthened in late trading on Tuesday as market participants eyed testimony by Federal Reserve Chairman Jerome Powell on the economic outlook.

The dollar index, which measures the greenback against six major peers, rose 0.15 percent at 90.1663.

In late New York trading, the euro decreased to 1.2144 U.S. dollars from 1.2164 dollars in the previous session, and the British pound increased to 1.4107 dollars from 1.4074 U.S. dollars in the previous session. The Australian dollar fell to 0.7910 U.S. dollar from 0.7922 dollar.

The U.S. dollar bought 105.31 Japanese yen, higher than 105.03 Japanese yen of the previous session. The U.S. dollar rose to 0.9055 Swiss franc from 0.8957 Swiss franc, and it was down to 1.2593 Canadian dollars from 1.2602 Canadian dollars.

Powell told lawmakers on Tuesday that U.S. economic recovery remains uneven and far from complete, and the path ahead is highly uncertain.

The economy remains "a long way" from the central bank's employment and inflation goals, and it is likely to "take some time" for substantial further progress to be achieved, the Fed chief said at a hearing before the Senate Banking Committee.

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