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Fed Chair Powell Testifies, Brexit Delay Reports Lift the Pound


Today, USD-traders are likely to lock their gaze on Jerome Powell’s semiannual testimony. The Fed Chief will testify before the Senate Banking Committee today, while he will deliver the same speech on Wednesday before the House Financial Services Committee. The pound was the main winner among the G10s yesterday, gaining after a report said that UK PM May is considering a plan to delay Brexit. Today, May is scheduled update lawmakers on her progress with the EU and investors will be eager to see whether she will indeed announce such a proposal.

USD-Traders Lock Gaze on Powell’s Testimony

The dollar traded lower or unchanged against most of the other G10 currencies on Monday. It gained only versus CAD and JPY. The greenback traded virtually unchanged versus CHF and NOK, while the main gainer was GBP.

The risk-linked currencies AUD and NZD remained on the front foot against their US counterpart, while the safe-havens JPY and CHF failed to capitalize as markets traded in a risk-on mode following US President Trump’s decision on Sunday to delay the March 1st deadline for the...

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Source: https://www.jfdbrokers.com/en/research/fed-chair-powell-testifies-brexit-delay-reports-lift-the-pound
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