Currency Buzz: Dollar Index Sees Tight Action Ahead Of Powells Senate Testimony

11 Jan 2022 , 03:48 PM

The US Dollar Index is trading down marginally at 95.87 with the US monetary policy uncertainty weighing on the currency. Dollar index has been witnessing steady support around one week low of 95.70 mark this week. The US Federal Reserve Chair Jerome Powell, in comments prepared for delivery at a congressional hearing, stated that the US economy has rapidly gained strength despite the ongoing pandemic, giving rise to persistent supply and demand imbalances and bottlenecks, and thus to elevated inflation. Powell has pledged to prevent higher inflation from becoming entrenched. Powell testimony before the Senate Banking Committee is due Tuesday. Dollar index is caught in a tight range ahead of the testimony. Risk appetite also seems to be holding up given the good intraday bounce in the US equities last night.

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