Currency Buzz: US Dollar Looks Concerned Over Recession Fears

20 Jun 2022 , 11:08 AM

The US dollar looks concerned in early Asia on Monday as the global economic outlook remained uncertain and ahead of the speech from Fed chair Powell that could determine Feds further course of action. Fed Chair Jerome Powell will testify to the Senate and the House on Wednesday and Thursday after Fed raised its benchmark interest rate by 75 basis points last week, the largest increase since 1994. Meanwhile, Cleveland Fed Bank President Loretta Mester warned Sunday that the risk of a US recession is increasing, and that it will take several years to return to the central banks 2% inflation goal. The dollar index, that measures the greenback against a basket of currencies surged to a fresh two-decade high of 105.79 last week and is currently quoting at 104.43. Powered by Commodity Insights