Dollar licks its wounds ahead of Fed Chair Powell's remarks
SINGAPORE - The dollar regained its footing on Wednesday and inched higher after a slew of Federal Reserve speakers left the door open to further rate hikes, as traders looked to a speech from Chair Jerome Powell on the central bank's future policy path.
The British pound, which earlier in the week hit a seven-week top against the dollar, was last some distance away at $1.2286. "We're also seeing the obligatory hawkish pushback from Fed speakers this week, as they try to steer market expectations away from rate cuts." "The mixed outlook for consumer and investment spending leaves the euro zone very close to recession," said Wells Fargo economist Nick Bennenbroek.
The Reserve Bank of Australia on Tuesday raised interest rates to a 12-year high, ending four months of steady policy, but watered down its tightening bias to make it more conditional on incoming data.
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