The dollar languished near a one-month low against a basket of currencies on Thursday, after Federal Reserve Chair Jerome Powell stuck to his usual messaging at his semi-annual testimony, offering little room for surprise.
Sterling was perched near a one-year high ahead of the Bank of England's interest rate decision later in the day, with Wednesday's hot inflation report likely to keep policymakers on their toes.to lawmakers on Capitol Hill on Wednesday, Powell said further U.S. rate increases are "a pretty good guess" of where the Fed is heading if the economy continues in its current direction. Those comments were in line with what the central bank said at itsThe U.S.
"The strong UK inflation data raised the probability of a larger hike than 25bp, a higher terminal rate and rates staying higher for longer," said economists at ANZ in a note. The Japanese currency has come under renewed pressure as the Bank of Japan continues to stick to its ultra-dovish stance. BOJ board member Asahi Noguchi
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