Dollar steady ahead of Powell Mark II; euro looks to French politics
Investing.com - The U.S. dollar stabilized in early European trade Wednesday, remaining near a three-week low, after the first day of Fed Chair Jerome Powell’s two-day testimony on Capitol Hill, while the euro steadied amid political uncertainty.
Powell also said a rate cut is not appropriate until the Fed gains"greater confidence" that inflation is headed toward the 2% target. “Powell’s prepared remarks focused on two-way risks, reiterating the need for more data input to justify monetary easing,” said analysts at ING, in a note. “So, more of the same rhetoric, and we believe Powell is happy with keeping markets relatively quiet at this stage as some data starts to go in the right direction.”rose 0.1% to 1.0819, remaining below Monday’s near one-month high of 1.0845 in the wake of the second round of the French parliamentary elections.
“It has become increasingly clear that coalition talks in France will prove a lengthy and complicated process,” said ING. “Markets would probably choose the technocratic solutions over the others, but it may well take weeks to break the gridlock, and we remain concerned about the bond market getting unnerved by such immobility.”traded 0.1% higher at 1.2801, not far off Monday’s 1.2845, its strongest since June 12, in the wake of Thursday’s general election.
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