The dollar held near a one-week low against its rivals on Tuesday as currency ma...
LONDON - The dollar held near a one-week low against its rivals on Tuesday as currency markets waited for testimony from Fed Chairman Jerome Powell that might give a further boost to risk appetite.
Risky assets had a strong start to the week with the Chinese currency hitting a seven-month high on Monday after U.S. President Donald Trump confirmed he would delay a planned hike in tariffs on Chinese imports. “Powell’s comments should bolster an already improving market for risk appetite and we remain constructive on risk,” said Manuel Oliveri, a currency strategist at Credit Agricole in London.
Powell and other Fed policymakers have indicated they favour patience before raising key lending rates again due to recent signs of slowing economic growth. The futures market implies traders are betting the central bank will not raise interest rates at all in 2019.
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