Dollar Turns Jittery, Eyes on Powell`s Testimony and ECB Decision

Published on Mar 06, 2024 10:54

The dollar index turned jittery near 103.8 on Wednesday, with investors focused on Federal Reserve Chair Jerome Powell`s testimony before Congress. Powell`s remarks could offer insights into the timing and extent of potential interest rate cuts this year. The dollar index is trading below the 104 mark for the 3rd consecutive session, with investors reflecting on reports of slowing economic activity in the US, bolstering expectations for rate cuts. Additionally, the European Central Bank`s monetary policy decision on Thursday is anticipated to influence currency markets. Investors are also awaiting Friday`s jobs report for further guidance.