Dollar dips slightly, but stuck in range before Powell speech
The dollar edged lower on Wednesday but stayed within a relatively tight range a day ahead of a highly anticipated speech by Federal Reserve Chairman Jerome Powell.
Powell is scheduled to address the U.S. central bank’s policy framework review, and investors are focused on whether he will hint at shifting the Fed’s inflation target to an average.
The Fed is thought to be still finalizing details of its review, however, with an announcement expected at its September meeting.
That risks leaving investors disappointed on Thursday if Powell does not indicate the change is likely.
The dollar index, which tracks the greenback’s value against a basket of currencies =USD fell 0.05% to 92.95.
The index earlier hit a session high of 93.37 after data showed that U.S. durable goods orders increased more than expected in July.
The euro EUR= dipped 0.11% against the greenback to $1.1820.
The yuan CNH= rose toward a seven-month high at $6.879 after U.S. and Chinese trade officials reaffirmed their commitment to a Phase 1 trade deal, which eased concerns about a diplomatic standoff between the world's two-largest economies.
Reference: Reuters
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