The Currency markets have been driven primarily in recent months by perceptions about the different rates at which central banks will reduce pandemic-era stimulus and increase rates.
Powell’s new nomination supports the view that the Fed is likely to start raising rates in mid-2022, once its bond buying program ends.
The Dollar index was down 0.06% at 96.514 units, slightly below the 16-month high of 96.61 it reached during Asian trading hours..
The euro was up just 0.1% against the greenback at $ 1.1245, recovering just after hitting a 16-month low of $ 1.1226.
The euro fell on Monday as concerns mounted about new restrictions to tackle COVID-19 in Europe, with Austria entering another total lockdown and Germany considering doing the same. The German health minister has called for more limitations on public spaces.
Against the yen, the dollar rose to its highest level in four and a half years at 115.08 yen.
Among cryptocurrencies, bitcoin was trading around $ 57,451. Earlier this month, the digital currency hit an all-time high of $ 69,000..
Source From: Ambito
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