Economic news

Dollar cuts gains ahead of Powell's testimony

The dollar cut gains versus its main counterparts on Tuesday, moving lower as traders eyed Federal Reserve Chairman Jerome Powell’s first congressional testimony for any clues on the monetary policy.

Photo: Reuters

The dollar index was stable at 94.51 .DXY versus a basket of its six major peers, paring small early gains.

The greenback ticked up 0.1 percent versus the yen to 112.4 yen, climbing to a six-month peak of 112.80 yen touched on July 13.

The euro and sterling were also firm versus the U.S. currency. The common currency edged 0.01 percent higher to $1.17125, while the pound advanced 0.04 percent to $1.3242.

The Aussie was virtually unchanged, sliding 0.02 percent to $0.7419.

The New Zealand dollar jumped 0.8 percent to $0.6833, its top since scaling 0.6835 a dollar on July 11.

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