US Dollar Strengthens on Powell's Hawkish Stance

This week has seen the US dollar increase, driven by soaring U.S. Treasury yields. The 2-year note approached the psychological threshold of 5.00%, highlighting the market's upward trajectory. Fed Chairman Powell, speaking at a forum in Washington, acknowledged the slowing progress on disinflation and the emergence of firmer price pressures, adding new uncertainty regarding rate cut timing.
Powell's remarks suggest that policymakers will require more time and robust data to bolster confidence in the inflation outlook before adjusting policy restraint. The prospect of sustained higher borrowing costs should favor the U.S. dollar, particularly as other major central banks like the ECB and the Bank of England edge closer to easing their monetary stance.
Source: www.dailyfx.com/news/forex-us...
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