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Barchart
Barchart
Rich Asplund

Dollar Rebounds Ahead of Fed Chair Powell’s Testimony on Tuesday

Powell US Federal Reserve United States BOJ ECB

The dollar index (DXY00) Monday recovered from a 3-week low and finished up by +0.12%.  Short covering in the dollar Monday propelled prices higher ahead of Fed Chair Powell’s semiannual testimony to Congress on Tuesday.  Also, the US May consumer credit report was stronger than expected and supported the dollar.

US May consumer credit rose +$11.354 billion, stronger than expectations of +$8.850 billion and the largest increase in 4 months.

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