US dollar rises after Fed Chair's testimony
The US dollar edged higher on Wednesday as investors continued to digest testimonies from the top ranking central bank official, Trend reports citing Xinhua.
Federal Reserve Chairman Jerome Powell presented his second day of testimony in front of the House Financial Services Committee on Wednesday, saying the central bank will announce a plan to end its balance sheet runoff "fairly soon."
While saying the Fed viewed the current economic conditions as healthy and the outlook as favorable, Powell also cautioned "some crosscurrents and conflicting signals" over the past few months in his Tuesday's testimony to the Senate Banking Committee.
The dollar index, which measures the greenback against six major peers, was up 0.15 percent at 96.1529 in late trading.
In late New York trading, the euro was down to 1.1370 US dollars from 1.1396 dollars in the previous session, and the British pound rose to 1.3308 dollars from 1.3273 US dollars in the previous session. The Australian dollar was down to 0.7140 dollar from 0.7193 dollar.
The US dollar bought 111.03 Japanese yen, higher than 110.52 Japanese yen of the previous session. The US dollar rose to 1.0010 Swiss francs from 0.9990 Swiss franc, and it decreased to 1.3148 Canadian dollars from 1.3167 Canadian dollars.