USD falls against other currencies before Fed chief's speech

USD falls against other currencies before Fed chief's speech The US dollar on Monday morning fell against other major world currencies, Report informs.
Finance
March 6, 2023 09:34
USD falls against other currencies before Fed chief's speech

The US dollar fell against other major world currencies on Monday morning, Report informs.

Investors are waiting for the speech of the head of the US Federal Reserve System (Fed), Jerome Powell.

The euro against the dollar rose to $1.0644 from the last close of $1.0632. The dollar against the yen fell to 135.61 yen from 135.86 yen. The dollar index (the exchange rate against a basket of currencies of six US trading partners) decreased by 0.06% to 104.46 points.

Powell will address the US Congress on Tuesday and Wednesday. Markets expect to hear about the monetary policy of the regulator.

According to CME Group, analysts expect a new increase in the key rate in March: 75.3% - again by 25 basis points, up to 4.75-5% per annum, and 24.7% - by 50 basis points. Rate hikes traditionally support the national currency, but investors will also assess the timing of the possible completion of the increase cycle.

Also, data on unemployment in the US will be released on Friday. This indicator is one of the most important for the decisions of the Fed on monetary policy. Experts suggest that unemployment in the country in February remained at the level of January at 3.4%, and the number of jobs in non-agricultural sectors of the economy increased by 200,000 after an increase of 517,000 a month earlier.

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