A small overnight rise in yields supported the US dollar and against a basket of currencies it held the line. — Reuters pic
It hung on to those gains early in the Asia session and the Aussie last traded at US$0.7162 and the euro at US$1.1791. It was steady on the yen at 105.97 per US dollar. “The dollar has had a massive fall since March,” he said. “I think what we're seeing now is any excuse to buy it back as the punters who have been short all the way down get quite nervous and take the money off the table.”
Sterling was pressured back below US$1.31 to last fetch US$1.3071, and not helping was lack of progress in the latest round of Brexit talks with the European Union. Besides Powell's speech, investors are also looking ahead to Germany's IFO Business Climate index, due at 0800 GMT, and expecting a small rise.
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