The US dollar has updated the daily high against the basket of currencies based on the comments by Powell

The US dollar renewed its daily high against the basket of currencies, helped by the comments of the head of the Federal Reserve Powell. In his speech, Powell noted that the gradual increase in interest rates of the Fed will be the best way to achieve key goals, namely, it will support the strength of the labor market and the return of inflation to 2%. He also noted that the growth of wages is restrained against the background of weak rates of productivity growth. Powell believes that a sharp increase in investment last year should support productivity growth.

The US dollar index exceeded the level of 90.00 and remains positive, as Powell’s comments were positively received by the market, which supported the US currency.

Fig. Graph of the US dollar index. The current price of DXY is 89.94.

Alexander Sivtsov