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Dollar Rallies Against Other Major Currencies

11/28/2017, 11:44:13 AMBasics of Trading
Dollar Rallies Against Other Major Currencies

The U.S. dollar recovered from a two-month low on Monday as investors look ahead to Fed Governor Jerome Powell’s Congressional hearing.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.09% at 92.80 as of 12:39 PM ET (5:39 PM GMT).

Powell, who was nominated by President Donald Trump to lead the Federal Reserve, is scheduled to appear before Congress on Tuesday.

Attention has also shifted back to President Trump’s tax reform plans. Trump will hold a meeting with Senate Republicans on Tuesday to discuss efforts to pass the proposed legislation.

The dollar was also down against the yen, with USD/JPY largely unchanged at 111.02, the lowest level since September 18.

Meanwhile the euro fell after hitting its highest level in two months against the dollar earlier on Monday. EUR/USD was down 0.23% at 1.1904. Sterling was flat, with GBP/USD at 1.3333.