Dollar trades lower ahead of U.S. Fed speech

21.09.2020 - Davydova Maria
Dollar trades lower ahead of U.S. Fed speech

The Dollar traded lower earlier on Monday in Asian markets ahead of a U.S. Fed speech by officials scheduled for later in the week.

The U.S. Dollar Index, which tracks the Greenback against a basket of other currencies fell by 0.16% to 92.870 at 9:55 PM ET (0255 AM GMT).

Against the Chinese Yuan, the Dollar slipped by 0.6%, trading at ¥6.7633 after the Yuan surged by 1% in September, when foreigners bought Chinese bonds.

Meanwhile, the Japanese Yen inched lower by 0.15% to ¥104.40, though price movements remained limited due to a public holiday in Japan.

Down Under, the Australian Dollar inched up by 0.18%, trading at $0.7302, while the New Zealand Dollar traded 0.15% higher to $0.6769.

Markets are currently focused on U.S. Federal Reserve Chairman Jerome Powell, who is expected to speak before Congressional committees later in the week, followed by Fed committee members Charles Evans, Raphael Bostic, Lael Brainard, James Bullard, Mary Daly, and John Williams.

While the U.S. central bank is mostly expected to make no further policy changes, signals for negative rates and adjustments to its large-scale asset purchase (LSAP) program could create volatility in the New Zealand Dollar.

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