Dollar is trading against the major currencies after Powell testimony
2019-02-27 08:37 am | Resource: News | No Views : 181
The dollar rose against major currencies on Wednesday, a day after Federal Reserve Chairman Jerome Powell's half-yearly testimony to Congress.
Powell: Federal government on unsustainable financial path
US Federal Reserve Chairman Jerome Powell said on Tuesday that the federal government in the United States is "on an unsustainable financial path" as debt to GDP continues to increase. During his testimony before the Senate Committee on Banking, Housing and Urban Affairs, Powell noted that the ways to reduce the debt level were not the Fed's decision, but rather that the reasons for this were on the spending side of the budget.
The delivery of health care as the largest single point contributing to increased spending, with its 17 percent share in the country's gross domestic product, was established. Powell stressed that this does not mean that the benefits were not generous, but delivered in an inefficient way.
The Fed chairman added that the government should follow up the stabilization of spending to ensure that state obligations are served and that failure to raise the debt ceiling could create uncertainty. Powell said the United States had the best credit rating and was borrowing at very low interest rates. In continuing his testimony, Powell rejected the widening gap between the urban and rural economy, highlighting it
Powell: Fed wants inflation target of 2%
US Federal Reserve Chairman Jerome Powell said on Tuesday that the Fed "is currently thinking about ways" to make inflation target 2% credible, other than making an average of 2% "just in good times." During his testimony before the Senate Banking, Housing and Urban Affairs Committee, the President of the Federal Reserve noted that inflation was a carefully considered issue throughout the year and that ways to address it in the best possible way were still under discussion.
In addition, while talking about the health of the US banking sector, Powell pointed out that the sector is "very strong" with capital and liquidity rising in 2018. Banks are doing well in risk management and are currently strong and flexible in the face of difficult economic conditions .
Earlier in his opening speech, Powell said the US economy was "healthy," but warned of "contradictory signals" and "cross-cutting".
Dollar trading against currencies
- The euro was down 0.14% against the dollar to sell at 1.1375 at 8:08 am.
- While the pound stabilized against the US dollar after yesterday's big gains, to reach 1.3251 at the same time.
- The greenback was lower against the yen during the morning trade with 0.13%, with the dollar trading at 110.42.
- The greenback was also down against the franc by 0.18%, with the dollar trading at 0.9980.
- AUD_USD traded near the 0.7187 level.
We offer you the analysis of the US dollar against the Japanese Yen on Wednesday, April 17, 2019 with the most important expectations for the dollar against the Japanese yen on the market. Time frame Used - four hours The USD/JPY is moving in a bullish direction in the near term. USD/JPY is still facing resistance and selling pressure around 112.10 as the USD-JPY closed yesterday's session down below 112.00…
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