US Dollar Holds Steady Above 108.00 as Markets Await Fed Chair Powell’s Testimony
The US Dollar prepares for a trading day packed with Federal Reserve updates.
- The US Dollar remains flat for the second consecutive day this week.
- All attention now turns to Fed Chairman Jerome Powell as he heads to Capitol Hill.
- The US Dollar Index (DXY) is stagnant, holding above 108.00, awaiting a clear direction.
The US Dollar Index (DXY), which measures the US Dollar’s performance against six major currencies, remains above 108.00, awaiting a catalyst for movement in either direction. The Greenback appears unaffected by US President Donald Trump’s tariff discussions. While China quietly imposed minor tariffs on US goods in a reciprocal action on Monday, Trump announced a 15% tariff on steel and aluminum imports from all countries, set to take effect on March 12.
The economic calendar for this Tuesday is dominated by the Federal Reserve (Fed). In addition to Fed Chairman Jerome Powell testifying before Congress, three other Fed officials are scheduled to speak. Traders will be keen to hear whether the central bank has any intentions to adjust its monetary policy in the near future. Meanwhile, Elon Musk, head of the Department of Government Efficiency (DOGE), has stated that the Fed is the next target for audit.
Equities are facing difficulties this Tuesday as the effects of the tariff news begin to take a toll. All major European and US indices are in the red, though the losses are under 0.6%.
The US 10-year yield is trading around 4.53%, rising for the second consecutive day and continuing its recovery from last week’s fresh yearly low of 4.40%.
