The dollar rose against a basket of currencies on Wednesday as markets awaited comments by Federal Reserve Chairman Jerome Powell, who is likely to renew his commitment to the ultra-easy policy.
The dollar compensated for declines against riskier currencies, even as hopes for a pandemic recovery received a boost from the International Monetary Fund raising its forecast for global growth in 2021.Treasury yields, which have supported the dollar’s rally since the beginning of this year, fell overnight in light of warnings of final size and delays facing a $ 1.9 trillion fiscal stimulus plan proposed by President Joe Biden.
The dollar index rose 0.1% to 90.284 today in Europe, after falling 0.2% in the previous session.
The pound rose to its highest level since April 2018 to $ 1.3753, before dropping slightly in trading to $ 1.3724.
The euro fell 0.1% to $ 1.2146.