The dollar was firmer on Wednesday leading into Federal Reserve Chair Jerome Powell's appearance before Congress, where he is expected to strike a hawkish tone, while sterling slipped after hotter-than-expected British inflation data.
The annual pace of British consumer price gains was steady at 8.7% in May, against hopes it had cooled since April, with the UK's inflation rate remaining moreAfter an initial rise, sterling fell as much as 0.56% against the dollar to a low of $1.2691 following this month's inflation figures. It was last down 0.32% at $1.2722.
Investors and money managers now turn their focus to Fed chief Jerome Powell's testimony before Congress at 10:00 a.m. ET .forecasted another 50 basis points"It is crucial to see whether would more strongly drive home the point that the Fed is serious about another 50 bps of hikes or give the impression that they are 'data dependent'," they said. "The former may do more to give additional support to send the dollar index and yields higher.
The rally against the yen pushed the U.S. dollar index , which measures the currency against six major peers, up slightly to 102.58. The euro was trading roughly flat at $1.0918.
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