LONDON, Jan 11 — The dollar slipped today but was stuck within recent ranges as investors waited for US Federal Reserve Chair Jerome Powell to speak at a congressional hearing later in the day.
Powell will tell Congress that the bank will “prevent higher inflation from becoming entrenched”, pre-released comments show. “An acknowledgement that faster rate hikes are needed could be enough to offer more support to the dollar today,” ING said. This follows a rise in sight deposits held by the Swiss National Bank last week, which is a possible sign that the central bank is intervening to limit the franc’s strength.
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