SYDNEY, Jan 12 ― Stocks and commodities rose in relief and the dollar hit a six-week low today, after Federal Reserve Chair Jerome Powell sounded less hawkish than expected in testimony to Congress, as he charts a path out of pandemic policy settings.
But he did not go into any new details beyond what traders already gleaned from the minutes of last months' Fed meeting and that turned out to be enough to staunch selling in the Treasury market and US tech stocks. In the bond market, benchmark 10-year Treasury yields were steady at 1.7374 per cent and have pulled back about 7 basis points from an almost two-year high hit on Monday.
Later today, at 1330 GMT, US inflation data is due and headline year-on-year CPI is forecast to hit an almost four-decade high of 7 per cent. At US$1.1367, it is at the bottom of its recent range against the euro. It has steadied at ¥115.29 but fell overnight against the Aussie and kiwi.“The dollar may need to see some pullback and fresh news on the interest rate front before finding direction.”
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