The U.S. dollar was broadly lower on Monday as investors awaited testimony from Federal Reserve Chair Jerome Powell and looked towards a February jobs report at the end of the week that will likely influence how hawkish the U.S. central bank will be.
"U.S. underlying inflation remains stubbornly high well above the Fed's inflation target of 2%," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia.
Citi strategists expect Powell to indicate a preference for a 25 bps hike but leave all options on the table, since he will speak before the jobs data are released. Meanwhile, the euro was up 0.07% to $1.0641, having gained 0.8% last week, while sterling was last trading at $1.2029, down 0.09% on the day.
If Kuroda ends his term with a very dovish tone, that could spell trouble for yen, especially if U.S. yields continue their run higher this week, Saxo Markets strategists said.
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