USD rose on Thursday against a basket of global currencies after falling earlier in the Asian session to its lowest level in three months to consolidate above this level ahead of comments by Federal Reserve Chairman Jerome Powell, which is expected to include new evidence on the future of tightening US monetary policy this year.

USD index rose 0.25% to 94.92 points, the day’s opening level at 94.67 points, and the lowest level at 94.62 points, the lowest since October 16.

The index ended yesterday’s trading down by 0.8%, the fourth loss in the past five days, and the biggest daily loss since November 1, under the pressure of the minutes of the last meeting of the Federal Reserve.

The record showed that many US monetary policymakers support a stable interest rate this year and any rate hike will depend only on economic data.

Those details narrowed the likelihood of a hike in US interest rates this year. In order to reassess these prospects, investors are expected to comment later today on the comments of Jerome Powell, head of the Federal Reserve at the Washington Economic Club. The comments come at 17:45 GMT, About the future of tightening US monetary policy.