USD fell on Tuesday against a basket of global currencies on its way to end the longest daily gain since 2016 on correction and profit taking after hitting a two-month high earlier in the day, Speech by Federal Reserve Chairman Jerome Powell.
USD index fell 0.1% to 96.76 points, the day’s opening at 96.87 points, and the highest at 96.98 points since December 14.
Yesterday, the index gained 0.5%, its eighth consecutive daily gain, among the longest daily gain since early November 2016.
Over the past week, the dollar index gained 1.1%, its first gain in the last three weeks, and the biggest weekly gain since last August.
The gains in the US currency during that period supported the buying of the dollar as the best current investment in the foreign exchange market, under the negative pressure facing most other major currencies, especially the Euro and the British Pound.
By 1745 GMT, Federal Reserve Chairman Jerome Powell will deliver a speech on “Economic Developments in Rural Communities with High Poverty Levels” in Mississippi. The speech may contain references to the performance of the US economy and evidence of the future of US monetary policy.