Dollar rises before the Fed Chairman’s speech

The dollar recovered and rose slightly on Wednesday after a group of Federal Reserve (US central bank) officials left the door open to raising interest rates again, while traders awaited the speech of Bank President Jerome Powell to know the course of the bank’s monetary policy in the future.

The dollar fell last week following the Federal Reserve’s decision to stabilize interest rates and against the backdrop of data indicating a slowdown in the US labor market, but it rose in light of the debate in the markets regarding whether interest rates have reached their peak and when the US central bank will begin easing monetary policy.

The British pound fell 0.19 percent to $1.22755 after earlier in the week it recorded its highest level in seven weeks against the US currency and exceeded $1.24.

The yen fell again to 150 against the dollar after a slight break last week. It recorded 150.66 against the dollar in the latest trading.

The dollar index rose 0.11 percent to 105.66 points and is heading towards weekly gains. Last week, it recorded its largest weekly decline in about four months.

The euro fell 0.13 percent to $1.0685, affected by gloomy expectations for growth in the euro zone. Data on Tuesday showed that industrial production in Germany fell more than expected in September.

The Australian dollar recorded $0.6428 after falling 0.8 percent in the previous session, its largest daily decline in about a month.

The New Zealand dollar fell 0.08 percent to $0.5930.