Dollar is lower after Powell testimony

Powell’s comments from testimony weaken the US dollar ahead of another important monetary event – FOMC minutes. Powell says that uncertainties are growing and weak inflation will be even more persistent. These dovish remarks reassure investors that interest rate cut in the US is almost certain this month. The dollar index is down by 0.3% and US 10Y yields are below 2.05%. 

Chart of the day - NZDUSD (03.03.2021)
Economic calendar: UK budget and US data
Morning wrap (03.03.2021)
Daily summary: Wall Street retreats after solid start to March
EURUSD bounces off the support at 1.20
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