The U.S. dollar hovered near the middle of recent ranges versus major peers on Thursday as investors digested comments from a slew of Federal Reserve officials, while crucial consumer inflation data loomed next week.
The employment data initially raised expectations that the Fed might go back to an aggressive monetary policy stance, but Powell did not lean that way in his speech.
OCBC currency strategist Christopher Wong said the pace of rebound in the dollar was showing tentative signs of moderation but the currency was still somewhat supported by Fed suggestions that rate hikes will continue. Market pricing anticipates the Fed funds rate peaking just above 5.1% by July then falling by the end of the year to 4.8%.
"From where I stand today we need further, significant rate hikes," German central bank chief Joachim Nagel told the newspaper Boersen-Zeitung on Tuesday.
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