The U.S. dollar made a tentative start to the week on Monday as investors awaited testimony from Federal Reserve Chair Jerome Powell and looked towards for a February jobs report that will likely influence how hawkish the U.S. central bank will be.
"U.S. underlying inflation remains stubbornly high well above the Fed's inflation target of 2%," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia.
Citi strategists expect Powell to indicate a preference for a 25 bps hike but leave all options on the table, since he will speak before the jobs data are released.
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