EUR/USD is still losing ground into late US trade, bears hungry for more – by fx_ross EURUSD DollarIndex Fed ECB Currencies
Fed's Powell testified to Congress and the US Dollar took-off.keeps falling as we move into late US trade in what has been a maximum drop in the single currency following uber-hawkish rhetoric from the Federal Reserve's chairman on Tuesday who testified to Congress.
As a consequence, the yield on the US 10-year Treasury note rose to 4% before easing back to 3.96%, remaining marginally below the three-month high of 4.07% touched on March 2nd as investors assessed the pace of future rate hikes by the Federal Reserve. This gave the greenback a boost. The DXY index, a measure of the US Dollar vs. a basket of currencies, vaulted 105 the figure in a move that started out from 104.43 and kept going until 105.435.
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