The dollar is climbing on Tuesday ahead of several speeches from Fed officials.
The US dollar index was up by 0.5% at 93.08 at 8:31 a.m. ET.
The index is down by 9.7% since US President Donald Trump’s inauguration.
Fed Chair Janet Yellen takes the mic at 12:45 p.m. ET at the annual meeting of National Association for Business Economics. She’s giving a speech on “Inflation, Uncertainty, and Monetary Policy.”
Other Fed officials speaking Tuesday include Cleveland Fed president Loretta Mester, Atlanta Fed president Raphael Bostic, and Fed governor Lael Brainard.
All together this “should make it an interesting day for the dollar and US yields, particularly as the central bank stood by expectations of one more rate hike at its meeting this month,” said Craig Erlam, senior market analyst at OANDA, in emailed comments.
On Monday, meanwhile, New York Fed president William Dudley said “fading of effects from a number of temporary, idiosyncratic factors, I expect inflation will rise and stabilise around the FOMC’s 2% objective,” while Chicago Fed president Charles Evans told reporters, “I’m a little nervous that some of the recent weakness might be a little more structural.”
In other FX news, here was the scoreboard at 8:47 a.m. ET:
- The euro was down by 0.5% at 1.1789 against the dollar.
- The British pound was down by 0.3% at 1.3432 against the dollar.
- The Japanese yen is down by 0.3% at 112.06 per dollar.
- The Indian rupee is down by 0.3% at 65.496 per dollar.