Andrew
The dollar held onto recent gains against the euro and sterling on Friday ahead of Federal Reserve Chair Jerome Powell’s widely-anticipated speech, which traders hope will offer clues on the U.S. central bank’s tightening plans.
The euro was barely changed in Asian trade at $0.9971, having failed in several attempts this week to break back above parity against the dollar. It fell below that psychologically important level on Monday.
Sterling was down 0.14 percent at $1.1821, not far from its more than two-year low of 1.1718 hit early in the week.
A possible driver for the currency will be Britain’s energy regulator announcement later in the day of an eye-watering jump in a cap on energy prices, further boosting inflation in an already struggling British economy. Fuel price increases are passed on to British consumers through a price cap, calculated every three months. – Reuters
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