November 17, 2021
Economy

FOREX-Dollar pauses ahead of Fed testimony, cryptocurrencies attempt recovery

* Graphic: World FX rates tmsnrt.rs/2RBWI5E

LONDON, June 22 (Reuters) – The dollar paused for breath on Tuesday as traders looked to testimony from Federal Reserve Chair Jerome Powell for further guidance on the recent surprise shift in the central bank’s policy outlook, while support crept back for cryptocurrencies.

The greenback had gained sharply since the Fed last week flagged sooner-than-expected interest rate hikes, although it dipped on Monday to hand back a little bit of that rise.

Against the euro, the dollar nursed an overnight loss of about 0.4% to steady around $1.1909. It crept higher to 110.42 yen, while the dollar index was flat at 91.965 after a loss of about 0.5% on Monday.

The Australian and New Zealand dollars eased after Monday’s bounce from multi-month lows, with the Aussie down 0.4% to $0.7511 and the kiwi down 0.1% to $0.6980.

“The hawkish shift by the Fed…

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