The U.S. dollar drifted lower against most major currencies on Wednesday, dragged down by Federal Reserve Chairman Jerome Powell's testimony before the House Financial Services Committee that reignited optimism about a potential rate cut by the Fed later this month.
On the first day of the much awaited two-day testimony before the Congress, Powell said that crosscurrents, such as trade tensions and concerns about global growth, have continued to weigh on the U.S. economic outlook since the central bank's June meeting.
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Forex News
April 17, 2026 15:29 ET The ongoing conflict in the Middle East continues to raise concerns for policymakers who worry about the impact of the supply shock and high energy prices on the real economy. Producer price data and various survey results on the housing market were the main news from the U.S. this week. In Europe, industrial production data for the euro area gained attention. GDP figures out of China and the policy move by the Singapore central bank were in focus in Asia.