The U.S. dollar drifted down on Tuesday, coming further off the two-decade highs it touched late last week, as some upbeat economic data and easing Covid concerns in China triggered hectic buying in global equities and dimmed the currency's safe-haven appeal.
Fed Chair Jerome Powell said today that he is confident that the central bank can raise rates and deal with inflation without sending the economy into recession, although he noted that it will be a challenging task.
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