After exhibiting strength against most of its peers in the Asian session, the U.S. dollar turned a bit easy against a few major currencies on Tuesday as traders digested Fed Chair Jerome Powell's Congressional testimony.
The dollar gained early on in the session as U.S. treasury yields rose amid speculation that the central bank will gradually tighten its monetary policy.
Later on in the day, Powell continued to downplay the risks of inflation during testimony before the House Select Subcommittee on the Coronavirus Crisis.
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Forex News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.