Dollar Loses Ground Against Rivals After Powell's Testimony

The U.S. Dollar lost ground against other major currencies on Tuesday after the Federal Reserve Chairman Jerome Powell said the central bank has not decided as yet on reducing its balance sheet.

Powell said in his testimony that the policymakers were still debating approaches to reducting the balance sheet, and it might take 2 to 4 meetings for them to decide on the approaches.

The dollar index dropped to 95.58, losing more than 0.4%.

Agains the Euro, the dollar weakened to $1.1371 from $1.1328.

The dollar is trading at $1.3637 against Pound Sterling, after having closed at $1.3576 on Monday.

Against the Japanese currency, the dollar is trading at 115.28 yen, down marginally from the previous close of 115.20.

The dollar is at $0.7210 against the Aussie, drifting down from $0.7170.

Against Swiss franc, the dollar was weaker, fetching CHF 0.9237 a unit, down nearly 0.4% from CHF 0.9272.

The Loonie firmed to C$1.2573 against the dollar, gaining from C$1.2680 as oil prices rose sharply.

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