The dollar held steady versus the yen on Tuesday and held over a two-month low, with the close term concentrate on a possible Senate vote on a US tax plan later in the week.

Moves among real currencies were curbed, with market participants additionally sitting tight for an affirmation hearing on Tuesday for Federal Reserve chair nominee Jerome Powell, seeking after further hints on the outlook for the Fed’s monetary policy.

In remarks arranged for the hearing discharged by the Fed on Monday, Powell defended the US central bank’s utilization of expansive emergency fighting powers.

With respect to Fed’s present monetary policy, Powell said in the readied remarks: “We expect interest rates to rise somewhat further and the size of our balance sheet to gradually shrink”.

The dollar held enduring at 111.14 yen. On Monday, the dollar had set a two-month low of 110.85 yen, as financial specialists were spooked by Japanese media reports saying that North Korea might get ready for another missile launch.

Stresses over potential deferrals in the implementation of US tax cuts and the possibility of reform measures being debilitated have weighed on the greenback as of late.

 

Source: EconomicTimes