Forex Today: US Dollar benefits from cautious mood, as focus switches to Powell testimony.
The US Dollar (USD) is holding steady early Tuesday after making slight gains against its major rivals on Monday, as markets turn cautious. The economic calendar will not include any high-impact data releases, but Federal Reserve (Fed) Chairman Jerome Powell’s speech before Congress may increase market volatility. Later in the American session, numerous more Federal Reserve policymakers are slated to speak.
US Dollar PRICE This week
The table below shows the percentage change of US Dollar (USD) against listed major currencies this week. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.22% | 0.36% | 0.43% | 0.33% | -0.05% | 0.26% | 0.26% | |
| EUR | -0.22% | 0.20% | 0.33% | 0.22% | -0.28% | 0.12% | 0.12% | |
| GBP | -0.36% | -0.20% | -0.04% | -0.02% | -0.48% | -0.08% | -0.10% | |
| JPY | -0.43% | -0.33% | 0.04% | -0.13% | -0.40% | -0.17% | -0.16% | |
| CAD | -0.33% | -0.22% | 0.02% | 0.13% | -0.35% | -0.10% | -0.12% | |
| AUD | 0.05% | 0.28% | 0.48% | 0.40% | 0.35% | 0.40% | 0.37% | |
| NZD | -0.26% | -0.12% | 0.08% | 0.17% | 0.10% | -0.40% | -0.02% | |
| CHF | -0.26% | -0.12% | 0.10% | 0.16% | 0.12% | -0.37% | 0.02% |
US President Donald Trump has signed an order imposing a 25% tariff on all steel and aluminum imports into the United States. Trump also stated that his government will consider tariffs on vehicles, microchips, and pharmaceuticals next. Although the White House stated that there would be no tariff exemptions, Australian Prime Minister Anthony Albanese revealed that Trump had agreed to seek an exemption for Australia from steel and aluminum tariffs.
The USD Index remains comfortably over 108.00, having closed slightly higher on Monday. Meanwhile, US stock index futures were last reported down by 0.2% to 0.35%. Powell’s hearing on the semiannual Monetary Policy Report before the Senate Banking, Housing, and Urban Affairs Committee begins at 15:00 GMT with a prepared statement and questions. EUR/USD ended the first trading day of the week slightly lower. On Tuesday morning in Europe, the pair remains reasonably quiet, trading in a tight channel at around 1.0300.
GBP/USD fell for the third straight trading day on Monday. The pair is struggling to gather traction, trading in the negative at about 1.2350. The USD/JPY reversed higher on Monday after a severe loss the previous week, before stabilizing near 152.00 on Tuesday. On Monday, gold continued its upward trajectory, gaining by more than 1.5%. XAU/USD rose steadily during Asian trading hours, reaching a new all-time high above $2,940. The pair falls in the European morning but remains over $2,900, a crucial development being actively tracked by prop firm tech for market analysis and trading methods.