Powell could help stiffen Congress' spine on trade

Powell could help stiffen Congress' spine on trade

The dollar index rose 0.18 per cent, to 95.113 after rising as high 95.407.

"Crude has been rising steadily so some kind of adjustment was due".

"(Powell) suggested that they're keeping an eye on trade developments and people are looking at that as a signal that they may moderate their rate increases if they see some signs of danger", said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.

Gold, which is regarded as a hedge against inflation, extended its downtrend and sank to its lowest in a year on a buoyant dollar and falling oil prices.

The comments came as China reported slower growth in the second quarter, though Beijing said on Tuesday it would not affect its 2018 growth target.

The dollar has gained recently as investors have flocked to the safety of the currency amid trade tensions.

The U.S. currency strengthened 0.1 percent against the yen to 112.4 yen, ticking up to a six-month high of 112.80 yen reached on July 13.

The index shed 0.25 percent on Monday, nudging away from a two-week high of 95.241 scaled on Friday ahead of Fed Chairman Powell's testimony.

Jerome Powell testifies before the Senate Banking, Housing and Urban Affairs Committee on his nomination to become chairman of the U.S. Federal Reserve in Washington, U.S., November 28, 2017.

Sizzling 66 puts charging Tiger in the mix
Tiger Woods was on the range, preparing to tee off on the weekend at the British Open for the first time since 2014 at Hoylake. Johnson and Kisner are staying in a house of seven players - five of them major champions - and share the lead at 6-under 136.

Offset Arrested for Gun Possession
Cephus was arrested following a search of the auto when officers said they found multiple handguns, marijuana , and $107,000. The Migos rapper was reportedly arrested just outside of Atlanta, Georgia after being pulled over by police - per TMZ .

Briton discharged from hospital after Novichok poisoning
The Organisation for the Prohibition of Chemical Weapons (OPCW) will analyse the substance before reporting back its conclusions. It is understood she was exposed to at least 10 times the amount of nerve agent the Skripals came into contact with.

In its semi-annual monetary policy report delivered to Congress last week, the Fed had reiterated that it would stick to gradual rate hikes on the expectation of continuous economic expansion. Economists expected inflation to have grown at 4.8% year on year on year.

"He will undoubtedly acknowledge some downside risks associated with the administration's trade warmongering, but he will likely try to avoid sounding critical of the administration".

MSCI's world equity index, which tracks shares in 47 countries, fell 0.1 percent, with energy companies in Europe and Asia among the biggest losers.

Elsewhere, the S&P/ASX 200 added 0.79 percent, with health care and materials among the top-performing sectors in morning trade.

Benchmark U.S. 10-year notes last fell 2/32 in price to yield 2.8637 percent, from 2.856 percent late on Monday.

Monday, the rupee had retreated from a near two-week high by ending 4 paise lower at 68.57 against the United States dollar.

At the time of writing, the Euro was up 0.04% to $1.1716, with any chatter from the Oval Office on European Union tariffs a possible influence later in the day as the Helsinki dust settles.

The dollar's gains have this year been capped by worries over the intensifying trade dispute between the United States and China, although the concerns have not derailed the greenback's solid performance so far.

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