Trade Magnates - The US dollar remained under pressure on Tuesday despite reaching higher levels amid renewed concerns over US rate hikes expectations. US dollar advance gained strength yesterday, with the EURUSD trading at the 1.19 mark.
The pair is still trading around the 1.19 level today with the pressure on as investors awaiting US economic releases and FED officials’ speeches, with the Fed chair nominee Jerome Powell’s speech in the day ahead with hopes he may give some clues on future policy decisions. The USD index was up 0.16% on the day.
Investors are focusing on this week data with the Eurozone flash CPI, US GDP figures and US Senate vote on tax reform soon as President Donald Trump was set to meet Senate Republicans on Tuesday to discuss the party's efforts to pass tax reform legislation.