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Market Update: Dollar Corrects Further from Two-Month Tops
The dollar index bottomed around 91.70 on Tuesday, as investors seem to acknowledge that the Fed just wanted to signal it was ready to deal with higher inflation without taking any steps to pull back its crisis-era stimulus. Such market move marks a dramatic reversal from an over two-month high of 92.41 touched last week following a surprisingly hawkish tone from the Fed. In congressional testimony, Powell said that the recent jump in inflation to a 13-year high would prove temporary and that the central bank will continue its supportive stance to the economy. [/s2If]
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