US dollar grows in expectation of new Federal Reserve’s statement
US dollar saw noticeable gains in early European trading on May 13. Traders are waiting for the speech by Jerome Powell - the Chairman of the Federal Reserve.
By 06:50 the US Dollar index gained 0.02% and was at 99.972. EUR/USD gained 0.03%, reaching 1.0850. GBP/USD added 0.3%, reaching 1.2297. USD/JPY added 0.03%, reaching 107.16.
Powell has been invited to a streaming event organized by the Peterson Institute. The stream is set to begin at 13:00 GMT. The Chairman is expected to is going to make a statement about the recent push from President Trump to consider the adoption of negative interest rate. Earlier the Fed characterized the idea as a “weak tool”.
Last week US unemployment has grown by three million. The total number of initial unemployment claims added from the beginning of the crisis is now 33 million. Consumer prices went down 0.8% last month.