The US dollar witnessed a decline in the European market on Wednesday against a basket of global currencies, recording the lowest level in two weeks, due to the recent decline in the yield on ten-year US Treasury bonds today by more than 0.1 percentage points, in addition to weak data on the services sector. In the United States, which has increased the possibility of lowering federal interest rates next June. However, in order to re-evaluate those possibilities, investors are awaiting, at successive times today, the release of many important data on the American labor market, in addition to the testimony of Federal Reserve Chairman Jerome Powell before Congress
 
The decline in the dollar index was 0.2% to the level of (103.59), which is the lowest since February 22nd, from the level of the opening of today’s trading at (103.81) points, and the highest level was recorded at (103.89) points. In addition to the decline in Tuesday’s trading at less than From 0.1%, the third daily loss in a row, due to disappointing US services sector data. In addition to the decline that came in the US bond market, following the release of US services sector data, which renewed doubts about the flexibility enjoyed by the largest economy. in the world during the first quarter of this year
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With all these developments and data, eyes are turning towards the testimony of Federal Reserve Chairman Jerome Powell before Congress today regarding the semi-annual monetary policy report before the Financial Services Committee of the House of Representatives in Washington, D.C., as in his previous comments, Powell had pledged in an interview Television last February, that the US Federal Reserve will proceed cautiously with interest rate cuts this year and is likely to move at a much slower pace than the market expects.
Powell explained: With an economy so strong, we feel that we can carefully handle the issue of when to start lowering interest rates. Powell added: We want to see more evidence that inflation is moving sustainably towards the target of 2%
Powell said: We just want more confidence in achieving the inflation target before we take this very important step of starting to lower interest rates.
Powell explained: The US Federal Reserve will update economic expectations at the next March meeting, and I believe that expectations regarding interest rate cuts issued in December will remain unchanged.

*All data provided is intended for educational or informational purposes only and should not be considered investment advice.