© Reuters. Dollar ends week higher, Powell testimony ahead
Investing.com – Investors will be looking ahead to Federal Reserve Chairman Jerome Powell’s testimony on the economy and monetary policy to a Senate committee on Tuesday.
Powell will likely face questions on a wide range of economic issues, including the potential effect of the Trump administration’s trade policy on the economy.
Markets will be eyeing the outcome of a meeting between U.S. President Donald Trump and his Russian counterpart on Monday amid heightened geopolitical tensions.
Investors will also get updates on U.S. retail sales, housing data and industrial production.
The dollar dipped against a currency basket on Friday, pulling away from two week highs, but still notched up a weekly gain and prospects for a stronger dollar remain intact for now.
The , which measures the greenback’s strength against a basket of six major currencies, was down 0.14% at 92.44 in late trade, after hitting a high of 95.00, the most since June 29. For the week, the index rose 0.71%.
Demand for the dollar has been underpinned as recent economic data indicated that the Federal Reserve is likely to remain on track to raise interest rates twice more this year.
The U.S. currency has also been boosted as rising trade tensions fueled safe haven demand for the dollar and acted as a drag on other currencies.
The Trump administration said last week that it plans to impose 10% tariffs on an additional $200 billion in Chinese imports.
The dollar eased from six-month highs against the yen on Friday, with dipping 0.12% to 112.38, off an earlier high of 112.79. For the week the paid climbed 1.76%.
The euro edged higher against the dollar in late trade, with rising 0.13% to 1.1686, up from an earlier two-week low of 1.1613. For the week the euro lost 0.52% against the dollar.
Sterling also pushed higher late Friday, with gaining 0.23% to trade at 1.3235. Despite Friday’s modest gains the pound still end the week down 0.44%.
, Investing.com has compiled a list of significant events likely to affect the markets.
Monday, July 16
Financial markets in Japan will be closed for a holiday.
China is to release data on second quarter growth, fixed asset investment and industrial production.
Canada is to report on foreign securities purchases.
The U.S. is to publish retail sales figures and a report on manufacturing activity in the New York region.
Tuesday, July 17
New Zealand is to release data on consumer price inflation.
The Reserve Bank of Australia is to publish the minutes of its latest policy setting meeting.
Bank of England Governor Mark Carney is to speak and the UK is to publish its latest employment report.
Canada is to report on manufacturing sales.
The U.S. is to publish data on industrial production.
Later in the day, Fed Chair Powell is to testify on the monetary policy report before the Senate Banking Committee, in Washington.
Wednesday, July 18
The UK is to publish its latest inflation report.
The euro zone is to release revised inflation figures.
The U.S. is to publish report on building permits and housing starts. Meanwhile, Fed Chairman Jerome Powell is to testify on the monetary policy report for a second day Washington.
Thursday, July 19
Australia is to publish its latest employment report.
The UK is to release data on retail sales.
The U.S. is to publish reports on jobless claims and manufacturing activity in the Philadelphia region.
Friday, July 20
The UK is to report on public sector borrowing.
Finance ministers from the G20 group of nations are to hold the first day of a summit meeting in Buenos Aires.
Canada is to round up the week with data on retail sales and inflation.