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The dollar is growing; Powell lowers tone over Fed rate cuts by Investing.com

Investing.com – The dollar is growing slightly on Wednesday, because expectations for Fed rate cuts fall after statements of Fed members.

The currency that tracks the evolution of this currency against a basket of six other major currencies, increases by 0.1% to 95 713 at 16:39 (CET).

Fed chairman, Jerome Powell and Fed chairman Louis James Bullard, reduced their chances for a big interest rate cut in July during their statements on Tuesday. Powell said the central bank would be patient in its approach to this type of cut, while Bullard pointed to a smaller decline than expected 50 basis points.

The news helped increase the dollar against the three-month lows recorded last week after the central bank opened the door to interest rate cuts this year.

Meanwhile, the dollar is rising against the Japanese yen, considered a safe haven, moving the pair by 0.4% to 107.60, after the US Treasury secretary Steve Mnuchin said that the trade agreement between the states of the United States and China is "in 90 % ready". On the other hand, the president of the United States, Donald Trump, told Fox that he was "very pleased" with the current commercial situation with China.

Trump and Chinese President Xi Jinping will meet on Saturday in the margins of the G-20 summit, and traders expect that both will try to avoid the escalation of trade tensions.

On the other hand, the euro barely records changes, raising the pair to 1.1367, while the decline drops by 0.1% to 1.2668, and a decrease of 0.2% to 1.3131.

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