Dollar falter as U.S bond yields slip
The dollar fall down on Monday morning, some of it recent momentum as U.S bond yields down.
Although move was caution by Fed Chairman Jerome Powell first congressional testimony.
"There is no incentive for Powell to pre-signal any shift in the Fed narrative," Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said in a note.
"There is little to suggest this new Fed chair will be any less dependent on economic data than his predecessor, so the jury should remain out about a quicker pace of interest rate normalization," Innes added.
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A view that the dollar's sell-off had been overdone, plus minutes from the Fed's January rate-setting meeting that offered a relatively upbeat tone, helped give the dollar a lift last week.
The focus this week is on Powell's congressional testimony on monetary policy and the economy,
The committee had previously scheduled his appearance for Wednesday, Feb. 28. The hearing will be held at 10 a.m. (1500 GMT), said the committee, which did not provide a reason for the change.
The pound was supported after the Bank of England's Deputy Governor Dave Ramsden was quoted by the Sunday Times, in an interview released on Saturday, saying interest rates might need to rise sooner than he previously thought if wages grow as fast the central bank expects in the early part of 2018.
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