The dollar eased on Tuesday from its rally at the start of the week, but hovered near a one-month peak as traders raised their forecasts of U.S. Federal Reserve interest rate levels needed to tame inflation.
* Powell due to speak at 1700 GMT. * U.S. dollar index down slightly. By Kavya Guduru. Gold prices rose on Tuesday as the dollar pulled back slightly, with traders awaiting U.S. Federal Reserve Chair Jerome Powell's speech later in the day for hints about future rate hikes after last week's strong economic data.
The dollar eased on Tuesday from its rally at the start of the week, but hovered near a one-month peak as traders raised their forecasts of U.S. Federal Reserve interest rate levels needed to tame inflation.
The dollar hovered near a one-month peak on Tuesday as traders raised their forecasts of U.S. Federal Reserve interest rate levels needed to tame inflation, as a stubbornly resilient labour market remains largely immune to aggressive rate hikes.
Gold prices edged up on Tuesday, helped by a slight pullback in the dollar, with investors eyeing Federal Reserve Chair Jerome Powell's speech later in the day to gauge the U.S. central bank's monetary policy path. FUNDAMENTALS. * Spot gold was 0.2% higher at $1,870.63 per ounce, as of 0046 GMT, after hitting its lowest since Jan. 6 in the previous session.
* Canadian dollar weakens 0.4% against the greenback. * Touches its weakest since Jan. 20 at 1.3475. * Ivey PMI shows economy growing in January. * 10-year yield touches a near 4-week high. By Fergal Smith.
The United States has deployed a team of disaster response specialists after an earthquake killed more than 2,700 people in Turkey and northwest Syria, USAID Administrator Samantha Power said on Monday.
* Miner Newmont (NEM) drops on Newcrest bid. * Chinese stocks fall on geopolitical jitters. By Carolina Mandl, Shubham Batra and Johann M Cherian. Feb 6 - The main U.S. stock indexes ended lower on Monday as investors shifted gears after considering the possibility that the U.S. Federal Reserve may take longer to start cutting interest rates.
The U.S. Federal Reserve may need to lift borrowing costs higher than previously anticipated given the unexpectedly strong reading on jobs gains in January, Atlanta Federal Reserve Bank President Raphael Bostic said on Monday. The Fed could also consider raising the rate by half-a-percentage-point, he told Bloomberg News, though that is not his base case.
* ATLANTA FED'S BOSTIC SAYS HIGHER PEAK RATE ON TABLE AFTER JOBS BLOWOUT - BLOOMBERG NEWS. * ATLANTA FED'S BOSTIC SAYS THE FED MAY HAVE MORE WORK TO DO- BLOOMBERG NEWS. * ATLANTA FED'S BOSTIC SAYS FEDERAL OPEN MARKET COMMITTEE COULD ALSO CONSIDER MOVING BACK TO A 50 BASIS-POINT HIKE IF IT NEEDED TO - BLOOMBERG NEWS.
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