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Big day for dollar

The dollar dipped against most majors this morning as investors awaited Federal Reserve Chairman Jerome Powell’s first congressional testimony later in the day.

Any indications the Fed is leaning towards raising interest rates at a faster than expected pace this year could determine whether the dollar’s recovery from recent three-year lows still has further to go.

The dollar was boosted by the view that the selloff in the currency since the start of the year had been overdone and by expectations for faster hikes in U.S. interest rates.

Investors were also looking ahead to a raft of U.S. economic data this week, including reports on consumer confidence, revised fourth-quarter growth, manufacturing and personal income and spending.

The number of mortgages approved by British banks increased for the first time in four months during January, industry data showed yesterday, but lending to consumers fell, reflecting caution among households.

Scotland’s first minister said on Tuesday that the Scottish parliament would not consent to legislation necessary to keep Britain’s Brexit plans on track, presenting another issue for the government to overcome.

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