- Fed Chair Jerome Powell presents testimony on Tuesday.
- Emerging market stocks rose over the weekend.
The U.S. dollar turned slightly up today as traders and investors await the Federal Reserve Chair Jerome Powell’s testimony ahead of the last week’s jobs report, which will probably determine how much further the U.S. central bank raises interest rates.
According to the Federal Reserve government report, Fed Chairman Jerome Powell will present Congress with his semi-annual monetary policy report on Tuesday. The dollar index, which compares against six other currencies, was last trading at 104, which is up 0.08% in the last 24 hours. Also, Emerging market stocks rose over the weekend.
Inflation in the US started to decline around the end of 2022. And this trend has been maintained as the CPI data has improved over the past few months. The December 2022 inflation rate dropped to 6.5% was lower than expected by the market when compared with the November inflation rate of 7.1%. This pattern continued and the winning streak therefore continues. Also, January’s U.S. Bureau of Labor Statistics employment report indicates inflation has decreased to around 6.4% the actual number is more than anticipated.
Crypto Market Status
The week seemed not good for the largest cryptocurrency, Bitcoin (BTC), which dipped into the $22K price range, and the global crypto market cap down from $1.13 trillion to $1.02 trillion. At the time of writing, BTC traded at $22,403, which decreased by over 4.27% in the last seven days. And Bitcoin has a 24-hour trading volume of $14 billion.
Also, the largest altcoin Ethereum (ETH) traded at $1,565, with a 24-hour trading volume of $4 billion. ETH is also down by more than 4% in a week and has a market cap of $191 billion.
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