Monday's session was particularly quiet, so much so that nothing seemed to have moved since Friday, as if no 'news' had reached the ears of currency traders.

Tuesday's session was scarcely more animated, with the euro dropping -0.1% against the dollar, to 1.0810. ... the Swiss franc remaining perfectly stable against the greenback.The Swiss Franc remained perfectly stable against the greenback.
The Pound slipped by 0.15% and the weakest currency was the Yen, which dropped -0.35% to 161.35 (-0.25% against the Euro to 174.5).

The Yen's decline alone pushed the '$-Index' up by +0.15% to 105.15. Parities could shift with the publication of the latest US inflation figures at 2.30 p.m. on Thursday, which will be closely watched by investors.

At his scheduled hearing before the US Congress today, Federal Reserve Chairman Jerome Powell acknowledged some progress in the fight against inflation, but reminded the audience that the Fed remains "data-dependent", and his remarks gave no further argument to those hoping for the next round of rate cuts to start in mid-September.

According to the Fedwatch barometer, traders are currently expecting a rate cut in September: the consensus is almost 74%.

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