The dollar majors have been directionally challenged as market participants sit on their hands into the Congressional testimony of the new Fed chairman, Powell. USD-JPY has held a narrow range, logging a high of 107.10 before settling in the upper 106.00s, holding comfortably within yesterday’s range. EUR-USD logged an intraday peak at 1.2346 in early London trade before settling to the lower 1.2300s, leaving yesterday’s high at 1.2355 unchallenged. The New Zealand dollar came under pressure after NZ trade data showed an unexpected deficit in January of NZ$ 566 mln.
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