Dollar near Three Week high..



The dollar edged up on Monday, hovering at a three-week high, as it held on to gains after news of a stronger-than-expected increase in U.S. jobs in June scaled back traders' expectations of a sharp Federal Reserve rate cut at the end of July.
Traders await Fed Chairman Jerome Powell's two-day testimony before Congress, which starts on Tuesday for clues about a rate decrease.
"Foreign-exchange markets started the week on a quiet note, with currencies trading in tight ranges, as traders shifted their focus from Friday’s strong U.S. payrolls data to testimony from Federal Reserve Chairman Jerome Powell," said Ellis Phifer, senior market strategist at Raymond James.
Among emerging market currencies, the Turkish lira fell steeply after President Tayyip Erdogan dismissed the central bank governor, sparking worries about the bank's independence.
U.S. non-farm payrolls rebounded in June, rising the most in five months, the Labor Department said on Friday.
The solid job gain slashed expectations of a 50 basis point rate cut at the Fed's July 30-31 policy meeting, although modest wage gains and other data showing the U.S. economy was losing steam point to a quarter point rate cut.  More @ https://mix.com/!VHUSGp1G:erica-villalon-explains%3A-do%E2%80%99s-and-don%E2%80%99ts-of-project-management

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