The dollar reversed earliergains on Tuesday morning after a dovish speech from U.S.Federal Reserve chief Jerome Powell failed to quell inflationfears, while the British pound rose to fresh three-year highs. Powell's speech on Tuesday did little to allay inflationfears. In remarks prepared for delivery to a Senate BankingCommittee, Powell said, "The economy is a long way from ouremployment and inflation goals, and it is likely to take sometime for substantial further progress to be achieved," thehurdle the Fed has set for discussing when it might beappropriate to pare back support.
The Canadian dollar was little changed against its U.S. counterpart on Tuesday, holding near its strongest level in nearly three years, as investor sentiment turned cautious and ahead of a speech by Bank of Canada Governor Tiff Macklem. World shares fell as a rally in commodity-related assets gave in to pressure on heavily weighed tech stocks and investors awaited reassurance from U.S. Federal Reserve Chair Jerome Powell on the path for monetary policy in United States. Bank of Canada's Macklem is due to speak at 12:30 ET (1730 GMT) on the impact of the coronavirus crisis on the labor market.
Europe's top banks must justify why they should not have to shift clearing of euro-denominated derivatives worth billions of euros from London to the European Union after Brexit, an EU document seen by Reuters on Tuesday showed. The banks are being asked to set out detailed views on shifting euro derivatives positions from London on Friday in the first meeting of a new European Commission working group on moving euro clearing. "The current level of exposure to UK central counterparties (CCPs) raises a number of issues for the EU that should be addressed by a reduction in the EU’s exposure to UK CCPs," the European Commission said in a questionnaire sent to banks.
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