Investors Look To Powell’s Speech For Future Of Interest Rates – 12 May, 2020

In its biggest drop since the great depression, U.S. consumer prices fell 0.8% in April, while investors looked to Federal Reserve Chairman Jerome Powell’s speech to gauge the future of interest rates. The dollar was little changed against the yen but fell from an April 24 high of 107.76 in the previous session to 107.21 yen. The New Zealand dollar dipped to a low for the week, shedding 0.6% to $0.6036,  as their central bank considered the possibility of negative interest rates and expanding their asset purchasing program. The Australian dollar was little changed from Mondays one week high of $0.6562, with the currency last standing at $0.6476.  The pound was near a five-week low at $1.2269 caused by ongoing confusion over plans to ease lockdown measures as the virus causes the death toll to reach the highest in Europe.