usd-100-bank-notes - USD
  • Ukrainian Hryvnia tumbles to a new 7-year low
  • Solid job growth spark demand for the greenback
  • Fed’s Powell testimony awaited
  • More risk events on the economic calendar

The Ukrainian Hryvnia to US dollar (UAH/USD) exchange rate settled on Wednesday down -0.07% at 0.03341, close to its lowest level in seven years. At the time of writing, one US dollar buys 0.03341 Ukrainian Hryvnia, unchanged from yesterday.

In the United States, the ADP National Employment Report revealed a better than expected change of employment. The report showed private job growth totals 475,000 in February. The previous reading was also revised upwards to 509,000 from -301,000, which boosted the US dollar.

Fed Chairman Powell will address US Congress on the second day of testimony at 16:00 UTC. Powell’s testimony amid inflation worries is expected to weigh on the market mood.

High-Risk Events

Looking forward, the economic calendar is packed with high-grade economic data that can affect the sentiment around the US dollar.

The weekly jobless claims for the last week of February are expected to total 225k down from the 232k previous reading. Markit Services PMI data followed by the ISM Services PMI will also weigh in on the exchange rate during the North American trading session.

The ISM Services PMI is expected to increase to 61 compared to 59.9.

Elsewhere, the dollar index, which gauges the greenback’s strength against a basket of major currencies, settled down -0.04% at 97.35.