SINGAPORE, Nov 8 Reuters The dollar regained its footing on Wednesday and inched higher after a slew of Federal Reserve speakers left the door open to further rate hikes, as traders looked to a speech from Chair Jerome Powell on the central bank39;s future policy path.
The greenback, which tumbled last week in the wake of the Fed39;s decision to hold its policy rate steady and on data pointing to a cooling U.S. labour market, has found a floor as markets remain at odds over whether a peak in U.S. rates has been reached and how soon the Fed could begin easing monetary conditions.
Futures point to a roughly 17 chance of another hike by January, but are pricing in a 21 chance that rate cuts could come as early as March, according to the CME FedWatch tool.
The British pound , which earlier in the week hit a sevenweek top against the dollar above 1.24, was last some distance away, falling 0.19 to 1.22755.
The Japanese yen again slipped to the weaker side of 150 per dollar after a slight reprieve last week. It last stood at 150.66 per dollar.
The U.S. dollar index , which last week clocked its sharpest weekly fall in about four months, rose 0.11 to 105.66 and was on track for a weekly gain.
We39;ve seen a slight recovery in the U.S. dollar, but this is to be expected following such a sharp selloff, said Matt Simpson, senior market analyst at City Index.
We39;re also seeing the obligatory hawkish pushback from Fed speakers this week, as they try to steer market…