During today’s trading, the US dollar is getting cheaper against the euro and yen after the statements of the head of the Federal Reserve System (Fed) Jerome Powell about the risks of recession and rising unemployment.

Calculated by ICE index, showing the dynamics of the dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), fell by 0.17%, the broader WSJ Dollar Index – by 0.13%.

As of 8:49 Moscow time, $1.0543 was given for the euro, compared with $1.0523 at market close on Thursday, the euro was up 0.19%.

The value of the U.S. currency paired with the Japanese national currency fell by 0.24% to 134.62 yen against 134.95 yen at the close of the previous session.

The pound sterling exchange rate by 8:49 Moscow time was $1.2280 against $1.2260 the day before, the pound rose 0.16%.

The currency market was following Powell’s speeches during the two-day hearings in the US Congress. Powell spoke before the Senate Banking Committee on Wednesday and the House Financial Services Committee on Thursday.

In his speech on Thursday, the Fed chief said the regulator’s efforts to curb inflation will not necessarily cause weakness in the U.S. labor market, but there is a risk that unemployment in the country could rise from current levels.

A day earlier on Wednesday, Powell acknowledged that there are risks of a recession starting in the US economy due to the policy of raising interest rates, but noted that these risks are “not particularly elevated at this time.”

The head of the U.S. Central Bank also added that the Fed plans to continue the cycle of tightening rates until it sees clear evidence of a slowdown in inflation in the country and bringing the index closer to the target level of 2%.