Reuters

Jerome Powell, the nominee to chair the Federal Reserve, defended the Fed’s use of broad crisis-fighting powers in remarks prepared for his Tuesday Senate confirmation hearing.

The Canadian dollar turned weaker against its U.S. counterpart on Monday, as U.S. oil prices pulled back from a two-year high amid uncertainty about Russia’s resolve to extend output cuts at a meeting of producing countries this week.

The dollar shook off initial weakness to edge higher against a basket of other major currencies on Monday as traders braced for the resumption of deliberations on the U.S. tax plan and the confirmation hearing for Federal Reserve Governor Jerome Powell as the central bank’s next chair.

President Donald Trump was to meet with Senate Republican tax-writers on Monday at the White House to scope out an end-game strategy for sweeping tax legislation, ahead of a crucial vote on the Senate floor that could come as early as Thursday.

Sales of new U.S. single-family homes unexpectedly rose in October, scaling their highest level in 10 years amid robust demand across the country, offering a boost to the housing market.

The dollar drifted lower against a trade-weighted basket of its rivals on Monday, extending a three-week losing streak, though investors were wary of driving the currency lower before a couple of event risks this week.

Southern Europe led a fall in bond yields across the euro area on Monday thanks to strength in the euro and reduced political uncertainty in the region after Germany moved a step closer to resolving the country’s political impasse.

Oil prices slipped on Monday, with U.S. crude easing from two-year highs on prospects for increased output.

Central bankers say the success of bitcoin and other cryptocurrencies is just a bubble.

Bank of Japan board member Hitoshi Suzuki said there is room to debate a fine-tuning of the central bank’s yield curve control (YCC) policy, the Mainichi paper reported, signaling the chance it may raise interest rates before inflation hits its target.