The dollar was modestly higher on Tuesday afternoon after U.S. Federal Reserve chair Jerome Powell pushed back on suggestions that loose monetary policy risked unleashing inflation, while the British pound rose to fresh three-year highs. The growing likelihood that Congress will pass President Joe Biden's $1.9 trillion stimulus plan has stoked fears about a possible spike in inflation. As those expectations have risen, so has the popularity of the so-called reflation trade, which this month has pulled the dollar lower.
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