Powell's testimony impacts global markets, dollar strengthens while sterling and Wall St. falter.

The US dollar fell against a basket of currencies after Federal Reserve Chair Jerome Powell's comments on the central bank's ongoing fight to lower inflation failed to live up to the more hawkish market expectations. Powell told lawmakers the fight against inflation still "has a long way to go" and that despite a recent pause in interest rate hikes officials agreed borrowing costs would likely need to move higher. The Fed had left interest rates unchanged at its June meeting but signaled in new projections that borrowing costs may still need to rise as much as half of a percentage point by the end of this year. Meanwhile, Bitcoin extended overnight gains to breach $29,000 for the first time since late May, helped by the launch of a new crypto exchange backed by Fidelity, Citadel Securities, and Charles Schwab.