The dollar remains under pressure on Monday, after a decline on Friday, amid a speech by the chairman of the Federal Reserve, Jerome Powell.

Powell defended the desire of the US Central Bank to raise interest rates, despite criticism by President Donald Trump about higher borrowing costs.

Powell's speech was not optimistic enough. He advocated a gradual rate hike, rejecting criticism that the Fed is acting too fast or too slowly, jeopardizing the economy. He also said that there are good reasons to expect that the economy will continue to remain strong. "Further gradual tightening of the policy will remain appropriate if the growth of incomes and employment continues, but for a significant increase in incomes, productivity must grow faster," Powell said. "The consolidation of inflation expectations is vital." I am confident that the Fed will do "everything necessary" if inflation becomes to be a threat"