Dollar firm ahead of Powell testimony, sterling up on hot inflation

Summary Summary Companies Dollar drifts higher Traders await Powell testimony SINGAPORE, June 21 (Reuters) – The dollar was firmer on Wednesday leading into Federal Reserve Chair Jerome Powell’s appearance before Congress where he is expected to strike a hawkish tone, while sterling firmed slightly after hotter-than-expected British inflation data. The annual pace of British consumer price gains was steady at 8.7% in May, against hopes it had cooled since April. Sterling briefly rose as far as 0.3% against the dollar to $1.2803 before settling back to $1.2765. It also rose slightly on the euro and yen , as traders were…