Powell is set to testify before lawmakers on Wednesday and Thursday, with analysts assuming the Fed chief to stay in wait-and-watch mode on policy after a recent escalation in inflation.
Most Gulf currencies are pegged to the dollar, and any monetary policy change in the United States is usually mimicked by Saudi Arabia, the United Arab Emirates and Qatar.
Saudi Arabia's benchmark index (.TASI), opens new tab was down for a second straight session ending 1% lower, the sharpest drop in over a month with most sectors in the red.
Al Rajhi Bank(1120.SE), opens new tab, the world's largest Islamic lender slipped 1.5% and Saudi National Bank(1180.SE), opens new tab, kingdom's biggest lender declined 3.2%.
Dubai's benchmark index (.DFMGI), opens new tab dropped 0.7%, with Commercial Bank of Dubai (CBD.DU), opens new tab sinking 9.9% and Mashreqbank (MASB.DU), opens new tab declining 3.4%.
However, the tolls operator Salik (SALIK.DU), opens new tab rose 2% after it declared half-year cash dividend of 7.3338 fils per share and said it expected FY 2024 EBITDA margin in the range of 65%-66%.
The Qatari benchmark index (.QSI), opens new tab dipped slightly to trade flat with Qatar National Bank (QNBK.QA), opens new tab, the region's largest lender sliding 1.4% while Industries Qatar (IQCD.QA), opens new tab gained 0.2%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab was up for a second straight session, ending 0.1% higher, supported by a 1.1% gain in National Marine Dredging (NMDC.AD), opens new tab and 2.4% rise in ADNOC Drilling (ADNOCDRILL.AD), opens new tab.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 5.1%, the highest rise in nearly a year with most stocks in the positive territory.
Commercial International Bank (COMI.CA), opens new tab rose 4.6% and Talaat Mostafa Group (TMGH.CA), opens new tab advanced 15.4%.
The real estate developer TMGH said on Sunday its unit Icon completed procedures to acquire 51% of Legacy Hospitality.
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