U.S. Dollar Climbs As Investors Await Powell's Speech
26 Août 2022 - 6:41AM
RTTF2
The U.S. dollar appreciated against its major counterparts in
the European session on Friday, ahead of a speech by the Federal
Reserve chair Jerome Powell at Jackson Hole Economic Symposium that
is expected to offer clarity on the pace of rate hikes in the
future.
Powell is expected to adopt a hawkish stance on interest rates
and indicate that the central bank is likely to continue with its
aggressive rate hike plan to tame inflation.
Investors digested Thursday's data showing a drop in jobless
claims last week and a lower than expected contraction in the
economy in the second quarter.
The Federal Reserve's preferred gauge of inflation, the PCE
price index, is due at 8:30 am ET.
The core PCE price index is expected to ease to 4.7 percent
year-on-year in July from 4.8 percent last month.
The greenback edged up to 137.13 against the yen and 0.9657
against the franc, from its previous lows of 136.42 and 0.9624,
respectively.The next possible resistance for the greenback is seen
around 139.00 against the yen and 0.98 against the franc.
The greenback touched 2-day highs of 0.9947 against the euro and
1.1775 against the pound, off its early lows of 0.9977 and 1.1838,
respectively. The greenback is seen finding resistance around 0.97
against the euro and 1.15 against the pound.
The greenback advanced to 0.6951 against the aussie, 1.2958
against the loonie and 0.6188 against the kiwi, recovering from its
prior lows of 0.6982, 1.2922 and 0.6229, respectively. If the
greenback rises further, it may find resistance around 0.67 against
the aussie, 1.32 against the loonie and 0.60 against the kiwi.
Looking ahead, U.S. personal income and spending data and
wholesale inventories for July and University of Michigan's final
consumer sentiment index for August will be featured in the New
York session.
At 10:00 am ET, Federal Reserve Chairman Jerome Powell is
scheduled to speak about the economic outlook at the Jackson Hole
Economic Policy Symposium, in Wyoming.
US Dollar vs CAD (FX:USDCAD)
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US Dollar vs CAD (FX:USDCAD)
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