Dollar Edges Higher; Powell's Speech

Dollar Edges Higher; Powell’s Speech

FxPremiere.com – The US dollar index edged marginally higher in early European trade Thursday, but remained near a one-week low amid healthy risk appetite ahead of the Federal Reserve’s key Jackson Hole symposium.

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At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 92.930, after falling to 92.801 overnight for the first time since mid-August.

US Dollar Dollar Edges Higher Testimony to Congress

EUR/USD edged 0.1% lower to 1.1761, after touching a one-week high of 1.1775 the previous day, USD/JPY was up 0.1% at 110.05, GBP/USD fell 0.1% to 1.3744, and the risk sensitive AUD/USD dropped 0.3% to 0.7255.

Dollar Edges Higher in FX

Adding to the optimism was the news Wednesday that new orders for U.S durable goods, excluding transportation equipment, grew by 0.7% in July, a better than expected result.

There’s more important data on tap later Thursday, including the weekly jobless claims and another reading of the second quarter GDP figure, but the focus remains on Friday’s speech by Fed chair Jerome Powell at a virtual gathering of U.S. central bankers, usually held at Jackson Hole, Wyoming.

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FX Signals Dollar ahead of Powell Testimony

“Powell’s speech is set to be a “litmus test” for risk assets,” said analysts at ING, in a note. “Essentially, it will tell us how sustainable the rebound in risk sentiment.

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Dollar Edges Higher; Powell’s Speech

Dollar Slips After Powell’s

Dollar Edges Higher; Powell’s Speech

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FX Signals – Dollar Down as Rally from Powell Speech Subsides

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