HomeLatestU.S. dollar edges up as merchants await Fed chair's speech

U.S. dollar edges up as merchants await Fed chair's speech

NEW YORK, Aug. 24 (Xinhua) — The U.S. dollar rose modestly in late buying and selling on Wednesday as market contributors awaited a key speech by Federal Reserve Chairman Jerome Powell.

The dollar index, which measures the buck in opposition to six main friends, elevated 0.05 % to 108.6750.

In late New York buying and selling, the euro was as much as 0.9965 U.S. {dollars} from 0.9963 {dollars} within the earlier session, and the British pound was all the way down to 1.1788 U.S. {dollars} from 1.1818 {dollars} within the earlier session. The Australian dollar decreased to 0.6906 U.S. {dollars} from 0.6922 {dollars}.

The U.S. dollar purchased 137.09 Japanese yen, increased than 136.85 Japanese yen of the earlier session. The U.S. dollar was as much as 0.9670 Swiss francs from 0.9647 Swiss francs, and it was as much as 1.2976 Canadian {dollars} from 1.2964 Canadian {dollars}.

Powell is ready to make a keynote speech Friday on the central financial institution’s Jackson Hole symposium.

“The markets will be listening to every word Mr. Powell has to say to glean any insight on how much the Fed will raise rates on Sept. 21,” Kevin Matras, govt vice chairman at Zacks Investment Research, stated Wednesday in a word.

“In addition, they’ll be looking for any hints on what comes after that,” he stated.