DOLLAR SINKS TO 2024 LOW; EYES ON POWELL SPEECH

Published on Aug 22, 2024 14:53

The dollar index bounced back as bit and was seen hovering around 101.17 levels, hitting its lowest point this year after four straight sessions of declines. All eyes are now on Fed Chair Jerome Powell�s upcoming speech at the Jackson Hole symposium, where markets expect clues on a possible rate cut. Recent Fed minutes revealed that most members are leaning toward easing policy if economic data stays on track. Adding to the pressure, a significant downward revision of 818,000 jobs in the past year is raising red flags about the labor market. The dollar has slid to its weakest levels in over a year against the euro and sterling, and hit multi-week lows against yen, yuan and aussie.