The dollar is set to post a third straight week of gains, approaching a 20-year high once morest the other major currencies, with investors focused on US jobs data to be released later on Friday and might reinforce the trend of big interest rate hikes.
Sharjah 24 – Archyde.com:
The dollar is set to post a third straight week of gains, approaching a 20-year high once morest the other major currencies, with investors focused on US jobs data to be released later on Friday and might reinforce the trend of big interest rate hikes.
The US currency has been rising since Federal Reserve Chairman Jerome Powell announced in Jackson Hole, Wyoming, last Friday, that there was a need to keep interest rates high “for some time” in order to rein in inflation.
The dollar index, which measures the performance of the US currency once morest 6 other currencies, rose to a new peak it did not reach in two decades at 109.99, led by strong US economic data showing a decrease in unemployment claims.
