Dollar near two-week peak Supported by Fed tone

The article explains that the US dollar remained close to its highest levels in two weeks, supported by statements from the new Federal Reserve Chairman, Jerome Powell, who indicated that the central bank might need to tighten monetary policy further if the 2% inflation target is not achieved. The market anticipates a possible interest rate increase in September, with ongoing monetary tightening, which boosted expectations of a rate hike to 57% and caused the dollar index to decline to 99.6 points. Investors are also closely monitoring upcoming U.S. economic data, such as employment reports and inflation figures, to inform their future decisions. In the currency sector, the Japanese yen remained under pressure despite attempts to support it, slightly rising to 159.78 against the dollar after dropping below 160. Other currencies like the euro and the British pound experienced modest gains, while the dollar weakened due to tensions in the Gulf region and rising oil prices. It is worth noting that markets are keeping an eye on G20 meetings and any potential efforts to cut ties with Iran, as well as monitoring the monetary policies of the Bank of Japan.

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