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Dollar steady before Fed speech
The dollar's rate remained near its highest levels in a week against major currencies, amid investor anticipation for the speech by U.S. Federal Reserve Chair Jerome Powell at Jackson Hole, which seeks clues about its monetary policy and inflation. The euro and British pound fell to their lowest levels in a week against the dollar, while the yen steadied at 159.34 compared to the dollar, with an expected monthly increase of 1.3%. The dollar index showed little change at 99.13, despite fluctuating between gains and losses throughout the week and month, amid growing concerns over the impact of raising long-term bond repurchase operations on the dollar's decline. Bitcoin also rose by 0.5%, reaching $80,620, marking its biggest monthly gain since late 2024, amid expectations of further increases. The Australian and New Zealand dollars are heading toward their highest levels in three and four weeks, respectively, with forecasts of interest rate hikes.
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