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Dollar climbs after Fed boss comments
The rise of the US dollar following Federal Reserve Chairman Jerome Powell's comments at the Jackson Hole conference reflects concerns about persistent inflationary pressures. Powell indicated that the central bank plans to tighten monetary policy further and possibly raise interest rates. This supported the US currency and increased short-term Treasury yields, with the dollar index falling by 0.31% to 99.469 points. Meanwhile, the euro fell against the dollar by 0.36% to 1.1609 dollars, and the dollar appreciated against the yen by 0.33%. Expectations of rate hikes come at a time when the US economy faces challenges from inflation and rising financial asset prices.
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